Page:United States Statutes at Large Volume 50 Part 1.djvu/732

 75TH CONGRESS. 1ST SESSION-CH. 70 4-AUGUST 19, 1937 executed by the officers of the institution or institutions concerned pursuant to the direction of such board. No provision of law rela- tive to the acquisition or disposal of property, real or personal, by or for the United States, or relative to the making of contracts or leases by or for the United States, including the provisions set out in title 40 and title 41 of the United States Code, 1934 edition, and the Supplements thereto, and including rovisio ns applicable to corporations wholly owned by the United - States, shall be deemed or held applicable to any lease, purchase, sale, deed, conveyance, or contract authorized or made by a district farm credit board, Federal land bank, Federal intermediate credit bank, production credit coi oration, or bank for cooperatives under this subsection. c) No corporation under the supervision of the Farm Credit Administration, of which corporation any member of the board of d irectors is elected or appointed b y private i nterests, s hall be sub ject to the pr ovisions of the Acts of Congress approved March 14, 1936 (49 Stat. 1161, 1162) (U. S. C., title 5, sees. 29a, 30b-30m, 31a) . SEC . 7 . (a) The first paragraph of section 4 of the Federal Farm Loan Act, as amended (U. S. C., 1934 edition, title 12, sec. 671), is repealed . (b) Section 4 of the Federal Farm Loan Act, as amended, is further amended by striking out paragraphs nine to seventeen thereof (U. S. C ., 1934 edition, title 12, sees. 678 to 683), both inclu- s ive and ins erting in li eu thereof the followi ng "The members of the farm credit board of each farm credit district provided for in the Farm Credit Act of 1937 shall be ex officio the directors of the Federal land bank located in that district . Any compensation that may be provided by the board of directors of any Federal land bank for officers or employees shall be subject to the approval of the Farm Credit Administration ." (c) Section 23 of the Farm Credit Act of 1935 (U. S. C., 1934 edition, Supp. II, title 12, sec. 682a) is repealed . SEC . 8 . The ninth paragraph of section 7 of the Federal Farm Loan Act (U. S. C ., 1934 edition, title 12, sec. 719) is amended by adding at the end thereof the following sentence : "The boundaries of the territory designated in the charter of any national farm loan association may be readjusted from time to time to meet the farm loan needs of the locality, as determined by the Farm Credit Admi nis trat ion . " SEC . 9 . Section 17 (h) of the Federal Farm Loan Act (U .S.C., 1934 edition, title 12, sec. 831) is amended to read as follows " (h) To suspend or to remove for cause any district director or director at large, or any registrar, appraiser, examiner, or other official appointed by the Farm Credit Administration under authority of section 3 of this Act, as amended, the cause of such suspension or removal to be communicated forthwith in writing by said Admin- istration to the person suspended or removed, and in case of a dis- trict director or director at large to the proper Federal land bank, Feder al int ermed iate c redit bank, prod uctio n cre dit co rpora tion a nd r egion al ban k for coop erativ es ." SEC . 10 . Section 201 (b) of the Federal Farm Loan Act, as amended (U. S. C ., 1934 edition, title 12, sec. 1022), is amended to read as follows " (b) One such institution shall be established in each farm credit district in the same city as the Federal land bank of the district . The members of the several farm credit boards of the farm credit districts provided for in the Farm Credit Act of 1937 shall be ex officio the directors of the several Federal intermediate credit banks herein pr ovided for and shall have power, subject to the approval o f the Farm Credit A dministrat ion, to e mploy and fix the co m- Exce pti ons . 707 Federal vacation and sick leave pro- visions inapplicable to boards selected by private interests . 49 Stat . 1161, 1162 . 5 U.S.C., Supp.if, §§ 29a, 30b-30m, 3[a . Land bank districts; provisi ons repea led . 39 Stat . 362. 12U.S.C.§671. Section supersed ed. 12U.S.C.§§678- 683 . Farm c redit b oard members ex officio directo rs of lan d bank in district . Approval of com- pensation. Person s disqu ali- fied; section repealed. 49 Stat. 320. 12 U. S. C., Supp. 11, § 682a. Readjustment of boundaries of terri- tory. 12 U. S. C.§719. 12U.S.C.§831h . Suspens ion or r e- moval of directors, etc. 12U.S.C.§1022. Federal intermedi- ate credit banks, loca- tion. Mem bers of cr edit boards to be ex officio directors. Personal services.