Page:United States Statutes at Large Volume 50 Part 1.djvu/735

 710 Ante, p. 138. La nd ba nk exam- iners ; de sign ati on chang ed. 12U.S.C.§tie. National farm loan association directors; terms of office mod- ified. 12U.S.C.§712. Vacancies. 12U.S.C.§723(c). Borrowers from land banks ma y transf er, etc ., to Farm Mort- g age Corpo ration. 12U.S.C.§732. Farm loan associa- tion. Voting in share- holders' meetings. 49 Stat. 319 . 12 U.S. C., Supp. II, § 745. Election of pros- pective borrower. 12 U. S. C. §§ 741- 745. Common board of directors between two or more associations . 75TH CONGRESS, 1ST SESSION-CH. 701 AUGUST 19, 1937 1936, the Treasury Department Appropriation Act, 1937, approved June 23, 1936, and the Treasury Department Appropriation Act, 1938, approved May 14, 1937, for the purpose of enabling the Secre- tary of the Treasury to make subscriptio ns to the paid-in surplus of the Federal land banks, as provided f or in this paragraph, and the proceeds of all repayments on account of such paid-in surplus, shall be held in the Treasury of the United States as a rev olving fund and shall be available for subscriptions to paid-in surplus made pursuant to this paragraph, as amended. " SEC . 2 0 . Examiners appointed pursuant to the provisions of sec- tion 3 of the Federal Farm Loan Act, as amended (U . S . C ., 1934 edition, title 12, sec . 656), shall hereafter be designated and known as farm credit examiners . SEC. 21. The second paragraph of section 7 of the Federal Farm Loan Act (U . S. C ., 1934 edition, title 12, sec. 712) is amended by striking out the first sentence and inserting in lieu thereof the follow- ing : "The board of directors of every national farm loan assoc,a- tion shall consist of not less than five nor more than seven members, who shall be elected by the shareholders of the association. Elec- tions of such directors shall be held once each year at an annual meeting of the shareholders. Every national farm loan association shall at the first annual meeting of its shareholders subsequent to the enactment of the Farm Credit Act of 1937 elect two directors for a term of three years, two direotors for a term of two years, and the remainder of its board of directors for a term of one year. There- after directors shall be chosen to serve for terms of three years, and the shareholders of each association shall annually elect as many directors as may be necessary to fill the places of those directors whose terms expire during the year. Any vacancy that may occur in the board of directors through death, resignation or other cause shall be filled at the next annual meeting of shareholders by the election of a director to serve out the unexpired portion of the term, or a special meeting of shareholders may be called for this purpose. Until such elec tion t he re mainin g dir ector s shal l hav e pow er to fill the vacancy for the time being by appointing a temporary director to serve until the next meeting of shareholders. All directors shall hold office until their successors are elected and have qualified ." SEC . 22. The fourteenth paragraph of section 7 of the Federal Farm Loan Act, as amended, (12 U. S . C ., 1934 edition, title 12, sec . 723 (c) ) is further amended by adding at the end thereof : "An borro wer's inte rest i n suc h stoc k may be t ransfe rred or hy pothec ate, by him or by operation of law, to the Federal Farm Mortgage Cor- poration ." SEC. 23. Effective thirty days after the date of the enactment of this Act, the s econd parag raph o f sec tion 8 of t he Fe deral Farm Loan Act (U. S . C ., 1934 edition, title 12, sec . 732) is amended to read as fo ll ows "Every shareholder shall be entitled to one vote, and no more, at all elections of directors and in deciding all questions at meetings of share holde rs. " SEC . 24. Effective thirty days after the date of the enactment of this Act, the first sentence of the fifth paragraph of section 9 of the Federal Farm Loan Act, as amended (U . S . C., 1934 edition, Supp . II, title 12, sec . 745), is further amended by striking out the word "two-thirds" and inserting in lieu thereof the word "majority" . SEC . 25. (a) Section 9 of the Federal Farm Loan Act, as amended (U. S . C ., 1934 edition, title 12, sees . 741 to 745), is further amended by adding at the end thereof the following new paragraphs "Any other provisions of law to the contrary notwithstanding. two or more national farm loan associations may with the approval of