Page:United States Statutes at Large Volume 50 Part 1.djvu/742

 75TH CO NGRESS. 1ST SESSION-CH. 704-AUGUST 19, 1937 SEC. 33. (a) The Farm Credi t Ad min istr atio n sha ll have the power and a uthor ity to orde r and effec t the cons olidat ion o r merg er of two or more regional agricultural credit corporations, on such terms and conditions as it shall direct. (b) The Farm Credit Administration is authorized to grant chart ers to, pre scribe byla ws fo r, and fix the c apital of, region al agricultural credit corporations which may be formed by the con- s olida tion o f two or m ore re giona l agr icultu ral c redit corpo ratio ns, and to approve or prescribe such amendments to the charter and bylaws of any regional agricultural credit corporation as it may from time to t ime deem n ecessary. Corporations formed by the con- solidation of two or more regional agricultural credit corporations, as herein provided, shall have all the rights, powers, authority, and exemptions ; shall be subject to the same supervision and control ; and shall have their expenses paid in the same manner as provided by law in respect to regional agricultural credit corporations organ- ized under section 201 (e) of the Emergency Relief and Construction Act of 1932. SEC. 34 . Nothing contained in sections 32 and 33 of this Act shall be construed as limiting the rights, powers, and authority heretofore grant ed to the r egiona l agr icult ural c redit corp oratio ns, t he Farm Credit Administration, or the Governor thereof by any Acts of Con- gress or Ex ecuti ve ord ers. SEO. 35 . Section 34 of the Farm Credit Act of 1933, as amended (U . S . C ., 1934 edition, Supp . II, title 12, sec . 1134j), is further amended to read as follows "SFc . 34. Subject to such terms and conditions as may be prescribed by the chairman of its board of directors, the Central Bank is authorized : (a) to make loans to cooperative associations as defined in the Agricultural Marketing Act, as amended, for any of the pur- poses and subject to the conditions and limitations set forth in such Act, as amended ; (b) to make loans (by way of discount or other- wise) to banks for cooperatives organized under section 2 of this Act ; (e) to buy from, and sell to, any such bank or any Federal inter- mediate credit bank any note, draft, bill of exchange, debenture, or other obligation, or any interest therein ; and (d) to borrow from, and discount or rediscount paper with, any and all such banks and commercial banks ." SEC. 36 . Section 41 of the Farm Credit Act of 1933, as amended (U. S . C ., 1934 edition, Supp . II, title 12, sec . 1134c), is further amended to read as follows : "Sac. 41 . Subject to such terms and conditions as may be prescribed by the Farm Credit Administration, the banks for cooperatives are authorized (a) to make loans to cooperative associations as defined in the Agricultural Marketing Act, as amended, for any of the pur- poses and subject to the conditions and limitations set forth in such Act, as amended wise) to any bank organized Lender this Act ; (c) to buy from, and sell to, any such bank or any Federal intermediate credit bank any note, draft, bill of exchange, debenture, or other obligation, or any interest therein ; and (d) to borrow from, and discount or rediscount paper with, any and all such banks and commercial banks ." SEC. 37. Section 4 of the Agricultural Marketing Act, as amended (U. S. C ., 1934 edition, title 12, sec. 1141b), is further amended by adding at the end thereof the following new subsection "(7) may sell at public or private sale to the highest responsible bidder, upon such terms and after such public advertisement as the Farm Credit Administration may deem in the public interest, any property, real or personal, or any interest therein, acquired by the 717 Consolidation or merger of regional agricultu ral credit cor- porations . Authority to grant charters, fix capital, et c. Rights, powers, e tc ., of consolidated cor- porations . 47 Stat. 711 . 12 U.S. C.§1148. Rights of regional corporations not cur- tai led . 49 Stat. 317. 12 U.S. C., Supp. II, § 1134j . Central Bank for Coope ratives . Lending powers, etc. Security transac- tions authorize d . Borrowing, etc., powers . 49 Stat. 316. 12 U. S. C., Supp. 11, § 1134c. Banks for coopera- tives, loans b y, to cooperative asso cia. dons, etc. Security transac- tions authorized. Borrowing, etc ., powers. 46 Stat. 13 . 12ti.S.C.§1141b. Farm Credit Ad- ministration. Sale of property acquir ed on ac count of loans.
 * (b) to make loans (by way of discount or other-