Page:United States Statutes at Large Volume 63 Part 1.djvu/82

 PUBLIC LAWS-CHS. 49, 50 -APR. 6,14,1949 Transfer of assets, etc. 48 Stat. 273. 12 U. S. C., Supp. II, i 1148a. Transfer of person- nel. Loans to farmers and stockmen. 48 Stat. 273. 12 U. S. C., Supp. II, § 1148a. Revolving fund. Supra. Suit or judicial pro- ceeding. Effective date. April 14, 1949 [IS. 629] (Public Law 3]9 Disposition of cer- tain, etc., per- moal property. (d) All assets, funds, contracts, property, claims, and rights, all records, and all liabilities of the Corporation are hereby transferred to the Secretary. The revolving fund created by section 84 of the Farm Credit Act of 1933, as amended (12 U. S. C. 1148a), shall be available to the Secretary for the performance of the functions speci- fied in paragraphs (a) (1), (2), and (3) of the section, including administrative expenses in connection therewith: Provided,That for the fiscal year 1949 the limitations on the administrative expenses of the Corporation with respect to the said functions shall be applicable to the Secretary. (e) All personnel of the Corporation (excluding personnel of the Farm Credit Administration serving as directors or officers of the Corporation), and such of the personnel of the Farm Credit Admin- istration as are engaged principally in the work of the Corporation, shall be transferred to the offices or agencies designated by the Secre- tary to carry out the functions herein transferred, to the extent that he determines that such personnel are qualified and necessary therefor. (f) The Secretary may carry out the functions herein transferred and the authority conferred upon him by this Act through such officers or agencies in or under the Department of Agriculture as he may designate. SEC. 2. (a) The Secretary is hereby authorized to make loans to farmers and stockmen for any agricultural purpose in any area or region where he finds that a production disaster has caused a need for agricultural credit not readily available from commercial banks, cooperative lending agencies, or other responsible sources. Such loans shall be made at such rates of interest and on such general terms and conditions as the Secretary shall prescribe for such area or region. The Secretary may utilize the revolving fund created by section 84 of the Farm Credit Act of 1933, as amended (12 U. S . C . 1148a), for making such loans and for administrative expenses in connection with such loans. (b) The funds transferred to the Secretary under section 1 of this Act, and all sums received by the Secretary from the liquidation of the assets, contracts, property, claims, and rights transferred to him under section 1 of this Act, from the liquidation of loans made under section 2 of this Act and from the liquidation of any other assets acquired with funds from the said revolving fund shall be added to and become a part of the said revolving fund; and the revolving fund as so constituted shall remain available to the Secretary only for the purposes specified in sections 1 (d) and 2 (a) of this Act. SEo. 3. (a) No suit or other judicial proceeding instituted by or against the Regional Agricultural Credit Corporation of Washington, District of Columbia, shall abate by reason of this Act, but the Secre- tary may be substituted as a party in place of the Corporation upon motion or petition filed within six months after the effective date of this Act. (b) This Act shall become effective ten days after its enactment. Approved April 6, 1949. [CHAPTER 50] AN ACT To authorize the disposition of certain lost, abandoned, or unclaimed personal property coming into the possession of the Treasury Department, the Depart ment of the Army, the Department of the Navy, or the Department of the Air Foree, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of A.menca in Congress assembled, That the Secretary of the Treasury, the Secretary of the Army, the Secretary of the Navy, 44 [63 STAT.

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