Page:United States Statutes at Large Volume 67.djvu/426

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P U B L I C LAW 2 0 2 - A U G. 6, 1953

Public Law 202 August 6. 1953 [H. R. 4353]

of^i1)53.^'*'^" ^""^

[67 S T A T.

CHAPTER 335

^ ^ ^^'^ To increase farmer participation in ownership and control of the Federal F a r m Credit S y s t e m; to c r e a t e a Federal F a r m Credit B o a r d; to abolish certain offices; to impose a franchise tax upon certain farm credit institutions; and for other purposes.

Be it enacted by the Senate and House of Representatives United States of America in Congress assembled,

of the

TITLE SECTION

1. This Act may be cited as the "Farm Credit Act of 1953". DECLARATION OF POLICY

SEC. 2. I t is declared to be the policy of the Congress to encourage and facilitate increased borrower participation in the management, control, and ultimate ownership of the permanent system of agricultural credit made available through institutions operating under the supervision of the F a r m Credit Administration, and the provisions of this Act shall be construed in keeping with this policy. The Federal F a r m Credit Board hereinafter provided for shall within one year after appointment make recommendations to the Congress of means, supplemental to those provided by this Act, of carrying into effect such declared policy, including, but not limited to, means of increasing borrower participation in ownership of the Federal F a r m Credit System to the end that the investment of the United States in the Federal intermediate credit banks, production credit corporations. Central Bank for Cooperatives, and regional banks for cooperatives may be retired. FARM C R E D I T ADMINISTRATION

SEC. 3. The Farm Credit Administration shall be an independent agency in the executive branch of the Government. I t shall be housed in the Department of Agriculture in the District of Columbia, and it may, with the consent of the Secretary of Agriculture, utilize the services and facilities of the Department of Agriculture. The Federal Farm Credit Board, hereinafter provided for, shall have direction, supervision, and control of the Farm Credit Administration and of its operations and functions, as in this Act provided. FEDERAL FARM CREDIT BOARD

SEC. 4. (a) There shall be established, in the Farm Credit Administration, a Federal Farm Credit Board (hereinafter referred to as the "Board"). Said Board shall consist of thirteen members. Twelve of the members, one from each of the farm credit districts of the United States, shall be known as appointed members and shall be appointed by the President with the advice and consent of the Senate. I n making appointments to the Board the President shall have due regard to a fair representation of the public interest, the welfare of all farmers and the various types of cooperative agricultural credit interests; shall give special consideration to persons who are experienced in cooperative agricultural credit; and shall, before making such appointments, receive and consider nominations made as follows: The national farm loan associations in the district shall designate one nominee, the production credit associations in the district shall designate one nominee, and the cooperatives which are stockholders or subscribers to the guaranty fund of the bank for cooperatives of the

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