Page:United States Statutes at Large Volume 67.djvu/435

 67

STAT.]

PUBLIC LAW 202-AUG. 6, 1953

such district by any group, the election of the director to be elected by such group under section 5(b) shall be first determined, and the person receiving the most votes for election under section 5(d)(2) who is not a resident of the same State as the director elected under section 5(b) shall be declared elected." SEC. 16. (a) Any other provisions of law to the contrary notwithstanding after the effective date of this Act any production credit association may, with the approval of the President of the Production Credit Corporation and of the F a r m Credit Administration, issue nonvoting preferred stock, to be known as class C stock, which may be purchased and held by production credit corporations and by investors: Provided, That the issuance of such stock shall be authorized by vote of not less than two-thirds of the outstanding shares of class A stock of the association (other than shares held by the Production Credit Corporation) by the holders thereof in person or by proxy and by vote of not less than two-thirds of the outstanding shares of class B stock of the association by the holders thereof in person or by proxy; and for this purpose holders of class A stock (other than the Production Credit Corporation) and holders of class B stock shall be entitled to one vote for each share of stock held by them. (b) Such class C stock of such associations shall be divided into shares of $5 each. The resolution of the stockholders authorizing the issuance of class C stock and every certificate of class C stock issued shall state and express the privileges, restrictions, limitations, and qualifications affecting said stock, and the total amount of the authorized issue to which it belongs. (c) Such class C stock may (1) be made subject to redemption in such manner, at such time or times, and at such price or prices; (2) be given such preferences as to net assets upon dissolution of the corporation, whether voluntary or involuntary; (3) be given the right to receive such cumulative or noncumulative dividends payable quarterly, semiannually, or annually, and payable as a whole or in part before any dividend shall be set apart for or paid on class A and class B stock; and (4) be made subject to such other restrictions, limitations, and qualifications; as shall be stated and expressed in the resolution of the stockholders authorizing the issuance thereof and in the face of the stock certificates.

399 Ante, p. 396. Ante, p. 397.

APPROPRIATIONS A N D EXPENDITURES

SEC. 17. (a) There are authorized to be appropriated such sums as may be necessary or appropriate for administering the provision of this Act: Provided, That the cost of examination and of administrative supervision of the F a r m Credit Administration shall continue to be supported by assessments against institutions supervised by the F a r m Credit Administration as provided in the Department of Agriculture Organic Act of 1944. (b) F a r m Credit Administration may, within the limits of funds available therefor, and subject to provisions of law generally applicable to Government agencies, make necessary expenditures for personnel services and rent at the seat of government and elsewhere; contract stenographic reporting services; purchase and exchange of lawbooks, books of reference, periodicals, newspapers, expenses of attendance at meetings and conferences; purchase, operation, and maintenance, at the seat of government and elsewhere, of motorpropelled passenger-carrying vehicles and other vehicles; printing and binding; and for such other facilities and services as it may from time to time find necessary for the proper administration of this Act. SEC. 18. This Act shall take effect one hundred and twenty days

ss stau ^740.

Effective date.

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