Page:United States Statutes at Large Volume 70.djvu/721

 70 S T A T. ]

PUBLIC LAW 809-JXJLY 26, 1956

such banks as may be necessary to carry out the powers and duties conferred upon such banks under this Act." (b) Section 3 of the Farm Credit Act of 1933 is amended by striking from the first sentence the words "the production credit corporations and" and by striking from the second sentence the words "corporations and". (c) Section 4 of the F a r m Credit Act of 1933 is hereby repealed. (d) Section 5 of the F a r m Credit Act of 1933, as amended, is amended (1) by changing "$120,000,000" in subsection (a) thereof to "$60,000,000"; (2) by striking from subsection (b) thereof the words "the production credit corporations and"; (3) by changing "$40,000,000" m subsection (e) thereof to "$70,000,000"; and (4) by striking from subsection (e) thereof the words "and/or paid-in surplus". (e) Section 6 of the F a r m Credit Act of 1933, as amended, is amended to read as follows:

48 Stat. 257. 12 USC 1131a, 1134a.

12 USC 1131b. Revolving ilind!. 48 Stat. 258, 348. 12 USC 11311.

48 Stat. 259. 12 USC 1131c.

"INVESTMENT BY GOVERNOR I N STOCK OF PRODUCTION CREDIT ASSOCIATIONS

"SEC. 6. The Governor may purchase class A stock of any production credit association in such amounts as he determines are required to meet the credit needs of farmers in the area served by such association. Payments for such stock purchased by the Governor shall be made out of the revolving fund authorized by section 5(a) of this Act. The Governor may at any time require any production credit association to retire and cancel any class A stock held by him in such association if, in his judgment, the association has resources available therefor, and the proceeds of such stock retirements shall be paid into such revolving fund." (f) Section 20 of the Farm Credit Act of 1933 is amended by changing the fourth sentence to read as follows: "Such articles shall be signed by the individuals uniting to form the association and a copy thereof shall be furnished to the Governor." (g) Section 21 of the Farm Credit Act of 1933, as amended, is amended (1) by striking from the first sentence the words "production credit corporations" and substituting in lieu thereof the words "the Governor"; and (2) by deleting the last sentence thereof. (h) Section 22 of the Farm Credit Act of 1933, as amended, is amended by striking out the words "production credit corporation", wherever they appear therein, and substituting in lieu thereof "Federal intermediate credit bank". (i) Section 23 of the Farm Credit Act of 1933, as amended, is amended (1) by changing the first sentence to read as follows: "Each production credit association shall, under such rules and regulations as may be prescribed by the farm credit board of the district with the approval of the Farm Credit Administration, invest its funds and make loans to farmers for general agricultural purposes and other requirements of the borrowers."; (2) by deleting the second sentence; and (3) by striking from the third sentence the word "corporation" and inserting in lieu thereof the words "Federal intermediate credit bank". (j) Section 34 of the Farm Credit Act of 1933, as amended, is hereby amended by adding before the semicolon at the end of " (b) " the words "or to Federal land banks or Federal intermediate credit banks". (k) Section 41 of the F a r m Credit Act of 1933, as amended, is hereby amended by adding before the semicolon at the end of " (b) " the words "or to Federal land banks or Federal intermediate credit banks".

Suprm.

48 Stat. 260. 12 USC 1131d.

48 Stat. 260. 12 USC 1131e.

48 Stat. 261. 12 USC 1131f.

4 8 Stat. 261. 12 USC 1131g,

49 Stat. 317. 12 USC 1134J.

49 Stat. 317. 12 USC 1134c.

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