Page:United States Statutes at Large Volume 74.djvu/238

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PUBLIC LAW 86-504-JUNE 11, 1960

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are not required to be appointed for all of the terms beginning the next succeeding January 1, in order to reduce the number of elected directors to six, the Farm Credit Administration shall designate the terms to be filled by appointment or election. " (d) Any vacancy in the Board of Directors shall be filled for the unexpired term in the same manner, by appointment or election, in which the vacant office was filled. Each director elected or appointed for a district shall have been a resident of such district for at least two years prior to election or appointment and shall have had experience with the business and financial operation of agricultural cooperatives. No person shall be eligible for election or appointment as a director for a district if such person has, within two years next preceding the commencement of the term, been a salaried officer or employee of the F a r m Credit Administration or of any corporation operating under its supervision. No person shall be eligible to serve as an elected or appointed director for a district for more than two full terms of three years, plus any elected or appointed term of less than three years which expires immediately preceding his election or appointment to a full term. Any person who is a member of the Federal Farm Credit Board when appointed or elected as director shall resign as a member of the Federal F a r m Credit Board before assuming his duties as director of the Central Bank. No person who becomes such director shall be eligible to continue to serve if he becomes a member of the Federal Farm Credit Board or an officer or employee of the F a r m Credit Administration or an officer or employee of any corporation operating under the supervision of the F a r m Credit Administration. Any appointed director may be removed at pleasure at any time by the Farm Credit Administration." Approved June 11, 1960.

Public Law 86-504 June 11, 1960 [S.2052]

Bankruptcy Act. Closing fee. 52 Stat. 862.

52 Stat. 886. Fees.

AN ACT To amend the Bankruptcy Act in regard to the closing fee of the trustee and in regard to the fee for the filing of a petition.

Be It enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That the part of subdivision c of section 48 of the Bankruptcy Act (11 U.S.C. 76c) up to the first colon is amended to read as follows: "c. TRUSTEES.—The compensation of trustees for their services, payable after they are rendered, shall be a fee of $10 for each estate, deposited with the clerk at the time the petition is filed in each case, except when a fee is not required from a voluntary bankrupt, and such further sum as the court may allow, as follows:". SEC. 2. That section 132 of the Bankruptcy Act (11 U.S.C. 532) is amended to read as follows: "SEC. 132. The filing of a petition nnder this chapter shall be accompanied by payment to the clerk of a filing fee of $120 if no bankruptcy proceeding is pending, otherwise $70. Where $120 has been paid and an adjudication is entered under this chapter, $50 thereof shall be distributed by the clerk as in the case of a bankruptcy proceeding; but, if the proceeding under this chapter is dismissed and no order of adjudication is entered thereunder, such sum of $50 shall be refunded to the person paying it." Approved June 11, 1960.

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