Page:United States Statutes at Large Volume 85.djvu/647

 85 STAT. ]

PUBLIC LAW 92-181-DEC. 10, 1971

(5) Authorize agreements for the provision of joint services between institutions in the System and between districts for those banks' and associations' functions and for those services to borrowers which can most effectively be performed by the joint undertakings of the district or districts, all of such activities to be subject to the same supervision of the F a r m Credit Administration as is applicable to such institutions under this Act. (6) Formulate broad policy considerations concerning the funding operations of the banks in the district and, in concert with the other district boards, furnish unified long-range policy guidance for the funding of the System. (b) The provisions of subsection (a) of this section are qualified as follows: (1) Each officer and employe© of the banks of the System who, on December 31, 1959, was within the purview of the Civil Service Retirement Act, as amended, shall continue so during his continuance as an officer or employee of any such banks or of the F a r m Credit Administration without break in continuity of service. Any other officer or employee of such banks and any other person entering upon employment with any such banks after December 31, 1959, shall not be covered under the civil service retirement system by reason of such employment, except that (1) a person who, on December 31, 1959, was within the purview of the Civil Service Retirement Act, as amended, and thereafter becomes an officer or employee of any such banks without break in continuity of service shall continue under the civil service retirement system during his continuance as an officer or employee of any such banks without break in continuity of service and (2) a person who has been within the purview of said Act as an officer or employee of such banks and, after a break in such employment, again becomes an officer or employee of any of such banks may elect to continue under the civil service retirement system during his continuance as such officer or employee by so notifying the Civil Service Commission in writing within thirty days after such reemployment. (2) Each of the banks of the System shall contribute to the civil service retirement and disability fund, for each fiscal year after June 30, 1960, a sum as provided by section 4(a) of the Civil Service Retirement Act, as amended, except that such sum shall be determined by applying to the total basic salaries (as defined in that Act) paid to the employees of said banks who are covered by that Act, the per centum rate determined annually by the United States Civil Service Commission to be the excess of the total normal cost per centum rate of the civil service retirement system over the employee deduction rate specified in such section 4(a). Each bank shall also pay into the Treasury as miscellaneous receipts such portion of the cost of administration of the fund as is determined by the United States Civil Service Commission to be attributable to its employees. PART B — F A R M CREDIT ADMINISTRATION ORGANIZATION

5.7. THE FARM CREDIT ADMINISTRATION.—The F a r m Credit Administration shall be an independent agency in the executive branch of the (xovernment. I t shall be composed of the Federal Farm Credit Board, the Governor of the F a r m Credit Administration, and such other personnel as are employed in carrying out the functions, powers, and duties vested in the F a r m Credit Administration by this Act. SEC.

SEC. 5.8. THE FEDERAL FARM CREDIT BOARD; NOMIXATION AXD APPOINTMENT OF MEMBERS; ORGANIZATION AXD COMPEXSATIOX.— (a)

There is establislied in the F a r m Credit Administration a Federal F a r m Credit Board. The Board shall consist of not more than thir-

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Retirement.

70 Stat. 7 4 3. 5 USC 8 331 ef seq.

83 Stat. 136. 5 USC 8334 and note.

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