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private firms, institutions, and individuals for the purpose of conducting research and service work, making and compiling reports and surveys, and carrying out other functions relating thereto when in his judgment the services or functions to be performed will be carried out more effectively, more rapidly, or at less cost than if performed by the Department of Agriculture. Contracts under this section may be made for work to be performed within a period not more than four years from the date of any such contract, and advance, progress, or other payments may be made. The provisions of section 529 of Title 31 and section 5 of Title 41 shall not be applicable to contracts or agreements made under the authority of this section. Any unexpended balances of appropriations obligated by contracts as authorized by this section may, notwithstanding the provisions of section 713 of Title 31, remain upon the books of the Treasury for not more than five fiscal years before being carried to the surplus fund and covered into the Treasury. Any contract made pursuant to this section shall contain requirements making the result of such research and investigations available to the public by such means as the Secretary of Agriculture shall determine.

(b) The Secretary of Agriculture shall promulgate such orders, rules, and regulations as he deems necessary to carry out the provisions of this chapter. In his annual report to Congress, he shall include a complete statement of research work being performed under contracts or cooperative agreements under this chapter, showing the names of the agencies cooperating and the amounts expended thereon, segregated by Federal and non-Federal funds. (Aug. 14, 1946, ch. 966, title II, $ 205, 60 Stat. 1090.)

$ 1625. Transfer and consolidation of functions, powers, bureaus, etc.-In order to facilitate administration and to increase the effectiveness of the marketing research, service, and regulatory work of the Department of Agriculture to the fullest extent practicable, the Secretary of Agriculture is authorized, notwithstanding any other provisions of law, to transfer, group, coordinate, and consolidate the functions, powers, duties, and authorities of each and every agency, division, bureau, service, section, or other administrative unit in the Department of Agriculture primarily concerned with research, service, or regulatory activities in connection with the marketing, transportation, storage, processing, distribution of, or service or regulatory activities in connection with, the utilization of, agricultural products, into a single administrative agency. In making such changes as may be necessary to carry out effectively the purposes of this chapter, the records, property, personnel, and funds of such agencies, divisions, bureaus, services, sections, or other administrative units in the Department of Agriculture affected are authorized to be transferred to and used by such administrative agency to which the transfer may be made, but such unexpended balances of appropriations so transferred shall be used only for the purposes for which such appropriations were made. (Aug. 14, 1946, ch. 966, title II, $ 206, 60 Stat. 1090.)

§ 1626. Definitions.—When used in this chapter, the term "agricultural products” includes agricultural, horticultural, viticultural, and dairy products, livestock and poultry, bees, forest products, fish and shellfish, and any products thereof, including processed and manufactured products, and any and all products raised or produced on farms and any processed or manufactured produce thereof. (Aug. 14, 1946, ch. 966 title II, 8 207, 60 Stat. 1091.)

§ 1627. Appointment of personnel; compensation; employment of specialists.—The Secretary of Agriculture shall have the power to appoint, remove, and fix, in accordance with existing law, the compensation of such officers and employees, and to make such expenditures as he deems necessary, including expenditures for rent outside the District of Columbia, travel, supplies, books, equipment, and such other expenditures as may be necessary to the administration of this chapter: Provided, That the Secretary of Agriculture may appoint and fix the compensation of any technically qualified person, firm, or organization by contract or otherwise on a temporary basis and for a term not to exceed six months in any fiscal year to perform research, inspection, classification, technical, or other special services, without regard to the civil-service laws or sections 661-663, 66+673 and 674 of Title 5. (Aug. 14, 1946, ch, 966, title II, $ 208, 60 Stat. 1091.)

5 $ 1628. Establishment of national advisory committee; chairman; members; meetings; compensation; expenses.-In order to aid in implementing the research and service work authorized under sections 427, 427h-427j of this title and this chapter, and to assist in obtaining the fullest cooperation among Federal and State agencies, producers, farm organizations, and private industry, in the development of and in effectuating such research and service programs, and in order to secure the greatest benefit from the expenditure of funds, the Secretary of Agriculture shall establish a national advisory committee. The functions of such advisory committee shall be to consult with the Secretary of Agriculture and other appropriate officials of the Department of Agriculture, to make recommendations relative to research and service work authorized by sections 427, 427h-427j of this title and this chapter, and to assist in obtaining the cooperation of producers, farm organizations, industry groups, and Federal and State agencies in the furtherance of such research and service programs. The chairman of the committee shall be the Secretary of Agriculture or such other official of the Department of Agriculture as he shall designate. The committee shall consist of eleven members, six of whom shall be representatives of producers or their organizations. The committee shall meet at least once each quarter and at such other times as are deemed necessary. Members of the committee may not appoint alternates to serve in their stead. Committee members other than the chairman shall not be deemed to be employees of the United States and are not entitled to compensation, but the Secretary of Agriculture is authorized to allow their traveling and subsistence expenses necessary in connection with their attendance at meetings called by him for the purposes of this section. (Aug. 14, 1946, ch. 966, title III, 8 301, 60 Stat. 1091.)

This section was not enacted as a part of the Agricultural Marketing Act of 1946 which comprises this chapter.

§ 1629. Establishment of additional committees; compositionIn the furtherance of the research and service work authorized by sections 427, 427h-427j of this title and this chapter, the Secretary of Agriculture may, in addition to the national advisory committee, establish appropriate committees, including representatives of producers, industry, government, and science, to assist in effectuating specific research and service programs. (Aug. 14, 1946, ch. 966, title III, § 302, 60 Stat. 1091.)

This section was not enacted as a part of the Agricultural Marketing Act of 1946 which comprises this chapter.

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TITLE 12-BANKS AND BANKING

Farm Credit Administration Sec. 636. Farm Credit Administration; provisions relating to organization, 639. Governor; supplementary grant of powers. 641. "Federal Farm Loan Act”; administration. Federal Land Banks, Joint-Stock Land Banks, and National Farm-Loan

Associations

Federal Land Banks 672. Establishment; titles; branches, Puerto Rico and Alaska; loans by

branches.

National Farm-Loan Associations Generally 712. Directors; officers, loan committee.

National Farm-Loan Associations; Special Provisions 745. New members. 751. Investigation by loan committee; appraiser's report; committee's ap

praisal and report; notification to applicant. 752. Submission of loan application and reports to land bank. 753. Requirement for appraisal of land offered as security before making

land bank loan.

Federal Land Bank Loans

771.

Restrictions enumerated.

Powers of Federal Land Banks Generally 781.

Enumerated powers.

Form and Issue of Farm-Loan Bonds; Special Provisions 857. Acceptable collateral security. 861. Amount, denomination, and terms; maturity, interest rates. 874. Signing and attesting; certificate of Land Bank Commissioner. 880. Certificate of Land Bank Commissioner, 1016. Loans to farmers by Land Bank Commissioner; provisions governing. 1020b. Federal Farm Mortgage Corporation; capital, amount; subscription, etc. 1020d. Purchase of consolidated farm loan bonds; loans to Federal joint stock

land banks; investment in mortgages; extensions, etc. 1020i-10200. Repealed. Aug. 14, 1946, ch. 964, § 2 (a) (2), 60 Stat, 1062. 1804. Federal Loan Agency-Audit of financial transactions of Government

corporations; place of audit; access to records; annual report; scope;

expenses. 1805. Employment of auditing personnel; payment of auditing expenses;

reimbursement; limitation.

Chapter 7-FARM CREDIT ADMINISTRATION 8 636. Farm Credit Administration; provisions relating to organization.

Survey on feasibility of making loans to farmers through the Federal Land Bank System; limitation date. Section 3 of act July 12, 1946, ch. 570, 60 Stat. 533, provided : “The Farm Credit Administration is hereby authorized and directed to make a thorough study of ways and means of making available to the farmers through the Federal Land Bank System loans similar to those now made by the Land Bank Commissioner through the Federal Farm Mortgage Corporation. The study shall be completed as soon as practicable and shall be submitted to the Agricultural Committee of the House of Representatives and Senate Committee on Banking and Currency, with recommendations not later than Mar. 1, 1947."

Repeals.- Repeal of authority of the Farm Credit Administration to make emergency crop production, feed, seed, drought, and rehabilitation loans on Aug. 14, 1946, see note set out under section 1001 of title 7, Agriculture.

$ 639. Governor of Farm Credit Administration; supplementary grant of powers.

Repeal of authority of Governor of Farm Credit Administration to make loans to farmers under former sections 1020i-1020n, and 1020i of this title, see note set out under section 1001 of title 7, Agriculture.

8 641. "Federal Farm Loan Act"; administration.

Survey of feasibility of making loans to farmers through the Federal Land Bank System, see note set out under section 636 of this title.

Repeal of authority of the Farm Credit Administration to make emergency crop production, feed, seed, drought, and rehabilitation loans on Aug. 14, 1946, see note set out under section 1001 of title 7, Agriculture. SUBCHAPTER 1-FEDERAL LAND BANKS, JOINT-STOCK LAND BANKS, AND

NATIONAL FARM-LOAN ASSOCIATIONS

ORGANIZATION OF FEDERAL LAND BANKS

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8 $ 672. Establishment; titles; branches; Puerto Rico and Alaska; loans by branches.-The Farm Credit Administration shall establish 'in each farm credit district a Federal land bank, with its principal office located in such city within the district as said administration shall designate. Each Federal land bank shall include in its title the name of the city in which it is located. Subject to the approval of the Farm Credit Administration, any Federal land bank may establish branches within the farm credit district. Subject to the approval of the Farm Credit Administration and under such conditions as it may prescribe, the provisions of this subchapter and of subchapter III of this chapter are extended to the island of Puerto Rico and the Territory of Alaska; and the Farm Credit Administration shall designate a Federal land bank which is hereby authorized to establish a branch bank in Puerto Rico and a Federal land bank which is hereby authorized to establish a branch bank in the Territory of Alaska. Loans made by each such branch bank shall be subject to the restrictions and provisions of this chapter, except that each such branch bank may loan direct to borrowers, and, subject to such regulations as the Farm Credit Administration may prescribe, the rate charged borrowers may be 112 per centum in excess of the rate borne by the last preceding issue of farm loan bonds of the Federal land bank with which such branch bank is connected: Provided, That no loan shall be made in Puerto Rico or Alaska by such branch bank for a longer term than twenty years.

Each borrower through such branch bank shall subscribe and pay for stock in the Federal land bank with which it is connected in the sum of $5 for each $100 or fraction thereof borrowed; such stock shall be held by such Federal land bank as collateral security for the loan of the borrower; shall participate in all dividends; and upon full payment of the loan shall be canceled at par and proceeds paid to borrower, or the borrower may apply the same to the final payments on his loan. (As amended June 30, 1945, ch. 204, § 3, 59 Stat. 267.)

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AMENDMENTS 1945—Act June 30, 1945, cited to text, amended section by omitting "shall not exceed the sum of $25,000 to any one borrower, and” following "each branch bank” in last sentence of first par.

SAVING CLAUSE AND EFFECTIVE DATE

Saving clause and effective date of amendment by act June 30, 1945, cited to text, see notes set out under section 712 of this title.

Cross REFERENCES

Financial control of Federal Land Banks, title 31, Money and Finance.

NATIONAL FARM-LOAN ASSOCIATIONS GENERALLY $ 712. Directors; officers; loan committee.—The board of directors of every national farm loan association shall consist of not less than five nor more than seven members, who shall be elected by the shareholders of the association. Elections of such directors shall be held once each year at an annual meeting of the shareholders. Every national farm loan association shall at the first annual meeting of its shareholders subsequent to August 19, 1937, elect two directors for a term of three years, two directors for a term of two years, and the remainder of its board of directors for a term of one year. Thereafter directors shall be chosen to serve for terms of three years and the shareholders of each association shall annually elect as many directors as may be necessary to fill the places of those directors whose terms expire during the year. Any vacancy that may occur in the board of directors through death, resignation or other cause shall be filled at the next annual meeting of share holders by the election of a director to serve out the unexpired portion of the term, or a special meeting of shareholders may be called for this purpose. Until such election the remaining directors shall have power to fill the vacancy for the time being by appointing a temporary director to serve until the next meeting of shareholders. All directors shall hold office until their successors are elected and have qualified. It shall be the duty of said board of directors to choose in such manner as they may prefer a secretary-treasurer, who shall receive such compensation as said board of directors shall determine. The board of directors shall elect a president, a vice president, and a loan committee of three or more members. The secretary-treasurer shall be eligible for membership on the loan committee. The board of directors may empower (a) the loan committee to elect applicants to membership and (b) any three members of said committee to act as the loan committee in approving loans on behalf of the association and in electing applicants to membership in the association. No action by the loan committee shall be valid where the full committee is acting unless unanimously approved by all members or where any three of its members are acting as herein provided unless approved by all such members. (As amended June 30, 1945, ch. 204, $ 1 (a), 59 Stat. 266.)

AMENDMENTS 1945—Act June 30, 1945, cited to text, amended section by inserting between "three" and "members” words “or more” in sentence beginning "The board of directors", and by adding the last three sentences.

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