text:
Page:United States Statutes at Large Volume 85.djvu/635

 85 STAT. ]

PUBLIC LAW 92-181-DEC. 10, 1971

Act shall include such guaranty fund equivalents. The holder of the guaranty fund equivalent and the bank shall each be entitled to the same rights and obligations with respect thereto as the rights and obligations associated with the class or classes of stock involved. SEC. 3.7. LENDING POWER.—The banks for cooperatives are authorized to make loans and commitments to eligible cooperative associations and to extend to them other technical and financial assistance, including but not limited to discounting notes and other obligations, guarantees, collateral custody, or particijiation with other banks for cooperatives and commercial banks or other financial institutions in loans to eligible cooperatives, under such terms and conditions as may be determined to be feasible by the board of directors of each bank for cooperatives under regulations of the Farm Credit Administration. Such regulations may include provisions for avoiding duplication between the Central Bank and district banks for cooperatives. Each bank may own and lease, or lease with option to purchase, to stockholders eligible to borrow from the bank equipment needed in the operations of the stockholder. SEC. 3.8. ELIGIBILITY.—Any association of farmers, producers, or harvesters of aquatic products, or any federation of such associations, which is operated on a cooperative basis, and has the powers for processing, preparing for market, handling, or marketing farm or aquatic products; or for purchasing, testing, grading, processing, distributing, or furnishing farm or aquatic supplies or furnishing farm business services or services to eligible cooperatives and conforms to either of the two following requirements: (a) no member of the association is allowed more than one vote because of the amount of stock or membership capital he may own therein; or (b) does not pay dividends on stock or membership capital in excess of such per centum per annum as may be approved under regulations of the F a r m Credit Administration; and in any case (c) does not deal in farm products or aquatic products, or products processed therefrom, farm or aquatic supplies, or farm business services with or for nonmembers in an amount greater in ^^alue than the total amount of such business transacted by it with or for members, excluding from the total of member and nonmember business transactions with the United States or any agency or instrumentality thereof or services or supplies furnished as a public utility; and (d) a percentage of the voting control of the association not less than 80 per centum, or such higher percentage as established by the district board is held by farmers, producers or harvesters of aquatic products, or eligible cooperative associations as defined herein; shall be eligible to borrow from a bank for cooperatives. SEC. 3.9. OWNERSHIP OE STOCK BY BORROWERS.—(a) Each borrower at the time a loan is made by a bank for cooperatives shall own at least one share of voting stock and shall be required by the bank with the approval of the F a r m Credit Administration to invest in additional voting stock or nonvoting investment stock at that time, or from time to time, as the lending bank may determine, but the requirement for investment in stock at the time the loan is closed shall not exceed an amount equal to 10 per centum of the face amount of the loan. Such additional ownership requirements may be based on the face amount of the loan, the outstanding loan balance or on a percentage of the interest payable by the borrower during any year or during any quarter thereof, or upon such other basis as the bank, with the approval of

605

�


text:
Page:United States Statutes at Large Volume 85.djvu/636

 606

PUBLIC LAW 92-181-DEC. 10, 1971

[85 STAT.

the F a r m Credit Administration, determines will provide adequate capital for the operation of the bank and equitable ownership thereof among borrowers. I n the case of a direct loan by the Central Bank, the borrower shall be required to own or invest in the necessary stock in a district bank or banks as may be approved by the F a r m Credit Administration and such district bank shall be required to own a corresponding amount of stock in the Central Bank, but voting stock shall be in the one district bank designated by the F a r m Credit Administration. (b) Notwithstanding the provisions of subsection (a) of this section, the purchase of stock need not be required with respect to that part of any loan made by a bank for cooperatives which it sells to or makes in participation with financial institutions other than any of the banks for cooperatives. I n such cases the distribution of earnings of the bank for cooperatives shall be on the basis of the interest in the loan retained by such bank. SEC. 3.10. IxTKREST RATES; SECURITY: L I E N; CANCELLATION; AND APPLICATION ON INDEBTEDNESS.— (a) Loans made by a bank for cooperatives shall bear interest at a rate or rates determined by the board of directors of the bank from time to time, with the approval of the F a r m Credit Administration. I n setting rates and charges, it shall be the objective to provide the types of credit needed by eligible borrowers at the lowest reasonable cost on a sound business basis, taking into account the net cost of money to the bank, necessary reserves and expenses of the bank, and services provided. The loan documents may provide for the interest rate or rates to vary from time to time during the repayment period of the loan, in accordance with the rate or rates currently being charged by the bank. (b) Loans shall be made upon such terms, conditions, and security, if any, as may be determined by the bank in accordance with regulations of the F a r m Credit Administration. (c) Each bank for cooperatives shall have a first lien on all stock or other equities in the bank as collateral for the payment of any indebtedness of the owner thereof to the bank. I n the case of a direct loan to an eligible cooperative by the Central Bank, the Central Bank shall have a first lien on the stock and equities of the borrower in the district bank and the district bank shall have a lien thereon junior only to the lien of the Central Bank. (d) I n any case where the debt of a borrower is in default, or in any case of liquidation or dissolution of a present or former borrower from a bank for cooperatives, the bank may, but shall not be required to, retire and cancel all or a part of the stock, allocated surplus or contingency reserves, or any other equity in the bank owned by or allocated to such borrower, at the fair book value thereof not exceeding par, and, to the extent required in such, cases, corresponding shares and allocations and other equity interests held by a district bank in another district bank on account of such indebtedness, shall be retired or equitably adjusted. SEC. 3.11. EARNINGS AND RESERVES; APPLICATION or

SAVINGS.—(a)

Each bank for cooperatives, at the end of each fiscal year when said bank shall have stock outstanding held by the Governor of the F a r m Credit Administration, shall determine the amount of its net savings after paying or providing for all operating expenses (including reasonable valuation reserves and losses in excess of any such applicable reserves) and shall apply such savings as follows: (1) To the restoration of the amount of the impairment, if any, of capital stock, as determined by its board of directors; (2) 25 per centum of any remaining net savings shall be used to create and maintain a

�

license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/


text:
Page:United States Statutes at Large Volume 85.djvu/637

 85 STAT. ]

PUBLIC LAW 92-181-DEC. 10, 1971

surplus account; (3) it shall next pay to the United States a franchise tax as provided in section 4.0 of this Act; (4) reasonable contingency reserves may be established; (5) dividends on investment stock may be declared as provided in this title; and (6) any remaining net savings shall be distributed as patronage refunds as provided in subsection (c) or (d) of this section: Provided, That any patronage refunds received by a district bank from any other bank for cooperatives shall be excluded from net savings of the district bank for the purpose of computing such franchise tax. Amounts applied as provided in (2) above after January 1, 1956, shall be allocated on a patronage basis approved by the Farm Credit Administration. At the end of any fiscal year any portion of the reserve established under (4) above which is no longer deemed necessary shall be transferred to the surplus account and, if the surplus account of any such bank for cooperatives exceeds 25 per centum of the sum of all its outstanding capital stock, the bank may distribute in the same manner as a patronage refund any part or all of such excess which has been allocated: Provided, That any surplus and contingency reserve shown on the books of the banks as of January 1, 1956, shall not be distributed as patronage refunds. In making such distributions except as otherwise provided in section 3.5 and distributions by the Central Bank, the oldest outstanding allocations shall be distributed first. Whenever used in this title, the words "surplus account" as applied to any bank for cooperatives shall mean any surpluses and contingency reserves shown on the books of the bank as of January 1, 1956, and any amounts accumulated as allocated or unallocated surplus after said date. Said surplus account shall be divided to show the amounts thereof subject to allocation as provided in this subsection and may be further subdivided as prescribed by the F a r m Credit Administration. (b) Whenever at the end of any fiscal year a bank for cooperatives shall have no outstanding capital stock held by the Governor of the F a r m Credit Administration, the net savings shall, under regulations prescribed by the Farm Credit Administration, continue to be applied on a cooperative basis with provision for sound, adequate capitalization to meet the changing financing needs of eligible cooperative borrowers and prudent corporate fiscal management, to the end that current year's patrons carry their fair share of the capitalization, ultimate expenses, and reserves related to the year's operations and the remaining net savings shall be distributed as patronage refunds as provided in subsections (c) and (d) of this section. Such regulations may provide for application of less than 25 per centum of net savings to the restoration or maintenance of an allocated surplus account, reasonable additions to unallocated surplus, or to unallocated reserves of not to exceed such per centum of net savings after payment of operating expenses as may be approved by the F a r m Credit Administration, and provide for allocations to patrons not qualified under the Internal Revenue Code, or payment of such per centum of patronage refunds in cash, as the board may determine. If during the fiscal year but not at the end thereof a bank shall have had outstanding capital stock held by the United States, provision will be made for payment of franchise taxes required in section 4.0. (c) The net savings of each district bank for cooperatives, after the earnings for the fiscal year have been applied in accordance with subsections (a) or (b) of this section whichever is applicable, shall be l^aid in stock or in cash, or both, as determined by the board, as patronage refunds to borrowers of the fiscal year for which such patronage refunds are distributed. Except as provided in subsection (d) below,

607

"Surplus account."

68A Stat. 3. 26 USC 1 et

Patronage refunds.

�


text:
Page:United States Statutes at Large Volume 85.djvu/638

 608

PUBLIC LAW 92-181-DEC. 10, 1971

[85 STAT.

all patronage refunds shall be paid in proportion that the amount of interest and service fees on the loans to each borrower during the year bears to the interest and service fees on the loans of all borrowers during the year or on such other proportionate patronage basis as the F a r m Credit Administration may approve. (d) The net savings of the Central Bank for Cooperatives after the earnings for the fiscal year have been applied in accordance with subsections (a) or (b) whichever is applicable, shall be paid in stock or cash, or both, as determined by the board, as patronage refunds to the district banks on the basis of interests held by the Central Bank in loans made by the district banks and upon any direct loans made by the Central Bank to cooperative associations, or on such other proportionate patronage basis as the F a r m Credit Administration may approve. I n cases of direct loans, such refund shall be paid to the district bank or banks which issued their stock to the borrower incident to such loans, and the district bank or banks shall issue a like amount of patronage refunds to the borrower. (e) I n the event of a net loss in any fiscal year after providing for all operating expenses (including reasonable valuation reserves and losses in excess of any applicable reserves), such loss may be carried forward or carried back, if appropriate, or otherwise shall be absorbed by charges to unallocated reserve or surplus accounts established after the date of enactment of this Act; charges to allocated contingency reserve account; charges to allocated surplus accounts; charges to other contingency reserve and surplus accounts; the impairment of voting stock; or the impairment of all other stock. (f) Notwithstanding any other provisions of this section any costs or expenses attributable to a prior year or years but not recognized in determining the net savings for such year or years may be charged to reserves or surplus of the bank or to patronage allocations for such years, as may be determined by the board of directors. (g) For any year that a bank for cooperatives is subject to Federal income tax, it may pay in cash such portion of its patronage refunds as will permit its taxable income to be determined without taking into account savings applied as allocated surplus, allocated contingency reserves, and patronage refunds under subsection (a) or (b) of this section. SEC.

3.12. DISTRIBUTIOX

OF ASSETS AND LIQUIDATION OR D I S -

SOLUTION.—In the case of liquidation or dissolution of any bank for cooperatives, after payment or retirement, first, of all liabilities; second, of all capital stock issued before January 1, 1956, at par, any stock held by the Governor of the F a r m Credit Administration at par, and all nonvoting stock at p a r; and third, all voting stock at par; any surplus and reserves existing on January 1, 1956, shall be paid to the holders of stock issued before that date, stock held by the Governor of the F a r m Credit Administration, and voting stock pro rata; and any remaining allocated surplus and reserves shall be distributed to those entities to which they are allocated on the books of the bank, and any other remaining surplus shall be paid to the holders of outstanding voting stock. If it should become necessary to use any surplus or reserves to pay any liabilities or to retire any capital stock, unallocated reserves or surplus, allocated reserves and surplus shall be exhausted in accordance with rules prescribed by F a r m Credit Administration. SEC. 3.13. TAXATION.—Each bank for cooperatives and its obligations are instrumentalities of the United States and as such any and all notes, debentures, and other obligations issued by such bank shall be exempt, both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed

�


text:
Page:United States Statutes at Large Volume 85.djvu/639

 85 STAT. ]

PUBLIC LAW 92-181-DEC. 10, 1971

609

by the United States or any State, territorial, or local taxing authority. Such banks, their property, their franchises, capital, reserves, surplus, and other funds, and their income shall be exempt from all taxation now or hereafter imposed by the United States or by any State, territorial, or local taxing authority; except that interest on the obligations of such banks shall be subject only to Federal income taxation in the hands of the holder thereof pursuant to the Public Debt Act of 1941 (31 U.S.C. 742(a)) and except that any real and tangible personal property of such banks shall be subject to Federal, State, territorial, and local taxation to the same extent as similar property is taxed. The exemption provided in the preceding sentence shall apply only for any year or part thereof in which stock m the bank for cooperatives is held by the Governor of the F a r m Credit Administration.

 * J ^'^^' /^9°;.

TITLE IV — PROVISIONS A P P L I C A B L E TO T W O OR MORE CLASSES O F INSTITUTIONS OF THE SYSTEM PART A — F U N D I N G SEC. 4.0. STOCK PURCHASED BY GOVERNOR; RETIREIVIENT; F R A N CHISE T A X; REVOLVING F U N D. — (a) The Federal land banks, the

Federal intermediate credit banks, the banks for cooperatives, and, subject to section 2.13(d), the production credit associations may issue stock which may be purchased by the Governor of the F a r m Credit Administration on behalf of the United States as a temporary investment in the stock of the institution to help one or several of the banks or associations to meet emergency credit needs of borrowers. The ownership of such stock shall be deemed to not change the status of ownership of the banks or associations, but, during the time such stock is outstanding, the pertinent provisions of the Government Corporation Control Act shall be applicable. (b) The Governor shall require the retirement of such stock at such time as in his opinion the bank or association has resources available therefor and the need for such temporary investment is reduced or no longer exists. If the Governor determines that a production credit association does not have resources available to retire stock held by him, but in his judgment, the Federal intermediate credit bank of the district has resources available to do so, the Governor may require such bank to invest in an eq^uivalent amount of nonvoting stock of said association and the association then shall retire the stock held by the Governor. (c) For any year or part thereof in which the Governor holds any stock in a bank of the System, such institution after complying with sections 1.17, 2.6, 2.14, 3.11, respectively, shall pay to the United States as a franchise tax a sum equal to the lower of 25 per centum of its net earnings for the year before establishing any contingency reserves or declaring any dividends or patronage distribution, not exceeding a rate of return on such temporary investment calculated at a rate determined by the Secretary of the Treasury equal to the average annual rate of interest on all public issues of debt obligations of the United States issued during the fiscal year ending next before such tax is due, multiplied by the percentage that the number of days such stock is outstanding is of three hundred and sixty-five days. Such payments shall be deposited in the miscellaneous receipts in the Treasury. SEC. 4.1. REVOLVING FUNDS AND GOVERNMENT DEPOSITS.—(a)

59 Stat. 5 9 7. 31 Stat. 841 note.

The

revolving fund established by Public Law 87-343, 75 Stat. 758, as amended, shall be available at the request of the Governor of the

12 USC 113 a.

�


text:
Page:United States Statutes at Large Volume 85.djvu/640

 610

12 USC 114Id.

PUBLIC LAW 92-181-DEC. 10, 1971

[85 STAT.

Farm Credit Administration for his temporary investment in the stock of any Federal intermediate credit banks or production credit associations as provided in section 4.0 and for any other purpose authorized by said Act. Funds received from the partial or the full retirement of such investments shall be deposited in this revolving fund. (b) The revolving fund established by Public Law 87-494, 76 Stat. 109, as amended, shall be available at the request of the Governor of the Farm Credit Administration for his temporary investment in the stock of any bank for cooperatives as provided in section 4.0 of this Act. Funds received from the partial or full retirement of such investments shall be deposited in this revolving fund. (c) The Secretary of the Treasury is authorized, in his discretion, upon the request of the F a r m Credit Administration, to make deposits for the temporary use of any Federal land bank, out of any money in the Treasury not otherwise appropriated. Such Federal land bank shall issue to the Secretary of the Treasury a certificate of indebtedness for any such deposit, bearing a rate of interest not to exceed the current rate charged for other Government deposits, to be secured by bonds or other collateral, to the satisfaction of the Secretary of the Treasury. Any such certificate shall be redeemed and paid by such land bank at the discretion of the Secretary of the Treasury. The aggregate of all sums so deposited by the Secretary of the Treasury shall not exceed the smn of $6,000,000 at any one time. SEC.

4.2.

POWER To

BORROW; ISSUE NOTES, BOXDS, DEBENTURES,

AND OTHER OBLIGATIONS.—Each of the banks of the System, in order to obtain funds for its authorized purposes, shall have power, subject to supervision of the F a r m Credit Administration, and subject to the limitations of paragraph (e) of this section, to— (a) Borrow money from or loan to any other institution of the System, borrow from any commercial bank or other lending institution, issue its notes or other evidence of debt on its own individual responsibility and full faith and credit, and invest its excess funds in such sums, at such times, and on such terms and conditions as it may determine. (b) Issue its own notes, bonds, debentures, or other similar obligations, fully collateralized as provided in section 4.3(b) by the notes, mortgages, and security instruments it holds in the performance of its functions under this Act in such sums, maturities, rates of interest, and terms and conditions of each issue as it may determine with approval of the Governor. (c) Join with any or all banks organized and operating under the same title of this Act in borrowing or in issuance of consolidated notes, bonds, debentures, or other obligations as may be agreed with approval of the Governor. (d) Join with other banks of the System in issuance of Systemwide notes, bonds, debentures, and other obligations in the manner, form, amounts, and on such terms and conditions as may be agreed upon with approval of the Governor. Such System-wide issue by the participating banks and such participations by each bank shall not exceed the limits to which each such bank is subject in the issuance of its individual or consolidated obligations and each such issue shall be subject to approval of the Governor: Provided, however, There shall be no issues of System-wide obligations without the concurrence of the boards of directors of each of the 12 districts and the Central Bank for Cooperatives and the approval of the Governor for such issues shall be conditioned on and be evidence of the compliance with this provision.

�


text:
Page:United States Statutes at Large Volume 85.djvu/641

 85 STAT. ]

PUBLIC LAW 92-181-DEC. 10, 1971

(e) No bank or banks shall issue notes, bonds, debentures, or other obligations individually or in concert with one or more banks of the System other than through their fiscal agent under any provision of this Act except under subsection (a) of this section: Provided, That any bank or banks may issue investment bonds or like obligations other than through the fiscal agent if the interest rate is not in excess of the interest allowable on savings deposits of commercial banks of comparable amounts and maturities under Federal Reserve regulation on its member banks. SEC. 4.3. AGGREGATE or OBLIGATIONS; COLLATERAL.—(a) No issue of long-term notes, bonds, debentures, or other similar obligations by a bank or banks shall be approved in an amount which, together with the amount of other bonds, debentures, long-term notes, or other similar obligations issued and outstanding, exceeds twenty times the capital and surplus of all the banks which will be primarily liable on the proposed issue, or such lesser amount as the F a r m Credit Administration shall establish by regulation. (b) Each bank shall have on hand at the time of issuance of any long-term notes, bonds, debentures, or other similar obligations and at all times thereafter maintain, free from any lien or other pledge, notes and other obligations representing loans made under the authority of this Act, obligations of the United States or any agency thereof direct or fully guaranteed, other readily marketable securities approved by the F a r m Credit Administration, or cash, in an aggregate value equal to the total amount of long-term notes, bonds, debentures, or other similar obligations outstanding for which the bank is primarily liable. SEC. 4.4. LIABILITY OF B A N K S; UNITED STATES NOT LIABLE.—(a)

Each bank of the System shall be fully liable on notes, bonds, debentures, or other obligations issued by it individually, and shall be liable for the interest payments on long-term notes, bonds, debentures, or other obligations issued by other banks operating under the same title of this Act. Each bank shall also be primarily liable for the portion of any issue of consolidated or System-wide obligations made on its behalf and be jointly and severally liable for the payment of any additional sums as called upon by the F a r m Credit Administration in order to make payments of interest or principal which any bank primarily liable therefor shall be unable to make. Such calls shall be made first upon the other banks operating under the same title of this Act as the defaulting bank, and second upon banks operating under other titles of this Act, taking into consideration the capital, surplus, bonds, debentures, or other obligations which each may have outstanding at the time of such assessment. (b) Each bank participating in an issue shall by appropriate resolution undertake such responsibility as provided in subsection (a), and in the case of consolidated or System-wide obligations shall authorize the Governor to execute such long-term notes, bonds, debentures, or other obligations on its behalf. When a consolidated or System-wide issue is approved, the notes, bonds, debentures, or other obligations shall be executed by the Governor and the banks shall be liable thereon as provided herein. (c) The United States shall not be liable or assume any liability directly or indirectly thereon. SEC. 4.5. F I N A N C E COMMITTEE.—There shall be established a finance committee for the banks organized and operated under titles I, II, and III, respectively, of this Act, composed of the presidents of each bank. Each such committee may have such officers and such subcommittees for such terms and such representation as may be agreed upon between 75-432 O - 72 - 41

611

�


text:
Page:United States Statutes at Large Volume 85.djvu/642

 612

PUBLIC LAW 92-181-DEC. 10, 1971

[85 STAT.

the banks. When appropriate to the performance of their function, the subcommittee's or representatives thereof, of the various banks shall constitute such subcommittees in connection with System-wide issues of obligations. The finance committees and subcommittees acting for the banks of the System shall, subject to approval of the Governor, determine the amount, maturities, rates of interest, and participation by the several banks in each issue of joint, consolidated, or Systemwide obligations. SEC. 4.6. BONDS AS INVESTMENTS.—The bonds, debentures, and other similar obligations issued under the authority of this Act shall be lawful investments for all fiduciary and trust funds and may be accepted as security for all public deposits. SEC. 4.7. PURCHASE AND SALE BY FEDERAL RESERVE SYSTEM.—Any

38 sStat. 264;

member of the Federal Reserve System may buy and sell bonds, debentures, or other similar obligations issued under the authority of this Act and any Federal Reserve bank may buy and sell such obligations to the same extent and subject to the same limitations placed upon the jjurchase and sale by said banks of State, county, district, and munic^p^} bouds uudcT section 355 of title 12, United States Code. SEC. 4.8. PURCHASE AND SALE or OBLIGATIONS.—Each bank of the System may purchase its own obligations and the obligations of other banks of the System and may provide for the sale of obligations issued by it, consolidated obligations, or System-wide obligations through a fiscal agent or agents, by negotiation, offer, bid, syndicate sale, and to deliver such obligations by book entry, wire transfer, or such other means as may be appropriate. SEC. 4.9. FISCAL AGENCY.—A fiscal agency shall be established by the banks for such of their functions relating to the issuance, marketing, and handling of their obligations, and interbank or intersystem flow of funds as may from time to time be required. PART B—DISSOLUTION AND MERGER SEC. 4.10. MERGER OF SIMILAR BANKS.—Banks organized or operat-

ing under titles I, II, or III, respectively, may upon majority vote cast by their voting stockholders and contributors to their guaranty funds in accordance with the voting strength provisions of section 5.2(c) of this Act relating to elections of directors of the district boards, and with the approval of the F a r m Credit Administration, merge with banks in other districts operating under the name title of this Act. SEC. 4.11. BOARD OF DIRECTORS FOR MERGED B A N K. — I n the event of merger of two or more banks to serve borrowers in more than one farm credit district, a separate board of directors shall be created for the resulting merged bank. The board thus created shall be composed of two directors elected by each of the district boards involved, at least one of which from each district shall have been elected by the eligible stockholders of or subscribers to the guaranty fund of the merging banks, and one director appointed by the Governor with the advice and consent of the Federal F a r m Credit Board. Notwithstanding the foregoing, the bylaws of the merged bank may, with the approval of the Farm Credit Administration, provide for a different number of directors selected in a different manner. The board so constituted shall have such separate and distinct powers, functions, and duties as are normally exercised by a district board related to the operations and policies of the banks which were merged. SEC. 4.12. DISSOLUTION; VOLUNTARY LIQUIDATION; MERGERS; RECEIVERSHIPS; AND CONSERVATORS.— (a) No institution of the System shall

go into voluntary liquidation without the consent of the F a r m Credit

�


text:
Page:United States Statutes at Large Volume 85.djvu/643

 85 STAT. ]

PUBLIC LAW 92-181-DEC. 10, 1971

Administration and with such consent may liquidate only in accordance with regulations prescribed by the F a r m Credit Administration. Associations may voluntarily merge with other like associations upon the vote of a majority of each of their stockholders present and voting or voting by written proxy at duly authorized meetings, and with the approval of the supervising bank and the F a r m Credit Administration. The Federal F a r m Credit Board may require such merger whenever it determines, with the concurrence of the district board, that an association has failed to meet its outstanding obligations or failed to conduct its operations in accordance with this Act. (b) Upon default of any obligation by any institution of the System, such institution may be declared insolvent and placed in the hands of a conservator or a receiver appointed by the Governor and the proceedings thereon shall be in accordance with regulations of the F a r m Credit Administration regarding such insolvencies. PART C — R I G H T S OF APPLICANTS SEC. 4.13. NOTICE OF ACTION ON APPLICATION.—Every applicant for

a loan from an institution of the System shall be entitled to prompt notice of action on his application, and, if the loan applied for is reduced or denied, the reason for such action. SEC. 4.14. RECONSIDERATION.—Any applicant who has reason to believe that the action on his application by an association failed to take into account facts pertinent to his application, or has misinterpreted or failed to properly apply the applicable law or rules and regulations governing his application, may, if he so requests in writing within thirty days of the date of that notice, request an informal hearing on his application and the action of the association in reduction or denial thereof, or the reason for such action, in person before the loan committee or officer or employee thereof authorized to act on applications under section 1,15(11) or 2.12(18). Promptly after such a hearing, he shall be notified of the decision upon reconsideration and the reasons therefor. SEC. 4.15. NOMINATION OF ASSOCIATION DIRECTORS; REPRESENTAITVE SELECTION OF NOMINEES.—Each production credit association and

each Federal land bank association shall elect a nominating committee by vote of the stockholders at the annual meeting to serve for the following year. Each nominating committee shall review lists of farmers from the association territory, determine their willingness to serve, and submit for election a slate of eligible candidates which shall include at least two nominees for each elective office to be filled. I n doing so, the committee shall endeavor to assure representation to all sections of the association territory and as nearly as possible to all types of agriculture practiced within the area. Employees of the association shall not be eligible to be nominated, elected, or serve as a member of the board. Nominations shall also be accepted from the floor. Members of the board are not eligible to serve on the nominating committee. Regulations of the F a r m Credit Administration governing the election of district directors shall similarly assure a choice of two nominees for each elective office to be filled and that the district board represent as nearly as possible all types of agriculture in the district. SEC.

4.16.

PROHIBITION

AGAINST

TAX-EXEMPT GUARANTEES.—

Notwithstanding any other provision of this Act, no guarantee shall be made on any instrument of indebtedness the income from which is exempt in whole or in part from Federal taxation.

"613

�


text:
Page:United States Statutes at Large Volume 85.djvu/644

 614

PUBLIC LAW 92-181-DEC. 10, 1971

[85 STAT.

TITLE V—DISTRICT AND FARM CREDIT ADIVONISTRATION ORGANIZATION PART A—DISTRICT ORGANIZATION

.").. (CREATION OF DISTRICTS.—There shall be not more than twelve farm credit districts in the United States, which may be designated by number, one of which districts shall include the Commonwealth of Puerto Rico. The boundaries of the twelve farm credit <listricts existing on the date of enactment of this Act may be readjusted from time to time by the Federal F a r m Credit Board, with the concurrence of the district boards involved. Two or more districts may be merged as provided in section 5.18(2). SKC.

SEC. 5.1. DISTRICT BOARDS OF DIRECTORS; MEMBERSHII'; ELIGIBILITY; TERMS.— (a) There shall be in each farm credit district a farm

<-redit board of directors composed of seven members. Each farm <;redit district board may include in its title the name of the city in which the banks of the System for the district are located or other geographical designation. (b) To be eligible for membership on a farm credit district board a person must be a citizen of the United States for at least ten years, and a resident of the district for at least two years. A person shall not be eligible who— (1) is or has, within one year next preceding the date of election or appointment, been a salaried officer or employee of the F a r m ('redit Administration or of any institution of the System; (2) has been convicted of a felony or adjudged liable in damages for fraud; or (3) if there is at the time of his election another resident of the same State who was elected to the district board by the same electorate, except where a district embraces only one State. No director of a district board shall be eligible to continue to serve in that capacity and his office shall become vacant if after his election or appointment as a member of a district board, he continues or becomes a salaried officer or employee of the F a r m Credit Administration, of any institution of the System, or a member of the Federal F a r m Credit Board, or if he becomes legally incompetent or is finally convicted of a felony or held liable in damages for fraud. In any event, no director shall, within one year after the date when he ceases to be a member of the board, be elected or designated to serve as a salaried employee of any bank or joint employee of the district for which he served as director. (c) The terms of district directors shall be for three years, except that the terms of appointed directors may be for a shorter or longer term to permit the staggering of such appointments over a three-year period but in no event shall such appointed director be eligible to serve for more than two full terms. SEC. 5.2. S A M E; NOMINATION; ELECTION; APPOINTMENT.—(a)

Two

of the district directors shall be elected by the Federal land bank associations, two by the production credit associations, and two by the borrowers from or subscribers to the guaranty fund of the bank for cooperatives. The seventh member shall be appointed by the Governor with the advice and consent of the Federal F a r m Credit Board. (b) At least two months before an election of an elected director the F a r m Credit Administration shall cause notice in writing to be sent to those entitled to nominate candidates for such elected director. I n the case of an election of a director by Federal land bank associations and borrowers through agencies, such notice shall be sent to all Fed-

�


text:
Page:United States Statutes at Large Volume 85.djvu/645

 85 STAT. ]

PUBLIC LAW 92-181-DEC. 10, 1971

eral land bank associations and borrowers through agencies in the district; in the case of an election by production credit associations, such notice shall be sent to all production credit associations in the district; and in the case of an election by cooperatives which are voting stockholders or subscribers to the guaranty fund of the bank for cooperatives of the district, such notice shall be sent to all cooperatives which are eligible, voting stockholders or subscribers to the guaranty fund at the time of sending the notice. The notice in the case of associations shall state the number of votes the board of each association is entitled to cast for nomination and election based on the voting stockholders of the association as determined by the F a r m Credit Administration as near as practicable to the date of the notice. After receipt of such notice those entitled to nominate a director shall forward nominations to the F a r m Credit Administration. The F a r m Credit Administration shall, from the nominations received within sixty days after it sends such notice, prepare a list of candidates for sudh elected director, consisting of the three nominees receiving the highest number of votes, except that for elections to fill vacancies the Farm Credit Administration may specify a shorter period than sixty days but not less than thirty days. (c) At least one month before the election of an elected director, the F a r m Credit Administration shall mail to each person or organization entitled to elect the elected director a list of the three candidates receiving the highest number of votes from those nominated in accordance with subsection (b). I n the case of an election of a director by the Federal land bank associations, the directors of each land bank association shall cast the vote of such association for one of the candidates on the list. Each association shall be entitled to cast the number of votes specified in the notice prior to the nomination poll as determined by the F a r m Credit Administration to be the numlber of voting stockholders of each association, and each direct borrower and borrower through agent shall be entitled to cast one vote. Each production credit association shall be entitled to cast the number of votes specified in the notice of nomination poll as determined by the Farm Credit Administration to be equal to the number of voting stockholders of such association. Each cooperative which is the holder of voting stock in or a subscriber to the guaranty fund of the bank for cooperatives shall be entitled to cast one vote except as provided in subsection 3.3(d). The votes shall be forwarded to the F a r m Credit Administration and no vote shall be counted unless received by it within sixty days after the sending of such list of candidates, except that for elections to fill vacancies the F a r m Credit Administration may specify a shorter period than sixty days but not less than thirty days. I n the case of a tie another runoff election between those tying shall be held. (d) Any vacancies in the board of directors shall be filled for the unexpired term in the manner provided in sections 5.1 and 5.2 for the selection of such directors. SEC. 5.3. DISTRICT DIRECTORS CONSTITUTE BOARDS OF DIRECTORS FOR FEDERAL LAND BANKS, FEDERAL INTERMEDIATE CREDIT B A N K S, AND DISTRICT BANKS FOR COOPERATIVES.—The members of each farm credit

district board of directors shall be and shall have all the functions, powers, and duties of directors for the Federal land banks, the Federal interniediate credit banks, and the district banks for cooperatives in their respective districts. SEC. 5.4. DISTRICT BOARD OFFICERS.—Each farm credit district board shall elect from its members a chairman and a vice chairman and shall appoint a secretary from within or without its membership as it may see fit. The chairman, vice chairman, and secretary shall hold office for a term of one year and until their successors are selected and take office.

615

Vacancies.

�


text:
Page:United States Statutes at Large Volume 85.djvu/646

 616

PUBLIC LA\V 92-181-DEC. 10, 1971

[85 STAT.

5.5. COMPENSATION OF DISTRICT BOARD.—Members of each farm credit district board shall receive compensation, including reasonable allowances for necessary expenses, in attending meetings of the board as district board and as directors of the district banks including travel time. The compensation shall not be in excess of the level set by the F a r m Credit Administration. I n addition to attending said meetings, a director may not receive compensation and allowances for any services rendered in his capacity as director or otherwise for more than thirty days or parts of days in any one calendar year without the approval of the F a r m Credit Administration. SEC. 5.6. POWERS or THE DISTRICT FARM CREDIT BOARD.— (a) Each farm credit district board shall have power to— (1) Act as the board of directors for the district and of the several banks of the System in the district. (2) Provide rules and regulations, governing the banks and associations in the district, not inconsistent with law. (3) Elect or provide for joint officers and employees for the banks in its district which are institutions of the System or, upon agreement with banks in other districts, joint officers and employees of institutions in more than one district. The salary or other compensation of all such joint officers and employees and the allocation thereof between the banks shall be fixed by the district farm credit board. Officers and employees elected or provided for by the district farm credit board, whe;ther separate officers and employees of the institutions or joint officers and employees, shall be officers and employees of the district institutions served by them. Employment, compensation, leave, retirement, except as provided in subsection (b) of this section, hours of duty, and all other conditions of employment of such joint officers and employees and of the separate officers and employees of the institutions in the district provided for by the board of directors shall be without fa^^^ ^°^ ^' regard to the provisions of title 5 of the United States Code relating seq. to such matters, but all such determinations shall be consistent with the law under which the banks are organized and operate. Appointments, promotions, and separations so made shall be based on merit and efficiency and no political test or qualification shall be permitted or given consideration. The limitations against political activity and conflict of interest of such officers and employees shall be in accordance with rules and regulations prescribed by the F a r m Credit Administration. (4) Authorize the acquisition and disposal of such property, real or personal, as may be necessary or convenient for the transaction of the business of the banks of the System located in its district, upon such terms and conditions as it shall fix, and to prorate among such banks the cost of purchases, rentals, construction, repairs, alterations, maintenance, and operation in such amounts and in such manner as it shall determine. Any lease, or any contract for the purchase or sale of property, or any deed or conveyance of property, or any contract for the construction, repair, or alteration of buildings, authorized by a district farm credit board under this subsection shall be executed by the officers of the bank or banks concerned pursuant to the direction of such board. No provision of law relative to the acquisition or disposal of property, real or personal, by or for the United States, or relative to the making of contracts or leases by or for the United States, sJ*°-^^i*\jsc°s^et including the provisions set out in titles 40 and 41, and including provisions applicable to corporations wholly owned by the United States, seq shall be deemed or held applicable to any lease, purchase, sale, deed, conveyance, or contract authorized or made by a district farm credit board or the banks of the System under this subsection. SEC.

�


text:
Author:Henry Edward Armstrong

Works

 * Introduction to the Study of Organic Chemistry

title: Author:Henry Edward Armstrong


text:
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-

617

Retirement.

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

83 Stat. 136. 5 USC 8334 and note.

�


text:
Page:Earle, Does Price Fixing Destroy Liberty, 1920, 127.jpg

Rh thus, through bartering, to reach that normal price to which markets always tend. "Undoubtedly," said the Supreme Court, "as a general rule, the seller wants to get the highest price for his property, and the purchaser wishes to give the lowest, and in that sense it may be said that an expected difference between the parties is to be implied in every case." Can a real market ever exist, where one party must trade on market conditions alone, whilst the other has this same opportunity plus a power of appealing for the aid of the District Attorney? Is the rule hereafter to be that human characteristics and methods, universally existing and applied, are all to become the basis for a charge of crime, and that the law, in attempting to reach that equality and fairness which constitute justice, is going to allow those wishing to buy commodities produced by others to beat down the prices, whilst those who have added to the world's supply are to defend their rights in bargaining by a threatened intervention by the State that may end in their ruin as well as their loss of liberty?

But let us return to our sugar case and ascertain a part of the guesses that could not be answered if such a case were fairly tried. 1. Under existing conditions, what must be the amount of taxes to be deducted, National, State and Municipal? Would it be fifty per cent. and upward, as at present, or eighty, or ninety, or one hundred? 2. What is the exact percentage of plant idleness through failure of raw sugars and materials to arrive, by reason of never ceasing strikes, embargoes and like contingencies, and the impossibility at times of procuring necessary supplies of coal? Every one knows that the cost of production not only may, but does, go


text:
Page:United States Statutes at Large Volume 85.djvu/648

 618

Term,

VacancieSa

PUBLIC LAW 92-181-DEC. 10, 1971

[85 STAT.

teen members, one of whom shall be designated by the Secretary of Agriculture. The remainder of the Board shall be appointed by the President, with the advice and consent of the Senate, one from each farm credit district, to be known as the appointed members. (b) I n making appointments to the Board, the President ^hall have due regard to a fair representation of the public interest, the welfare of all farmers, and the types of institutions constituting the F a r m Credit System, with special consideration to persons who are experienced in cooperative agricultural credit, taking into consideration the lists of nommees proposed by the F a r m Credit System as hereinafter provided. (c) Each appointed member of the Board shall have been a citizen of the United States and shall have been a resident of the district from which he was appointed for not less than ten years next preceding his appointment, and the removal of residence from the district shall operate to terminate his membership on the Board. No person shall be eligible for nomination or appointment if within one year next preceding the commencement of his term he has been a salaried officer or employee of the F a r m Credit Administration or a salaried officer or employee of any institution of the F a r m Credit System. Any person who is a member of a district farm credit board when appointed as a member of the Federal F a r m Credit Board shall resign as a member of the district board before assuming his duties as a member of the Board. No person who becomes an appointed member of the Board shall be eligible to continue to serve in such capacity if such person is or becomes a member of a district farm credit board, or an officer or employee of the F a r m Credit Administration, or director, officer, or employee of any institution of the F a r m Credit System. No director shall, within one year after the date when he ceases to be a member of the Board, be elected or designated to serve as a salaried officer or employee of any bank, joint officer or employee, or officer or employee of the F a r m Credit Administration. (d) The Secretary of Agriculture shall designate one member of the Board to serve at the pleasure of the Secretary. H e shall be known as the Secretary's representative on the Board. He shall be a citizen of the United States and shall have been a resident of the United States for not less than ten years preceding his designation on the Board. No person shall be designated by the Secretary if such person is a member of a farm credit district board, an officer or employee of the F a r m Credit Administration, or an officer or employee of any institution operating under the supervision of the F a r m Credit Administration. The Secretary's representative shall not be eligible to serve as Chairman, Vice Chairman, or Secretary of the Board but shall otherwise possess all the rights and privileges of membership on the Board. (e) The term of office of the appointed members of the Board shall be six years and such members shall serve until their successors are duly appointed and qualified. No appointed member of the Board shall be eligible to serve more than one full term of six years and, in addition, if he is appointed to fill the unexpired portion of one term expiring before his appointment to a full term, he may be eligible thereafter for appointment to fill a full term of six years. All vacancies for the offices of appointed members shall be filled for the unexpired portion of the term upon like nominations and like appointments: Provided, however, That the district board of directors may select a representative to meet with the Board, without the right of vote, prior to the filling of a vacancy occasioned by death, resignation, disability, or declination in the office of member from that district, under rules and regulations prescribed by the Board.

�


text:
Page:United States Statutes at Large Volume 85.djvu/649

 85 STAT. ]

PUBLIC LAW 92-181-DEC. 10, 1971

(f) A list of nominees for appointment as an appointed member of the Board shall be presented to the President for consideration in the filling of any office of Board member. The list shall be composed of one selected by each voting ^roup in the district in which the member's term is about to expire or m which a vacancy occurs, determined in accordance with the procedure prescribed in section 5.2 of this title for the nomination and election of members of a district farm credit board, except that the list of candidates for the Board for final election in the district shall be the two nominees of each A oting group receiving the highest number of votes. (g) The members of the Board shall meet and subscribe the oath of office and annually o!-ganize by the election of a Chairman and Vice Chairman. The Board shall appoint a Secretary from within or without the membership. Such officers of the Board shall serve for one year and until their successors are selected and take office. The Board may function notwithstanding vacancies exist, provided a quorum is present. A quorum shall consist of a majority of all the members of the Board, for the transaction of business. The Board shall hold at least four regularly scheduled meetings a year and such additional meetings at such times and places as it may fix and determine. Such meetings may be held on the call of the Chairman or any three Board members. (h) Each of the Board members shall receive the sum of $100 a day for each day or part thereof in the performance of his official duties at regular and special meetings of the Board and regular and special meetings of district boards. In addition to attending said meetings, members may receive compensation for services rendered as member for not more than thirty days or parts of days in any calendar year, and shall be reimbursed for necessary travel, subsistence, and other expenses in the discharge of their official duties without regard to other laws with respect to allowance for travel and subsistence of officers and employees of the United States. The Secretary's representative if he is a full-time officer or employee of the United States shall r-eceive no additional compensation for his official duties on the Board,, but may receive travel and subsistence and other expenses. (i) The Board shall adopt such rules as it may see fit for the transaction of its business, and shall keep permanent records and minutes of its acts and proceedings. SEC. 5.9. POWERS or THE BOARD,—The Federal F a r m Credit Board shall establish the general policy for the guidance of the F a r m Credit Administration and approve the necessary rules and regulations for the implementation of this Act not inconsistent with its provisions; may require such reports as it deems necessary from the institutions of the F a r m Credit System; provide for the examination of the condition of and general supervision over the performance of the powers, functions, and duties vested in each such institution, and for the performance of all the powers and duties vested in the F a r m Credit Administration or in the Governor which, in the judgment of the Board, relate to matters of broad and general supervisory, advisory, or policy nature. The Board shall function as a unit without delegating any of its functions to individual members, but may appoint committees and subcommittees for studies and reports for consideration by the Board. I t shall not operate in an administrative capacity. SEC. 5.10. GOVERNOR: APPOINTMENT; RESPONSIBILITIES.—The Governor of the F a r m Credit Administration shall be appointed by and serve at the pleasure of the Federal F a r m Credit Board. H e shall be responsible, subject to the general supervision and direction of the Board as to matters of a broad and general supervisory, advisory, or policy nature, for the execution of all of the administrative functions

619

compensation.

Recordkeeping,

�


text:
Page:United States Statutes at Large Volume 85.djvu/650

 620

PUBLIC LAW 92-181-DEC. 10, 1971

[85 STAT.

and duties of the F a r m Credit Administration. During any period in which the Governor holds any stock in any of the institutions subject to supervision of the F a r m Credit Administration, the appointment of the Governor shall be subject to approval by the President and during any such period the President shall have the power to remove the Governor. SEC. 5.11. COMPENSATION; SALARY AND EXPENSE ALLOWANCE.—The

5 USC 5311.

5JJSC 5332 note.

compensation of the Governor of the F a r m Credit Administration shall be at the rate fixed in the Executive Pay Schedule. The Board shall fix the allowance for his necessary travel and subsistence expenses or per diem in lieu thereof. SEC. 5.12. COMPLIANCE W I T H BOARD ORDERS.—It shall be the duty of the Governor of the F a r m Credit Administration to comply with all orders and directions which he receives from the Federal F a r m Credit Board and, as to third persons, all acts of the Governor shall be conclusively presumed to be in compliance with the orders and directions of the Board. SEC. 5.13. FARM CREDIT ORGANIZATION.—The Governor of the F a r m Credit Administration is authorized, in carrying out the powers and duties now or hereafter vested in him by this Act and acts supplementary thereto, to establish and to fix the powers and the duties of such divisions and instrumentalities as he may deem necessary to the efficient functioning of the Farm Credit Administration and the successful execution of the powers and duties so vested in the Governor and the Farm Credit Administration. The Governor shall appoint such other personnel as may be necessary to carry out the functions of the Farm Credit Administration: Provided, That the salary of positions of Deputy Governors shall not exceed the maximum scheduled rate of the general schedule of the Classification Act of 1949, as amended. The powers of the Governor may be exercised and performed by him through such other officers and employees of the F a r m Credit Administration as he shall designate. SEC. 5.14. SEAL.—The F a r m Credit Administration shall have a seal, as adopted by the Governor, which shall be judicially noted. SEC. 5.15. ADMINISTRATIVE EXPENSES.—The F a r m Credit Administration may, within the limits of funds available therefor, make necessary expenditures for personnel services and rent at the seat of Government and elsewhere; contract stenographic reporting services; purchase and exchange 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 motor-propelled passenger-carrying vehicles and other vehicles; printing and binding; and for such other facilities and services, including temporary employment by contract or otherwise, as it may from time to time find necessary for the proper administration of this Act. SEC. 5.16. ALLOCATION OF EXPENSES FOR ADMINISTRATIVE SERVICES BY THE FARM CREDIT ADMINISTRATION; DISPOSITION OF MONEY.—

(a) The F a r m Credit Administration shall prior to the first day of each fiscal year estimate the cost of administrative expenses for the ensuing fiscal year in administering this Act, including official functions, and shall apportion the amount so determined among the institutions of the System on such equitable basis as the Farm Credit Administration shall determine, and shall assess against and collect in advance the amounts so apportioned from the institutions among which the apportionment is made. (b) The amounts collected pursuant to subsection (a) of this section shall be covered into the Treasury, and credited to a special fund and, without regard to other law, shall be available to said Adminis-

�


text:
Page:United States Statutes at Large Volume 85.djvu/651

 85 STAT. ]

PUBLIC LAW 92-181-DEC. 10, 1971

tration for expenditure during each fiscal year for salaries and expenses of said Administration. As soon as practicable after the end of each such fiscal year, the Administration shall determine, on a fair and reasonable basis, the cost of operation of the F a r m Credit Administration and the part thereof which fairly and equitably should be allocated to each bank and association as its share of the cost during the fiscal year of such Administration. I f the amount so allocated is greater than the amount collected from the bank or other institutions, the difference shall be collected from such bank or other institutions, and, if less, shall be refunded from the special fund to the bank or other institutions entitled thereto or credited in the special fund to such bank or other institutions for use for the same purposes in future fiscal years. SEC. 5.17.

QUARTERS AND FACILITIES FOR THE FARM CREDIT A D M I N -

ISTRATION.—AS an alternate to the rental of quarters under section 5.15, and without regard to any other provision of law, the banks of the System, with the concurrence of two-thirds of the district boards, are hereby authorized— (1) To lease or acquire real property in the District of Columbia or elsewhere for quarters of the Farm Credit Administration. (2) To construct, develop, furnish, and equip such building thereon and such facilities appurtenant thereto as m their judgment may be appropriate to provide, to the extent the Federal F a r m Credit Board may deem advisable, suitable, and adequate quarters and facilities for the Farm Credit Administration. (3) To enlarge, remodel, or reconstruct the same. (4) To make or enter into contracts for any of the foregoing. The Board may require of the respective banks of the System, and they shall make to the Farm Credit Administration, such advances of funds for the purposes set out in this section as in the sole judgment of the Board may from time to time be advisable for the purposes of this section. Such advances shall be in addition to and kept in a separate fund from the assessments authorized in section 5.16 and shall be apportioned by the Board among the banks in proportion to the total assets of the respective banks, and determined in such manner and at such times as the Board may prescribe. The powers of the banks of the System and purposes for which obligations may be issued by such banks are hereby enlarged to include the purpose of obtaining funds to permit the making of advances required by this section. The plans and decisions for such building and facilities and for the enlargement, remodeling, or reconstruction thereof shall be such as is approved in the sole discretion of the Board. SEC. 5.18. ENUMERATED POWERS.—The F a r m Credit Administration shall have the following powers, functions, and responsibilities in connection with the institutions of the F a r m Credit System and the administration of this Act: (1) Modify the boundaries of farm credit districts, with due regard for the farm credit needs of the country, as approved by the Federal F a r m Credit Board, with the concurrence of the district boards involved. (2) Where necessary or appropriate to carry out the policy and objectives of this Act, issue and amend or modify Federal charters or the bylaws of institutions of the System; approve change in names of banks operating under this Act; approve the merger of districts when agreed to by the boards of the districts involved and by a majority vote of the voting stockholders and contributors to the guaranty funds of each bank for each of such districts, voting in the same manner as is provided in section 4.10 of this Act; approve mergers of banks

621

�


text:
Page:United States Statutes at Large Volume 85.djvu/652

 622

PUBLIC LAW 92-181-DEC. 10, 1971

[85 STAT.

operating under the same title of this Act, merger of Federal land bank associations, merger of production credit associations and the consolidation or division of the territories which they serve; and approve consolidations of boards of directors or management agreements. Such mergers shall be encouraged where such action will improve service to borrowers and the financial stability, effect economies of operation, or permit desirable joint management, or consolidation of territories and office quarters, f^f'^'^ *° ^''"" (^) Make annual reports directly to the Congress on the condition gre s s of the System and its institutions and on the manner and extent to which the purposes and objectives of this Act are being carried out and, from time to time, recommend directly legislative changes. (4) Except for associations, approve the salary scale for employees of the institutions of the System, and approve the compensation of the chief executive officer of such institutions. (5) Coordinate the activities of the banks in making studies of lending standards, including appraisal and credit standards; approve national and district standards, procedures, and appraisal forms; prescribe price and cost levels to be used in such standards, appraisals, and lending; supplement the work of the district under the foregoing where necessary to accomplish the purposes of this Act. (6) Prescribe loan security requirements and the types, classes, or number of loans which may be made only with prior approval. (7) Conduct loan and collateral security review. (8) Approve the issuance of obligations of the institutions of the System and execute on behalf of the banks consolidated and Systemwide obligations for the purpose of funding the authorized operations of the institutions of the System, and prescribe collateral therefor. (9) Approve interest rates paid by institutions of the System on their bonds, debentures, and similar obligations, the terms and conditions thereof, and interest or other charges made by such institutions to borrowers. (10) Make investments in stock of the institutions of the System as provided in section 4.0 out of the revolving fund, and require the retirement of such stock. (11) Regulate the borrowing, repayment, and transfer of funds and equities between institutions of the System. (12) Coordinate and assist in providing services necessary for the convenient, efficient, and effective management of the institutions of the System. (13) Undertake research into the rural credit needs of the country and ways and means of meeting them and of the funding of the operations of the System in relation to changing farming and economic conditions. Public informa^^^^ Prepare and disseminate information to the general public on tion. use, organization, and functions of the System and to investors on merits of its securities. (15) Require surety bonds or other provision for protection of the assets of the institutions of the System against losses occasioned by employees. ^"/aHon"'^ (16) Prescribe rules and regulations necessary or appropriate for regulations. carrying out the provisions of this Act. (17) Exercise such incidental powers as may be necessary or appropriate to fulfill its duties and carry out the purposes of this Act. SEC.

5.19. DELEGATION OF DUTIES AND POWERS TO INSTITUTIONS

OF THE SYSTEM.—The F a r m Credit Administration is authorized and directed, by order or rules and regulations, to delegate to a Federal land bank such of the duties, powers, and authority of the F a r m Credit

�


text:
Page:United States Statutes at Large Volume 85.djvu/653

 85 STAT. ]

PUBLIC LAW 92-181-DEC. 10, 1971

623

Administration with respect to and over a Federal land bank or Federal land bank associations, their officers and employees, in the farm credit district wherein such Federal land bank is located, as may be determined to be in the interest of effective administration; and, in like manner, to delegate to a Federal intermediate credit bank such of the duties, powders, and authority of the F a r m Credit Administration with respect to and over a Federal intermediate credit bank or production credit associations, their officers and employees, in the farm credit district wherein such Federal intermediate credit bank is located, as may be determined to be in the interest of effective administration; to authorize the redelegation thereof; and, in either case the duties, powers, and authority so delegated or redelegated shall be performed and exercised under such conditions and requirements and upon such terms as the F a r m Credit Administration may specify. Any Federal land bank or Federal intermediate credit bank to which any such duties, powers, or authority may be delegated or any association to which any power may be redelegated, is authorized and empowered to accept, perform, and exercise such duties, powers, and authority as may be so delegated to it. SEC.

5.20.

EXAMINATIONS AND

REPORTS.—Except

as

provided

herein, each institution of the System, and each of their agents, at such times as the Governor of the Farm Credit Administration may determine, shall be examined and audited by farm credit examiners under the direction of an independent chief F a r m Credit Administration examiner, but each bank and each production credit association shall be examined and audited not less frequently than once each year. Such examinations shall include objective appraisals of the effectiveness of management and application of policies in carrying out the provisions of this Act and in servicing all eligible borrowers. If the Governor determines it to be necessary or appropriate, the required examinations and audits may be made by independent certified public accountants, certified by a regulatory authority of a State, and in accordance with generally accepted auditing standards. Upon request of the Governor or any bank of the System, farm credit examiners shall also make examinations and Avritten reports of the condition of any organization, other than national banks, to which, or with which, any institution of the System contemplates making a loan or discounting paper of such organization. For the purposes of this Act, examiners of the Farm Credit Administration shall be subject to the same requirements, responsibilities, and penalties as are applicable to examiners under the National Bank Act, the Federal Eeserve Act, the Federal Deposit ] | |J^J* ^^'j Insurance Act, and other provisions of law and shall have the same 12 usVas and powers and privileges as are vested in such examiners by law. "°t«» 226 and SEC. 5.21. CONDITIONS OF OTHER BANKS AND LENDING INSTITU- "°64*Stat. 373. TiONS.—The Comptroller of the Currency is authorized and directed, 12 USC is 11 upon request of the F a r m Credit Administration to furnish for confi- "°*^* dential use of an institution of the System such reports, records, and other information as he may have available relating to the financial condition of national banks through, for, or with which such institution of the System has made or contemplates making discounts or loans and to make such further examination, as may be agreed, of organizations through, for, or with which such institution of the F a r m Credit System has made or contemplates making discounts or loans. SEC.

5.22.

CONSENT TO THE AVAILABILITY OF REPORTS AND TO

EXAMINATIONS.—Any organization other than State banks, trust companies, and savings associations shall, as a condition precedent to securing discount privileges with a bank of the F a r m Credit System, file with such bank its written consent to examination by farm credit

�


text:
Page:United States Statutes at Large Volume 85.djvu/654

 624

PUBLIC LAW 92-181-DEC. 10, 1971

[85 STAT.

examiners as may be directed by the F a r m Credit Administration; and State banks, trust companies, and savings associations may be required in like manner to file a written consent that reports of their examination by constituted State authorities may be furnished by such authorities upon the request of the Farm Credit Administration. SEC. 5.23. REPORTS ON CONDITIONS OF INSTITUTIONS RECEIVING LOANS

O DEPOSITS.—The executive departments, boards, commissions, and R independent establishments of the Government of the United States, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Reserve banks are severally authorized under such conditions as they may prescribe, upon request of the F a r m Credit Administration, to make available to it or to any institution of the System in confidence all reports, records, or other information relating to the condition of any organization to which such institution of the System has made or contemplates making loan or for which it has or contemplates discounting paper^ or which it is using or contemplates using as a custodian of securities or other credit instruments, or a depository. The Federal Reserve banks in their capacity as depositories, agents, and custodians for bonds, debentures, and other obligations issued by the banks of the System or book entries thereof are also authorized and directed, upon request of the F a r m Credit Administration, to make available for audit by farm credit examiners all appropriate books, accounts, financial records, files, and other papers. SEC. 5.24. JURISDICTION.—Each institution of the System shall for the purposes of jurisdiction be deemed to be a citizen of the State, commonwealth, or District of Columbia in which its principal office is located. Xo district court of the United States shall have jurisdiction of any action or suit by or against any production credit association upon the ground that it was incorporated under this Act or prior Federal law, or that the United States owns any stock thereof,,nor shall any district court of the United States have jurisdiction, by removal or otherwise, of any suit by or against such association except in cases by or against the United States or by or against any officer of the United States or against any person over whom the courts of the State have no jurisdiction, and except in cases by or against any receiver or conservator of any such association appointed in accordance with the provisions of this Act. SEC. 5.25. STATE LEGISLATION.—Whenever it is determined by

the

F a r m Credit Administration, or by judicial decision, that a State law is applicable to the obligations and securities authorized to be held by the institutions of the System under this Act, which law would provide insufficient protection or inadequate safeguards against loss in the event of default, the F a r m Credit Administration may declare such obligations or securities to be ineligible as collateral for the issuance of new notes, bonds, debentures, and other obligations under this Act, 12 USC 641 and SEC. 5.26. REPEAL.— (a) The Federal Farm Loan Act, as amended; note, section 2 of the Act of March 10, 1924 (Public Numbered 35, Sixty12 USC 672a. eighth Congress, 43 Stat. IT), as amended; section 6 of the Act of January 23, 1932 (Public Numbered 3, Seventy-second Congress, 47 12 USC 665, Stat. 14), as amended; the F a r m Credit Act of 1933, as amended; sec639 note. tions 29 and 40 of the Emergency F a r m Mortgage Act of 1933; Act 12 USC 810, 636. of June 18, 1934 (Public Numbered 381, Seventy-third Congress, 48 12 USC 1131g-2, Stat. 983); Act of June 4, 1936 (Public Numbered 644, Seventy-fourth 12 USC 773a. Congress, 49 Stat. 1461), as amended; sections 5, 6, 20, 25(b) and 39 12 USC 640aof the F a r m Credit Act of 1937, as amended; sections 601 and 602 of 640^, 656a, 724, the Act of September 21, 1944 (Public Law 425, Seventy-eighth Con1040, 12 USC 832, gress, 58 Stat. 740, 741), as amended; sections 1, 2, 3, 4, 5, 6, 7, 8, 16,

833,

�


text:
Page:United States Statutes at Large Volume 85.djvu/655

 85 STAT. ]

PUBLIC LAW 92-182-DEC. 15, 1971

625

and 17(b) of the F a r m Credit Act of 1953, as amended; sections 2,101, egg^.^iTafel^i!" and 201(b) of the F a r m Credit Act of 1956 are hereby repealed. All 12 USC 10*27 references in other legislation, State or Federal, rules and regulations ^"'i "°te, 10235. of any agency, stock, contracts, deeds, security instruments, bonds, debentures, notes, mortgages and other documents of the institutions of the System, to the Acts repealed hereby shall be deemed to refer to comparable provisions of this Act. (b) All regulations of the F a r m Credit Administration or the in- ^^^^^'""^^ ^^° stitutions of the System and all charters, bylaws, resolutions, stock classifications, and policy directives issued or approved by the F a r m Credit Administration, and all elections held and appointments made under the Acts repealed by subsection (a) of this section shall be continuing and remain valid until superseded, modified, or replaced under the authority of this Act. All stock, notes, bonds, debentures, and other obligations issued under the repealed acts shall be valid and enforceable upon the terms and conditions under which they were issued, including the pledge of collateral against which they were issued, and all loans made and security or collateral therefor held by, and all contracts entered into by, institutions of the System shall remain enforceable according to their terms unless and until modified in accordance with the provisions of this Act; it being the purpose of this subsection to avoid disruption in the effective operation of the System by reason of said repeals. SEC. 5.27. AMENDMENTS

TO OTHER

LAWS.— (a)

The

Executive

Schedule of basic pay (80 Stat. 458, 5 U.S.C. 5311-5317), as amended, *^ ^'^'' ^^^' is further amended by striking from positions at level IV the "Governor of the F a r m Credit Administration." (5 U.S.C. 5315 (51)) and inserting in positions at level III the additional position "(58) Governor of the F a r m Credit Administration." (5 U.S.C. 5314). (b) The third paragraph of section 15 of the Federal Reserve Act (12 U.S.C. 393) is amended to read as follows: 42 Stat. MSO. "The Federal Reserve banks are authorized to act as depositaries for and fiscal agents of any Federal land bank. Federal intermediate credit bank, bank for cooperatives, or other institutions of the F a r m Credit System." SEC. 5.28. SEPARABILITY.—If any provision of this Act, or the application thereof to any persons or in any circumstances, is held invalid, the remainder of this Act and the application of such provision to other persons or in other circumstances shall not be affected thereby. SEC. 5.29. RESERVE R I G H T To AMEND OR REPEAL.—The right to alter, amend, or repeal any provision or all of this Act is expressly reserA'ed. Approved December 10, 1971.

Public Law 92-182 AN ACT

To authorize the sale of certain lands on the Kalispel Indian Reservation, and for other purposes.

December 15,.1'571

[H. R. 8381]

Be It enacted by the Senate and House of Representatives of the l United States of America in Congress assembled. That for the pur- R eK a lr ivsapte o nIndian se i, pose of effecting consolidations of land situated within the Kalispel wash! Indian Reservation in the State of Washington into the ownership of ^ J"^"^* lands, the Kalispel Indian Community and its individual members and for the purpose of attaining and preserving an economic land base for Indian use, alleviating problems of Indian heirship, and assisting in

�


text:
Page:United States Statutes at Large Volume 85.djvu/656

 626

7/2 3^1^887?^'

77 Stat. 301.

PUBLIC LAW 92-183-DEC. 15, 1971

[85 STAT.

the productive leasing, disposition, and other use of tribal and individually allotted lands on the Kalispel Reservation, the Secretary of the Interior is authorized in his discretion to sell or approve sales of any tribal trust lands, any interest therein, or improvements thereon, Srx:. 2. The sale of lands for the Kalispel Indian Community pursuant to this Act shall be upon request of the business committee or the Kalispel Community Council of the Kalispel Indian Community evidenced by a resolution adopted in accordance with the constitution and bylaws of the tribe, and shall be in accordance with a consolidation plan approved by the Secretary of the Interior. SEC. 3. Any moneys or credits received by the Kalispel Indian Comnmnity in the sale of lands shall be used for the purchase of other lands, or for such other purpose as may be consistent with the land consolidation program, appi*oved by the Secretary of the Interior. SEC. 4. The Secretary of the Interior is authorized to sell and exchange individual Indian trust lands or interests therein on the Kalispel Indian Reservation held in multiple ownership to the Kalispel Indian Community, to any member thereof, or to any. other Indian having an interest in the land involved, if the sale or exchange is authorized in writing by owners of at least a majority of the trust interests in such lands; except that no greater percentage of approval of such trust interests shall be required under this Act than in any other statute of general application approved by Congress. SEC. 5. The Community Council of the Kalispel Indian Community may encumber any tribal land by a mortgage or deed of trust, with the approval of the Secretary of the Interior, and such land shall be subject to foreclosure or sale pursuant to the terms of such mortgage or deed of trust in accordance with the laws of the State of Washington. The United States shall be an indispensable party to any such Proceedings with the right of removal of the cause of the United States istrict court for the district in which the land is located, following ^^® procedure in section 1J46 of title 28, United States Code: Provided, That the United States shall have the right to appeal from any order of remand in the case. SEC. 6. The second sentence of section 1 of the Act of August 9, 1955 (69 Stat. 539), as amended (25 U.S.C. 415), is hereby further amended by inserting after "the Fort Mohave Reservation," the words "the Kalispel Indian Reservation,". Approved December 15, 1971.

Public Law 92-183 December 15, 1971

[H. R. 11220]

^^

ACT

xo designate the Veterans' Administration hospital in San Antonio, Texas, as the Audie L. Murphy Memorial Veterans' Hospital, and for other purposes.

Be it enacted by the Senate and House of Representatives of the utmolLl'wfi^'^^^ f-^tji^efZ States of America in Congress assembled, That the Veterans' an?°Hospit^ai. Administration hospital now under construction at San Antonio, Designation. Texas, shall hereafter be known and designated as the Audie L. Murphy Memorial Veterans' Hospital. Any reference to such hospital in any law, regulation, document, record, or other paper of the United States shall be deemed a reference to it as the Audie L. Murphy Memorial Veterans' Hospital. SEC. 2. The Administrator of Veterans' Affairs is authorized to provide such memorial at the above-named hospital as he may deem suitable to preserve the remembrance of the late Audie L. Murphy. Approved December 15, 1971.

�


text:
Page:United States Statutes at Large Volume 85.djvu/657

 85 STAT. ]

PUBLIC LAW 92-184-DEC. 15, 1971

627

Public Law 92-184 AN ACT Making supplemental appropriations for the fiscal year ending June 30, 1972, and for other purposes.

December 15, 1971 [ H. R. 11955]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the following ^ ^"r^^ rl^tion^s^ sums are appropriated out of any money in the Treasury not otherwise Act, 1972, appropriated, to supply supplemental appropriations (this Act may be cited as the "Supplemental Appropriations Act, 1972") for the fiscal year ending June 30, 1972, and for other purposes, namely: CHAPTER I DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, SPACE, SCIENCE, VETERANS ADMINISTRATION, AND OTHER I N D E P E N D E N T AGENCIES SECURITIES AND EXCHANGE COMMISSION SALARIES AND EXPENSES

For an additional amount for "Salaries and expenses," $1,587,000. CHAPTER II DEPARTMENT OF THE INTERIOR BUREAU OF LAND MANAGEMENT MANAGEMENT OF LANDS AND RESOURCES

For an additional amount for "Management of lands and resources", $85,000. BUREAU OF INDIAN AFFAIRS RESOURCES MANAGEMENT

For an additional amount for "Resources management", $230,000. CONSTRUCTION

For an additional amount for "Construction", $550,000, to remain available until expended. GEOLOGICAL SURVEY SURVETS, INVESTIGATIONS, AND RESEARCH

For an additional amount for "Surveys, investigations, and research", $650,000. BUREAU OF M I N E S CONSERVATION AND DEVELOPMENT OF MINERAL RESOURCES

For an additional amount for "Conservation and development of mineral resources", $300,000.

75-432 O - 72 - 42

�


text:
Page:United States Statutes at Large Volume 85.djvu/658

 628

PUBLIC LAW 92-184-DEC. 15, 1971

[85 STAT.

H E A L T H A N D SAFETY

For an additional amount for "Health and safety", $6,250,000. OFFICE OF COAL RESEARCH

For an additional amount for "Salaries and expenses", $5,120,000, to remain available until expended, of which not to exceed $40,000 shall be available for administration and supervision. BUREAU OF SPORT FISHERIES AND WILDLIFE CONSTRUCTION

For an additional amount for "Construction", $100,000, to remain available until expended. NATIONAL PARK SERVICE CONSTRUCTION

64 Stat. 27. 16 USC 7a.

84 Stat. 219.

'

For an additional amount for "Construction", $2,325,000, to remain available until expended: Provided, That notwithstanding the Act of March 18, 1950, as amended, not to exceed $2,215,000 shall be available for airport planning, development, or improvement at the Jackson Hole Airport pursuant to the Act of March 18, 1950, including availability through the Jackson Hole Airport Authority as sponsor's share of project costs for any grant made pursuant to Public Law 91-258.

49 USC 1701 note. PARKWAY

A N D ROAD CONSTRUCTION ( L I Q U I D A T I O N AUTHORITY)

OF

CONTRACT

For an additional amount for "Parkway and road construction (liquidation of contract authority)", $96,000, to remain available until expended. ADMINISTRATIVE

PROVISION

I n addition to the vehicles heretofore authorized to be purchased during the current fiscal year, appropriations for the National P a r k Service shall be available for the purchase of not to exceed forty-four passenger motor vehicles for replacement only, of which twenty-seven shall be for police-type use. OFFICE OF THE SECRETARY SALARIES AND EXPENSES

For an additional amount for "Salaries and expenses", $500,000. DEPARTMENT A L OPERATIONS

For necessary expenses for certain operations that provide departmentwide services, $3,746,100, to be derived by transfer from the appropriation for "Salaries and expenses". Office of the Secretary.

�


text:
Page:United States Statutes at Large Volume 85.djvu/659

 85 STAT. ]

PUBLIC LAW 92-184-DEC. 15, 1971

629

RELATED AGENCIES DEPARTMENT OF AGRICULTURE FOREST SERVICE FOREST ROADS AND TRAILS (LIQUIDATIOX OF CONTRACT AUTHORITY)

For an additional amount for "Forest roads and trails (liquidation of contract authority)", $10,000,000, to remain available until expended. YOUTH CONSERVATION CORPS SALARIES AND EXPENSES

For expenses necessary to carry out the provisions of the Act of August 13, 1970 (Public Law 91-378), establishing the Youth Conser- s^ stau 7^94. vation Corps, $3,500,000, to remain available until expended: Pro- 2711 note/"^^'* oided^ That $1,750,000 shall be available to the Secretary of the Interior and $1,750,000 shall be available to the Secretary of Agriculture.

DEPARTMENT OF HEALTH, EDUCATION, AND WELFARE HEALTH SERVICES AND MENTAL HEALTH ADMINISTRATION INDIAN H E A L T H FACILITIES

For an additional amount for "Indian health facilities", $42,000, to remain available until expended. H I S TO R I C A L A N D M E M O R I A L COMMISSIONS NATIONAL PARKS CENTENNIAL COMMISSION SALARIES AND EXPENSES

For expenses necessary to carry out the provisions of the Act of July 10, 1970 (Public Law 91-332), to remain available until expended, $250,000.

84stat. 427. 16 USC 1 no

AMERICAN REVOLUTION BICENTENNIAL COMMISSION SALARIES A N D EXPENSES

For expenses to carry out the provisions of the Act of July 4, 1966 (Public Law 89-491), as amended, establishing the American Revolution Bicentennial Commission, $1,400,000: Provided, That this appropriation shall be available only upon the enactment into law of authorizing legislation by the Ninety-second Congress. CHAPTER III DEPARTMENT OF LABOR JMANPOWER ADMINISTRATION SALARIES A N D EXPENSES

For an additional amount for the Manpower Administration $26,207,000.

^"'®' P* ^^'

�


text:
Page:United States Statutes at Large Volume 85.djvu/660

 630

PUBLIC LAW 92-184-DEC. 15, 1971 MANPOWER TRAINING

saltausas!*' 42 USC 27*11. 8o^star\*437' 42 USC 258*1. 81 Stat. 684. 42 USC 2611!

78 Stat. 528; 80 Stat. 1468. 42 USC 2942.

[85 STAT.

SERVICES

For expenses necessary to carry into effect title I of the Economic Opportunity Act of 1964, as amended, $776,717,000: Provided, That the amounts heretofore appropriated for title II, parts A and B of the Manpowcr Development and Training Act of 1962, as amended, for expenses of programs authorized under the provisions of subsection 123(a)(5) and (8) of the Economic Opportunity Act of 1964, as amended, shall not be subject to the apportionment of benefits provisions of section 301 of the Manpower Development and Training Act: Provided further, That this appropriation shall not be available for contracts made under title I of the Economic Opportunity Act extending for more than twenty-four months: Provided further, That all grants agreements shall provide that the General Accounting Office shall have access to the records of the grantee which bear exclusively upon the Federal g r a n t: Provided further, That this appropriation shall be available for the purchase and hire of passenger motor vehicles, and for construction, alteration, and repair of buildings and other facilities, as authorized by section 602 of the Economic Opportunity Act of 1964 and for the purchase of real property for training centers. ^

If

tr

j

&

L I M I T A T I O N O N GRANTS TO STATES FOR UNEMPLOYMENT INSURANCE A N D EMPLOYMENT SERVICES

For an additional amount for "Limitation on grants to States for unemployment insurance and employment services," $6,000,000, to be expended from the Employment Security Administration account in the Unemployment Trust Fund. BUREAU OF LABOR STATISTICS

For an additional amount for "Salaries and expenses," $1,800,000.

DEPARTMENT OF HEALTH, EDUCATION, AND WELFARE NURSING H O M E IMPROVEMENT

For nursing home improvement, $9,572,000, of which $1,900,000 shall be transferred from the Federal Hospital Insurance Trust F u n d: Provided, That the Secretary of Health, Education, and Welfare may transfer such amounts as he may deem necessary to other appropriations to the Department for carrying out the purpose of this appropriation under the authority available in the appropriations to which transferred. OFFICE OF EDUCATION ELEMENTARY AND SECONDARY EDUCATION

79 Stat. 28; 84 Stat! lie! 20 USC 241c.

For an additional amount for "Elementary and Secondary Education", $32,500,000, which shall be for title I - A of the Elementary and Sccondary Education Act: Provided, That the aggregate amounts made available to each State in fiscal year 1972 under such title for grants to local educational agencies within that State shall not be less than such amounts as were made available for that purpose in fiscal year 1971. HIGHER

Q11/!^V^^^' '°2o'USC 7V5.

EDUCATION

For an additional amount for "Higher Education" to carry out section 105 of the Higher Education Facilities Act of 1963, as amended, $3,000,000.

�


text:
Page:United States Statutes at Large Volume 85.djvu/661

 85 STAT. ]

PUBLIC LAW 92-184-DEC. 15, 1971

631

C IV I L R I G H T S EDUCATION'

For carrying out title IV of the Civil Eights Act of 1964 relating to functions of the Commissioner of Education, including not to exceed $3,672,000 for salaries and expenses, including services as authorized by 5 U.S.C. 3109, $19,672,000.

78 Stat. 246. 42 USC 2000c.

80 Stat. 416.

SOCIAL SECURITY ADMINISTRATION" SPECIAL BENEFITS FOR DISABLED COAL MINERS

For an additional amount for "Special benefits for disabled coal miners," $289,696,000: Provided, That to the extent the Commissioner of Social Security finds it will promote the achievement of the provisions of Title IV of the Federal Coal Mine Health and Safety Act of 1969 qualified persons may be appointed to conduct hearings thereunder without meeting the requirements for hearings examiners appointed under 5 U.S.C. 3105, but such appointments shall terminate not later than December 31, 1973: Provided further, That no person shall hold a hearing in any case with which he has been concerned previously in the administration of such title.

83 Stat. 792, 30 USC 9 0 1.

H E A L T H SERVICES AND MENTAL H E A L T H ADMINISTRATION MEDICAL F A C I L I T I E S

CONSTRUCTION

For an additional amount for "Medical facilities construction", $1,500,000, to remain available until expended: Provided, That these funds shall be available only for loans for nonprofit private facilities pursuant to the District of Columbia Medical Facilities Construction Act of 1968 (Public Law 90^57): Provided further, That the funds appropriated to carry out that Act in the Departments of Labor, and Health, Education, and Welfare, and Related Agencies Appropriation Act, 1972 (Public Law 92-80) shall remain available until expended.

82 Stat. 6 3 1. D. e. e o d e 32301 note. Ante,

p. 290.

NATIONAL INSTITUTES OF HEALTH HEALTH

MANPOWER

For an additional amount for "Health Manpower", $492,980,000 of which $162,885,000 shall remain available until expended to carry out part B of title VII and part A of title VIII of the Public Health Service Act: Provided, That $93,000,000 to carry out sections 772, 773, and 774 shall remain available for obligation through September 30, 1972: Provided further, That $100,000 shall be used to carry out programs in the family practice of medicine, as authorized by the Family Practice of Medicine Act of 1970 (S. 3418, Ninety-first Congress). Loans, grants, and payments for the next succeeding fiscal year: For making, after December 31 of the current fiscal year, loans, grants, and payments under section 306, parts C, F, and G of title VII, and parts B and D of title VIII of the Public Health Service Act for the first quarter of the next succeeding fiscal year, such sums as may be necessary, and obligations incurred and expenditures made hereunder shall be charged to the appropriation for that purpose for such fiscal year: Provided, That such loans, grants, and payments pursuant to

42 USC 293, 296. Ante, p. 444, 446.

42 USC 242d, 294, 295g, 295h, 297, 2 9 8 c.

�