Pub. L. 84-809, tit. I, sec. 105

Sec. 105. (a) Section 2 of the Farm Credit Act of 1933, as amended, is amended to read as follows: “Sec. 2. The Governor of the Farm Credit Administration, hereinafter in this Act referred to as the ‘Governor’, is authorized and directed to organize and charter twelve banks to be known as ‘banks for cooperatives’. One such bank shall be established in each city in which there is located a Federal land bank. The members of the several farm credit boards of the farm credit districts provided for in section 5 of the Farm Credit Act of 1937, as amended, shall be ex officio the directors of the respective banks for cooperatives. Such directors shall have power, subject to the approval of the Governor, to employ and fix the compensation of such officers and employees of70 Stat. 665such banks as may be necessary to carry out the powers and duties conferred upon such banks under this Act.” (b) Section 3 of the Farm Credit Act of 1933 is amended by striking from the first sentence the words “the production credit corporations and” and by striking from the second sentence the words “corporations and”. (c) Section 4 of the Farm Credit Act of 1933 is hereby repealed. (d) Section 5 of the Farm Credit Act of 1933, as amended, is amended (1) by changing “$120,000,000” in subsection (a) thereof to “$60,000,000”; (2) by striking from subsection (b) thereof the words “the production credit corporations and”; (3) by changing “$40,000,000” in subsection (e) thereof to “$70,000,000”; and (4) by striking from subsection (e) thereof the words “and/or paid-in surplus”. (e) Section 6 of the Farm Credit Act of 1933, as amended, is amended to read as follows: “investment by governor in stock of production credit associations “Sec. 6. The Governor may purchase class A stock of any production credit association in such amounts as he determines are required to meet the credit needs of farmers in the area served by such association. Payments for such stock purchased by the Governor shall be made out of the revolving fund authorized by section 5 (a) of this Act. The Governor may at any time require any production credit association to retire and cancel any class A stock held by him in such association if, in his judgment, the association has resources available therefor, and the proceeds of such stock retirements shall be paid into such revolving fund.” (f) Section 20 of the Farm Credit Act of 1933 is amended by changing the fourth sentence to read as follows: “Such articles shall be signed by the individuals uniting to form the association and a copy thereof shall be furnished to the Governor.” (g) Section 21 of the Farm Credit Act of 1933, as amended, is amended (1) by striking from the first sentence the words “production credit corporations” and substituting in lieu thereof the words “the Governor”; and (2) by deleting the last sentence thereof. (h) Section 22 of the Farm Credit Act of 1933, as amended, is amended by striking out the words “production credit corporation”, wherever they appear therein, and substituting in lieu thereof “Federal intermediate credit bank”. (i) Section 23 of the Farm Credit Act of 1933, as amended, is amended (1) by changing the first sentence to read as follows: “Each production credit association shall, under such rules and regulations as may be prescribed by the farm credit board of the district with the approval of the Farm Credit Administration, invest its funds and make loans to farmers for general agricultural purposes and other requirements of the borrowers.”; (2) by deleting the second sentence; and (3) by striking from the third sentence the word “corporation” and inserting in lieu thereof the words “Federal intermediate credit bank”. (j) Section 34 of the Farm Credit Act of 1933, as amended, is hereby amended by adding before the semicolon at the end of “(b)” the words “or to Federal land banks or Federal intermediate credit banks”. (k) Section 41 of the Farm Credit Act of 1933, as amended, is hereby amended by adding before the semicolon at the end of “(b)” the words “or to Federal land banks or Federal intermediate credit banks”. 70 Stat. 666 (l) Section 60 of the Farm Credit Act of 1933, as amended, is amended (1) by striking from the first sentence the words “the production credit corporations,” ; (2) by striking from the second sentence the words “association, or corporation” and substituting in lieu thereof the words “or association”; and (3) by striking from the third sentence the words “production credit corporation or”, “or corporation”, and “corporation or”, wherever they appear therein. (m) Section 61 of the Farm Credit Act of 1933 is amended (1) by striking from the first sentence the words “production credit corporation,”; and (2) by striking from the second and third sentences the words “association, or corporation”, wherever they appear therein, and substituting in lieu thereof the words “or association”. (n) Section 62 of the Farm Credit Act of 1933. as amended, is amended by striking out the words “production credit corporations,”. (o) Section 63 of the Farm Credit Act of 1933, as amended, is amended (1) by striking from the first sentence the words “the production credit corporations,”; (2) by striking from the first and second sentences the words “associations, or corporations” and “associations, and corporations,” and substituting in lieu thereof, the words “or associations” and “and associations,”, respectively; and (3) by changing the last sentence to read as follows: “The exemption provided herein shall not apply with respect to any production credit association or its property or income after the class A stock held in it by the Governor has been retired, or with respect to any bank for cooperatives or its property or income after the stock held in it by the United States has been retired.” (p) Section 65 of the Farm Credit Act of 1933, as amended, is amended (1) by striking out the words “production credit corporation,”; and (2) by striking out the words “association or corporation”, wherever they appear therein, and substituting in lieu thereof the words “or association”. (q) Section 86a of the Farm Credit Act of 1933 is hereby repealed