Pub. L. 86-168, tit. I, sec. 104

Sec. 104. (a) Section 12 of the Federal Farm Loan Act, as amended (12 U.S.C. 771), is amended by (1) changing the last proviso of paragraph “Second” thereof to read: “And provided further, That any land bank may make loans on an unamortized or partially amortized basis, under rules and regulations issued by the Farm Credit Administration.”; (2) striking out of paragraph “Seventh” thereof “loans to any one borrower shall in no case exceed a maximum of $200,000, but”. (b) Section 20 of the Federal Farm Loan Act, as amended, is amended by deleting the second sentence thereof (12 U.S.C. 861, second sentence) and by inserting the following immediately before the period at the end of the last sentence thereof (12 U.S.C. 864, last sentence): “, except that, with the approval of the Farm Credit Administration, an issue of bonds may be limited to bearer or coupon bonds”. (c) The first and second sentences of section 23 of the Federal Farm Loan Act, as amended (12 U.S.C. 901), are amended by substituting “at the end of each fiscal year” for “semiannually” therein. (d) The first and second sentences of section 24 of the Federal Farm Loan Act, as amended (12 U.S.C. 911), are amended by substituting “at the end of each fiscal year” for “semiannually” therein. (e) The seventh paragraph of section 29 of the Federal Farm Loan Act, as amended (12 U.S.C. 967), is amended by changing “land bank appraiser” in the second and third sentences thereof to “farm credit appraiser”. (f) Section 202(c) of the Federal Farm Loan Act, as amended (12 U.S.C. 1033), is amended by changing the period at the end thereof to a comma and adding the following: “and any Federal intermediate credit bank may in its discretion purchase such loans or discounts with or without such endorsement.”. 73 Stat. 387 (g) Section 208(c) of the Federal Farm Loan Act, as amended (12 U.S.C. 1093), is amended by changing “Land bank appraisers” in the first sentence thereof to “Farm credit appraisers”. (h) The Federal Farm Loan Act, as amended (12 U.S.C. 641 et seq.), and any other Act of Congress in which the words appear, are amended by changing “national farm loan association” and “national farm loan associations” to “Federal land bank association” and “Federal land bank associations”, respectively. (i) The Federal Farm Loan Act, as amended (12 U.S.C. 641 et seq.), and any other Act of Congress in which the words appear, are amended by changing “secretary-treasurer” and “secretary-treasurers”, when used to mean the secretary-treasurer of a national farm loan association (herein renamed “Federal land bank association”), to “manager” and “managers”, respectively. (j) The first sentence of section 5(d) of the Farm Credit Act of 1953 (12 U.S.C. 636(d)) is amended by inserting immediately before the period at the end thereof “: Provided, That the salary of not more than three positions of deputy governor shall each be fixed by the Board at a rate not exceding $17,500 per annum”. (k) This title shall become effective December 31, 1959.