knowingly, with intent to defraud the United States or any corporation referred to in subsection (a) of this section, shall conceal, remove, dispose of, or convert to his own use or to that of another, any property mortgaged or pledged to, or held by, the Farm Credit Administration, any Federal intermediate credit bank, or the Federal Farm Mortgage Corporation, or any such corporation as security for any obligation, shall be punished by a fine of not more than $5,000, or by imprisonment for not more than two years, or both.

(e) Applicability of criminal code provisions to transactions of corporations and administration, any Federal intermediate credit bank or the Federal Farm Mortgage Corporation. The provisions of sections 202-207 of Title 18, insofar as applicable, are extended to apply to contracts or agreements made by the Farm Credit Administration, any Federal intermediate credit bank, or the Federal Farm Mortgage Corporation, its divisions, officers, and employees, and by the corporations referred to in subsection (a) of this section, which, for the purposes hereof, shall be held to include advances, loans, discounts, and purchase and repurchase agreements; extensions and renewals thereof; and acceptances releases, and substitutions of security therefor.

(f) Conspiracy.-Whoever conspires with another to accomplish any of the acts made unlawful by the preceding provisions of this section shall, on conviction thereof, be subject to the same fine or imprisonment, or both, as is applicable in the case of conviction for doing such unlawful act. (June 16, 1933, ch. 98, § 64, 48 Stat. 269; Jan. 31, 1934, ch. 7, § 13, 48 Stat. 347.)

REFERENCES IN TEXT

In the original "subchapter IV or V of this chapter" and "this chapter" read "this Act," meaning the Farm Credit Act of 1933 (act June 16, 1933, cited to text). For distribution of said act in this Code, see note under section 639 of this title.

§ 1138e. Receivership; voluntary liquidation. Upon default of any obligation of any Production Credit Corporation, Production Credit Association, or regional Bank for Cooperatives, such bank, assciation, or corporation may be declared insolvent and placed in the hands of a receiver by the governor and proceedings shall thereupon be had in accordance with the provisions of law relating to the insolvency of national farm loan associations. Any such bank, association, or corporation may, with the consent of the governor, liquidate voluntarily, but only in accordance with such rules and regulations as the governor may prescribe. (June 16, 1933, ch. 98, § 65, 48 Stat. 269.)

CROSS REFERENCE

Insolvency of national farm loan associations, see sections 961 et seq. of this title.

§ 1138f. Limitation on compensation payable to director, officer, or employee.-No director, officer, or employee of the Central Bank for Cooperatives, or of any Production Credit Corporation, Production Credit Association, or Bank for Cooperatives shall be paid compensation at a rate in excess of $10,000 per annum. No officer or employee of the Farm Credit Adminis

tration engaged in carrying out the provisions of this subchapter and subchapters IV and V of this chapter shall be paid compensation at a rate in excess of $10,000 per annum. (June 16, 1933, ch. 98, § 66, 48 Stat. 269.)

REFERENCES IN TEXT

In the original "this subchapter and subchapters IV and V of this chapter" reads "Titles I to VI, inclusive, of this Act," meaning Titles I to VI of the Farm Credit Act of 1933 (act June 16, 1933, cited to text). Said Titles I to VI were incorporated into this Code as sections 683, 1131-1131g, 1131h, 1131i, 1134-1134m, 1138-1138f, 1141c, 1141d, 1141e, 1141f, and 1141j of this title.

AGRICULTURAL MARKETING ACT

§ 1141. Declaration of policy; effective merchandising of agricultural commodities; speculation; cooperative marketing; surpluses; administration of subchapter. (a) It is hereby declared to be the policy of Congress to promote the effective merchandising of agricultural commodities in interstate and foreign commerce so that the industry of agriculture will be placed on a basis of economic equality with other industries, and to that end to protect, control and stabilize the currents of interstate and foreign commerce in the marketing of agricultural commodities and their food products

(1) by minimizing speculation.

(2) by preventing ineffcient and wasteful methods of distribution.

(3) by encouraging the organization of producers into effective associations or corporations under their own control for greater unity of effort in marketing and by promoting the establishment and financing of a farm marketing system of producer-owned and producer-controlled cooperative associations and other agencies.

(4) by aiding in preventing and controlling surpluses in any agricultural commodity, through orderly production and distribution, so as to maintain advantageous domestic markets and prevent such surpluses from causing undue and excessive fluctuations or depressions in prices for the commodity.

(b) There shall be considered as a surplus for the purposes of this subchapter any seasonal or year's total surplus, produced in the United States and either local or national in extent, that is in excess of the requirements for the orderly distribution of the agricultural commodity or is in excess of the domestic requirements for such commodity.

(c) The Farm Credit Administration shall execute the powers vested in it by this subchapter only in such manner as will, in the judgment of the administration, aid to the fullest practicable extent in carrying out the policy above declared. (June 15, 1929, ch. 24, § 1, 46 Stat. 11; Ex. Ord. No. 6084, Mar. 27, 1933.)

§ 1141a. Federal Farm Board.-A Federal Farm Board is hereby created, which shall consist of eight members to be appointed by the President, by and with the advice and consent of the Senate, and of the Secretary of Agriculture, ex officio. In making the appointments the President shall give due considera

tion to having the major agricultural commodities produced in the United States fairly represented upon the board. The terms of office of the appointed members of the board first taking office after June 15, 1929, shall expire, as designated by the President at the time of nomination, two at the end of the first year, two at the end of the second year, one at the end of the third year, one at the end of the fourth year, one at the end of the fifth year, and one at the end of the sixth year after such date. A successor to an appointed member of the board shall have a term of office expiring six years from the date of the expiration of the term for which his predecessor was appointed, except that any person appointed to fill a vacancy in the board occurring prior to the expiration of the term for which his predecessor was appointed, shall be appointed for the remainder of such term. One of the appointed members shall be designated by the President as chairman of the board and shall be the principal executive officer thereof. The board shall select a vice chairman who shall act as chairman in case of the absence or disability of the chairman. The board may function notwithstanding vacancies, and a majority of the appointed members in office shall constitute a quorum. Each appointed member shall be a citizen of the United States and shall not actively engage in any other business, vocation, or employment than that of serving as a member of the board; nor shall any appointed member during his term of office engage in the business except such business as is necessary to the operation of his own farm or farms) of buying and selling, or otherwise be financially interested in, any agricultural commodity or product thereof. Each appointed member shall receive a salary of $12,000 a year, together with necessary traveling and subsistence expenses, or per diem allowance in lieu thereof, within the limitations prescribed by law, while away from his official station upon official business. (June 15, 1929, ch. 24 § 2, 46 Stat. 11.)

TRANSFER OF FUNCTIONS AND CHANGE IN NAME

The name of the Federal Farm Board was changed to the Farm Credit Administration and the offices of the appointed members, except that of the chairman, were abolished; the chairman of the Federal Farm Board was changed to Governor of the Farm Credit Administration and he was vested with all powers and duties of the Federal Farm Board by Ex. Ord. No. 6084, Mar. 27, 1933, set out as note preceding section 636 of this title.

§ 1141b. General powers of Farm Credit Administration. The Farm Credit Administration

(1) shall maintain its principal office in the District of Columbia, and such other offices in the United States as in its judgment are necessary.

(2) shall have an official seal which shall be judicially noticed. (3) shall make an annual report to Congress upon the administration of this subchapter and any other matter relating to the better effectuation of the policy declared in section 1141 of this title, including recommendations for legislation.

(4) may make such regulations as are necessary to execute the functions vested in it by this subchapter.

(5) may appoint and fix the salaries of a secretary and such experts, and, in accordance with sections 661-673 and 674 of

Title 5, as amended, and subject to the provisions of the civilservice laws, such other officers and employees as are necessary to execute such functions.

(6)) may make such expenditures (including expenditures for rent and personal services at the seat of government and else where, for law books, periodicals, and books of reference, and for printing and binding) as are necessary to execute such functions. Expenditures by the administration shall be allowed and paid upon the presentation of itemized vouchers therefor approved by the governor of the administration.

(7) may sell at public or private sale to the highest responsible bidder, upon such terms and after such public advertisement as the Farm Credit Administration may deem in the public interest, any property, real or personal, or any interest therein, acquired by the United States on account of or as a result of any loans made from the revolving fund authorized by section 1141d of this title, as amended; may lease any such property, pending its sale, on such terms and for such period, not in excess of five years, as the Farm Credit Administration may deem in the public interest; and may incur and pay, from the said revolving fund, obligations and expenses for the operation, upkeep, maintenance, repair, disposition, insurance, and protection of any such property: Provided, That section 5 of Title 41 shall not be construed to apply to any purchase or service on account of such property. (June 15, 1929, ch. 24, § 4, 46 Stat. 13; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 19, 1937, ch. 704, § 37, 50 Stat. 717.)

SAVING CLAUSE

See note under section 640a of this title.

§ 1141c. Special powers of administration. The administration is authorized and directed

(1) to promote education in the principles and practices of cooperative marketing of agricultural commodities and food products thereof.

(2) to encourage the organization, improvement in methods, and development of effective cooperative associations.

(3) to keep advised from any available sources and make reports as to crop prices, experiences, prospects, supply, and demand, at home and abroad. (June 15, 1929, ch. 24, § 5, 46 Stat. 13; Ex. Ord. No. 6084, Mar. 27, 1933; June 16, 1933, ch. 98, § 50 (a), 48 Stat. 265.)

§ 1141d. Revolving fund.-There is hereby authorized to be appropriated the sum of $500,000,000 which shall be made available by the Congress as soon as practicable after the approval of this subchapter and shall constitute a revolving fund to be administered by the administration as provided in this subchapter. Any and all funds derived from the sale, lease, operation, or other disposition of any property, real or personal, acquired by the United States on account of or as a result of any loan made pursuant to the provisions of this subchapter, shall be covered into and become a part of said revolving fund. (June 15, 1929, ch. 24, § 6, 46 Stat. 14; Ex. Ord. No. 6084, Mar. 27, 1933; June

16, 1933, ch. 98, §§ 33, 34, 40, 41, 48 Stat. 262, 264; Aug. 19, 1937, ch. 704, § 38, 50 Stat. 718.)

SAVING CLAUSE

See note under section 640a of this title.

§ 1141d-1. Interest rates on loans made from revolving fund.Interest rates in excess of the rates set forth in notes or other obligations taken by the Federal Farm Board or the Farm Credit Administration for loans made from the revolving fund authorized by section 1141d of this title shall not be charged or collected on any of said loans, whether such loans have been heretofore or are hereafter paid in whole or in part, except that in those cases where a borrower by specific contract has agreed to pay a higher rate of interest, the contract rate shall be charged for the period agreed upon; and the amount of any interest collected in excess of the rates thus set forth or contracted for shall be refunded out of said fund or credited on the borrower's indebtedness. (June 22, 1939, ch. 239, 53 Stat. 853.)

This section is not a part of the Agricultural Marketing Act.

§ 1141e. Loans to cooperative associations.-(a) Upon application by any cooperative association the administration is authorized to make loans to it from the revolving fund to assist in

(1) the effective merchandising of agricultural commodities and food products thereof and the financing of its operations; (2) The construction or acquisition by purchase or lease, or refinancing the cost of such construction or acquisition, of physical facilities.

(b) No loan shall be made to any cooperative association unless, in the judgment of the administration, the loan is in furtherance of the policy declared in section 1141 of this title, and the cooperative association applying for the loan has an organization and management, and business policies, of such character as to insure the reasonable safety of the loan and the furtherance of such policy.

(c) Loans for the construction or acquisition by purchase or lease of physical facilities, or for refinancing the cost of such construction or acquisition, shall be subject to the following conditions:

(1) No loan shall be made in an amount in excess of 60 per centum of the appraised value of the security therefor.

(2) No loan for the purchase or lease of such facilities shall be made unless the Governor of the Farm Credit Administration finds that the purchase price or rent to be paid is reasonable.

(d) Loans for the construction or purchase of physical facilities, together with interest on the loans, shall be repaid upon an amortization plan over a period not in excess of twenty years. (June 15, 1929, ch. 24, § 7, 46 Stat. 14; Ex. Ord. No. 6084, Mar. 27, 1933; June 16, 1933, ch. 98, §§ 50-53, 48 Stat. 265; June 3, 1935, ch. 164, §§ 9, 10, 49 Stat. 316.)

CROSS REFERENCE

Revolving fund, see section 1141d of this title.