SIXTY-FOURTH CONGRESS. Sess. I. · Ch. 245. 1916. · . QKAP, ,-- ° 'tal f agucul' tural d el t, to te "l'§%‘° mm {GZ.? of ?.R;}.$i*,,.'}.§$.€.’§,‘;‘.§‘$,§§‘.’3‘i,..,°§.g..g., e .q§Zu.%";'£$.?; tr ti2‘i“.e [Public, No. 158.] upon farm leans, to furnish a market or United States bonds, to create Government depositaries and financial agents for the United States, and for other purposes. Be it enacted by the Senate and House Re esentattves of the ,Jf°°”1 Fm L°°° United States :5 Awwrica in Congress asaemlid, 'lzliat the short title -*°m*¤**‘“°“°"· of this Act sh be "Tl1e Fedora Farm Loan Act." Its admimstrar tion shall be undepf the diretggon and control of the Federal Farm Loan Board herein ter crea . nesnmms. , DEFINITIONS. ··rimmme.sg··.·‘ Sec. 2. That wherever the term "first I]101'bg8»¥16, ’ is used in this Act it shall be held to include suchclasses of first 'ens on farm lands as shall be approved by the Federal Farm Loan Board, and the "F¤¤¤ lm bmds-" credit instruments secured thereby. The term "farm loan bonds" shall be held to-include all bonds secured b collateral deposited with D*5¤¤°“°¤· a farm loan regtistrar under the terms of Act; they shall be dis- _ tingpished by t to addition of the words "Federal," or "joint stock," as the case may e. ‘ F¤¤¤1#¤¤B¤¤¤- FEDERAL rum Loan mann. V §;¤:¤;wM;¤TBm¤¤- Sec. 3. That there shall be established at the seat of government Dapmmaa. in the Department of the Treasury a bureau charged with the execution of this Act and of all Acts amendatory thereof, to be known as ’ %6e1F¢;3le§·aLl Filartrn Léwan (Bureau, under the general supervision of a er arm an oar . Bgg(g¤v¤¤i¢i¤¤ of _ §»1ai(;1mFec%1er:§lccFa;·m Brlorard shall lconsist of five members, ‘ mu gte rearyote easury,woshall be b d chairman ex officio, and four members to be appointedLliJyl6i.ll1e€11drt:'>Isli- _ dent of the United States, by and with the advice and consent of the q¤·;,%1,§;0*;;,’*;§c§*S· Senatecil Oi the iip;15 rlnembers ttoupe; appointed l;1y_tl§ Presidentanot more an wo s e a om rom one o t t 8,1] four of said members shalfbe citizens of the lgnitdd StI2i2tL;sy:in‘ilDshaH devote their entire time to the business of the Federal Farm Loan Psy.¤¤¤- Board- they shall receive an annual sal of $10,000 payable monthly, together with actual necessary trairleling expenses. Tam M wfw- One of the members to be appointed by the President shall be designated by him to serve for two years, one for four ears, one for six years, and one for eight years, and thereafter each member so apwmc _ pointed shall serve for a term of eight years, unless sooner removed S,,§;§{“ °“"‘“*‘ or cause by the President. One of the members shall be desi ated by the President as the Farm Loan Commissioner, who shallib the active executive officer of said board. Each member of the Federal Farm Loan Board shall within fifteen days after notice of his appointment take and subscribe to the oath of office. HM ¤¤*¤¤g— The first meeting of the Federal Farm Loan Board shall be held in Washington as soon as may be after the passage of this Act at a date an place to be fixed by the Secretary of the Treasury. I mg)§g$;ufmP*¤F¤¤¤¤ . No member of the Federal Farm Loan Board shall, during his contmuanee in office, be an_officer or director of any other institution association, or partnership engaged in banking, or in the business oi making land mortgage loans or selling land mortg es. Before entering upon his duties as a member oi? the Federa.l8§7`arm Loan Board
- 1z§chbf;ie1rr1;(l;§;'t%1Ialglec§rt1fy under oath to the President that he is
s c ion. Filling vacancies. The President shall have the power, bv and with the advice and consent of the Senate, to fill any vacancy occurring in the membership of the Federal Farm Loan Board; if such vacancy shall be filled
