708 Production Cred it Corporations, etc. 48 Stat . 257. 12U.S.C.§51131, 1134. Location. Members of credit boards to be ex officio directors . Land bank loans . 12U.S.C.§771. Liquidation of debts incur red prior to Jan- uary 1, 1937 . LoansbyLand B ank Commissioner . 49 Stat. 313 . 12 U.S.C., Supp . I1, § 1016 (e). Refinancing indebt- edne ss incur red for nonagricultural pur- Poses . Deferment of prin- cipal payments, first three years, i f not in default . Purchase, etc ., of bonds . 39 St at. 372. 12U.S.C.§781 . Federal Farm Mort- ga ge Corporation bonds . Purchase at or be- low par. 48 Stat. 347. 12U.S.C.§781. 12U.S.C.§897. Purchase of Federal Farm Mortgage Cor- poration bonds . 12U.S.C.§781. Enumerated pow- ers . Loans to other Fed- eral land banks . 12U.S .C.§781. 75TH CONGRESS, 1sT SESSION-CH . 701 AUGUST 19, 1937 pensation of such officers and employees of such Federal intermediate credit banks as may be necessary to carry on the business authorized by this title ." SEC. 11 . The second and third sentences of section 2 of the Farm Credit Act of 1933 (U . S. C ., 1934 edition, title 12, sec. 1134) are amended to read as follows : "One such corporation and one such bank shall be established in each farm credit district in the city in which there is located a Federal land bank . The members of the s everal farm credi t boa rds of the farm credi t dist ricts provi ded f or in the Farm Credit Act of 1937 shall be ex officio the directors of the respective production credit corporations and banks for co operat ives ." SEC . 12 . Paragraph "Fourth" of section 12 of the Federal Farm Loan Act, as amended (U . S . C ., 1934 edition, title 12, sec . 771), is further amended by striking out "incurred prior to January 1, 1933" from subparagraph (d) thereof, and by inserting in lieu thereof the following : "Incurred prior to January 1, 1937" . SEC . 13. Sec tion 32 of the Emerg ency Farm Mortg age A ct of 1933, as amended (U . S . C ., 1934 edition, Supp . II, title 12, sec. 1016), is further amended by striking out so much of the sixth sentence thereof as follows the colon after the word "other", and by inserting in lieu thereof the following : "Refinancing, in connec- tion with pro ceedings u nder chap ter VIII of the Ban kruptcy Ac t of July 1, 1898, as amended, any indebtedness, secured or unse- cured, of the farmer, or which is secure d by a lien on all or any part of the farm property accepted as security for the loan" . SEc . 14. The fourth se ntence of section 3 2 of the E mergency Farm Mortgage Act of 1933, as amended (U . S . C., 1934 edition, Supp . II, title 12, sec . 1016), is further amended by striking out the proviso at the end thereof and by inserting in lieu thereof the following : "Pro vid ed, That when in the judgme nt of the Land Bank Commissioner conditions justify it, any mortgage made under this section may provide that during the first three years the loan is in effect payments of interest only may be required if the bor- rower shall not be in default with respect to any other condition or covenant of his mortgage ." SEC. 15. (a) Paragraph "Eighth" of section 13 of the Federal Farm Loan Act (U . S . C ., 1934 edition, title 12, sec . 7 81) is amended to read as follows "Eighth . To buy and sell United States bonds and Federal Farm Mortgage Corporation bonds." (b) Paragraph "Fifteenth" of section 13 of the Federal Farm Loan Act, as amended (U. S . C ., 1934 edition, title 12, sec . 7 8 1 ) i s further amended by striking out, after the word "value" in said paragraph, the comma and the words "and to purchase Federal Farm Mortgage Corporation bonds at or below par". (c) Section 22 of the Federal Farm Loan Act, as amended (U . S . C ., 1934 edition, title 12, sec . 897), is further amended by inserting under the heading "In the case of a joint-stock land bank" at the end thereof the following "(e) To purchase Federal Farm Mortgage Corporation bonds ." SEC . 16 . Section 13 of the Federal Farm Loan Act, as amended (U . S . C ., 1934 edition, title 12, sec . 781), is further amended by adding at the end thereof the following paragraph "Se ven teen th . To make loans to other Federal l and banks upon such terms and conditions as may be approved by the Farm Credit Administration ." SEC . 17. Section 13 of the Federal Farm Loan Act as amended (U. S. C ., 1934 edition, title 12, sec . 781), is further amended by adding at the end thereof the following new paragraph
