Page:United States Statutes at Large Volume 75.djvu/352

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[75 Stat. 312]
[75 Stat. 312]
PUBLIC LAW 87-000—MMMM. DD, 1961


PUBLIC LAW 87-128-AUG. 8, 1961

[75 S T A T.

SEC. 326. The Secretary is authorized to utilize the revolving fund 12 USC?u8a. created by section 84 of the F a r m Credit Act of 1933, as amended (hereinafter in this subtitle referred to as the "Emergency Credit Eevolving F u n d "), for carrying out the purposes of this subtitle. SEC. 327. (a) All sums received hj the Secretary from the liquidation of loans made under the provisions of this subtitle or under the staf. 804!' ^^^' ^° Act of April 6, 1949, as amended, or the Act of August 31, 1954, and ^^J2U^s^c 1148a-1 from the liquidation of any other assets acquired with money from no e, ii48a-2. ^j^^ Emergency Credit Eevolving F u n d shall be added to and become a part of such fund. (b) There are authorized to be appropriated to the Emergency Credit Eevolving Fund such additional sums as the Congress shall from time to time determine to be necessary. SUBTITLE D—ADMINISTRATIVE PROVISIONS

7 USC fVooi^note. so Stat. 522. ' JoStat.^ 8%. ,0^-4" ^ ^ ^^'^'^ 59Gx


SEC. 331. For the purposes of this title and for the administration of assets under the jurisdiction of the Secretary of Agriculture pursuant to the Farmers Home Administration Act of 1946, as amended, the Baukhead-Joucs Farm Tenant Act, as amended, the Act of August 28, 1937, as amended, the Act of April 6, 1949, as amended, the Ac^ ^^ August 31, 1954, as amended, and the powers and duties of the Secretary under any other Act authorizing agricultural credit, the Secretary may assign and transfer such powers, duties, and assets to the Farmers Home Administration, to be headed by an Administrator, appointed by the President, by and with the advice and consent of the Senate, without regard to the civil service laws or.the Classification ^^^ ^^ 1949, as amended, who shall receive basic compensation as provided by law for that office. The Secretary may— (a) administer his powers and duties through such national, area. State, or local offices and employees in the United States and in Puerto Eico and the Virgin IslandB as he determines to be necessary and may authorize an office to serve the area composed of two or more States if he determines that the volume of business in the area is not sufficient to justify separate State offices; (b) accept and utilize voluntary and uncompensated services, and, with the consent of the agency concerned, utilize the officers, employees, equipment, and information of any agency of the Federal Government, or of any State, territory, or political subdivision; (c) within the limits of appropriations made therefor, make necessary expenditures for purchase or hire of passenger vehicles, and such other facilities and services as he may from time to time find necessary for the proper administration oi this Act; (d) compromise, adjust, or reduce claims, and adjust and modify the terms of mortgages, leases, contracts, and agreements entered into or administered by the Farmers Home Administration under any of its programs, as circumstances may require, but compromises, adjustments, or reductions of claims of $15,000 or more shall not be made without the approval of the Administrator: Provided, however. That— (1) compromise, adjustment, or reduction of claims shall be based on the value of the security and a determination by the Secretary of the debtor's reasonable ability to pay considering his other assets and income at the time of the action and with or without the payment of any consideration at the time of such adjustment or reduction;