SAVING CLAUSE See note under section 640a of this title. § 640e. Same; nomination of elected directors.-At least two months before an election of an elected director the Farm Credit Administration shall cause notice in writing to be sent to those entitled to nominate candidates for such elected director. In the case of an election of a director by national farm loan associations and borrowers through agencies, such notice shall be sent to all national farm loan associations and borrowers through agencies in the district; in the case of an election by production credit associations, such notice shall be sent to all production credit associations in the district; and in the case of an election by cooperatives which are stockholders or subscribers to the guaranty fund of the bank for cooperatives of the district, such notice shall be sent to all cooperatives which are stocholders or subscribers to the guaranty fund at the time of sending notice. After receipt of such notice those entitled to nominate the director shall forward nominations of residents of the district to the Farm Credit Administration. The Farm Credit Administration shall, from the nominations received within thirty days after the sending of such notice, prepare a list of candidates for such elected director consisting of the ten nominees receiving the highest number of votes. (Aug. 19, 1937, ch. 704, § 5 (e), 50 Stat. 705.) SAVING CLAUSE See note under section 640a of this title. § 640f. Same; election of elected directors.-At least one month before the election of an elected director the Farm Credit Administration shall mail to each person or organization entitled to elect the elected director the list of the ten candidates nominated in accordance with section 640e of this title. In the case of an election of a director by national farm loan associations and borrowers through agencies, the directors of each farm loan association shall cast the vote of such association for one of the candidates on the list. In voting under sections 640a-640k of this title each such association shall be entitled to cast a number of votes equal to the number of stockholders of such association and each borrower through agencies shall be entitled to cast one vote. In voting under sections 640a-640k of this title each production. credit association shall be entitled to cast a number of votes equal to the number of the class B stockholders of such association. In voting under sections 640a-640k of this title each cooperative which is a holder of stock in, or a subscriber to the guaranty fund of, the bank for cooperatives shall be entitled to cast one vote. The votes shall be forwarded to the Farm Credit Administration and no vote shall be counted unless received by it within thirty days after the sending of such list of candidates. In case of a tie the Farm Credit Administration shall determine the choice. The nominations from which the list of candidates is prepared, and the votes of the respective voters, as counted, shall be tabulated and preserved and shall be subject to examination by any candidate for at least one year after the result of the election is announced. (Aug. 19, 1937, ch. 704, § 5 (f), 50 Stat. 705.) SAVING CLAUSE See note under section 640a of this title. § 640g. Same; term of office; vacancies.-The terms of office of all directors shall be three years. Any vacancies that may occur in the farm credit board shall be filled for the unexpired term in the manner provided in sections 640b-640f of this title for the original selection of such directors. (Aug. 19, 1937, ch. 704, § 5 (g), 50 Stat. 705.) REFERENCES IN TEXT In the original "provided in sections 640b-640f of this title" reads “herein provided." SAVING CLAUSE See note under section 640a of this title. § 640h. Same; general qualifications of members.-Members of each farm credit board shall have been, for at least two years, residents of the district for which they are appointed or elected. From and after August 19, 1937, no person shall be eligible for election or appointment as a member of any district farm credit board, and no person elected or appointed after August 19, 1937, as a member of any district farm credit board shall be eligible to continue to serve as such, if in either case said person is an officer or employee of any Federal land bank, Federal intermediate credit bank, production credit corporation, or bank for cooperatives. No district director, excepting any third district director selected as specified in section 640d of this title, shall, during his continuance in office, be a director, officer, or employee of any institution, association, or partnership engaged in the business of lending money or of making or selling land mortgage loans, except an institution or association under the supervision of the Farm Credit Administration. (Aug. 19, 1937, ch. 704, § 5 (h), 50 Stat. 705.) REFERENCES IN TEXT In the original "specified in section 640d of this title" reads "hereinabove specified." SAVING CLAUSE See note under section 640a of this title. § 640i. Same; felons and defrauders ineligibles. No person shall be eligible for appointment or election as an administrative or executive official of a Federal lank bank, Federal intermediate credit bank, or of any corporation or bank organized pursuant to the Farm Credit Act of 1933, or as a member of any farm credit board, or shall continue to hold office as such member, if such person has been finally adjudged guilty of a felony, or finally adjudged liable in damages in any civil proceeding for fraud, in any State or Federal court. (Aug. 19, 1937, ch. 704, § 5(i), 50 Stat. 706.) REFERENCES IN TEXT The Farm Credit Act of 1933, to which reference is made in this section, is act June 16, 1933, ch. 98, 48 Stat. 257. It was incorporated into the code as sections 637-640, 653, 674, 678-681, 683, 694, 723, 744a, 771, 781, 791, 874, 876, 878-880, 884, 952, 963a, 964, 971, 972, 983, 987, 992, 1016-1018, 1022, 1 So in original. Probably should read "land." 1031, 1124, 1131-1138f, 1141c-1141f, 1141j, 1148a, and 1151a of this title and section 610 of Title 7, Agriculture. SAVING CLAUSE See note under section 640a of this title. § 640j. Same; compensation of members. Subject to the approval of the Farm Credit Administration members of each farm credit board shall receive such compensation as may be authorized by the board, including a reasonable allowance for necessary expenses in attending meetings of said board and directors' meetings. Such compensation shall be paid by the Federal land bank of the district, and such bank shall be reimbursed therefor by the Federal intermediate credit bank, production credit corporation and bank for cooperatives of the district in such proportion and in such manner as may be fixed by the farm credit board subject to the approval of the Farm Credit Administration. Except with the approval of the Farm Credit Administration, no member of any farm credit board shall receive compensation or allowances for any services rendered such institutions, in his capacity as director or otherwise, for more than thirty days in any one calendar year, exclusive of the period for which compensation is paid for attendance at meetings of said board and at directors' meetings. (Aug. 19, 1937, ch. 704, § 5 (j), 50 Stat. 706.) SAVING CLAUSE See note under section 640a of this title. § 640k. Laws unaffected.-Nothing contained in sections 640a640j of this title shall be construed to abrogate or repeal section 672 of this title, as amended, or to affect the applicability of any other Act of Congress under which agricultural credit laws of the United States may be made applicable to territories or insular possessions of the United States. (Aug. 19, 1937, ch. 704, § 5 (k), 50 Stat. 706.) SAVING CLAUSE See note under section 640a of this title. § 6401. Powers of farm credit board.-Each farm credit board provided for in sections 640b and 640c of this title shall have power, subject to the approval of the Farm Credit Administration (a) Employment of joint officers and employees for certain organizations. To employ joint officers and employees for the Federal land bank, Federal intermediate credit bank, production credit corporation, and regional bank for cooperatives in its district. The salaries or other compensation of all such joint officers and employees shall be fixed by the district farm credit board and shall be paid by the Federal land bank of the district. Such bank shall be reimbursed therefor by the other three institutions in the district, in such amounts and upon such conditions as the board shall determine. Officers and employees appointed by the district farm credit board shall be officers and employees of the district institutions served by them. (b) Authorization of acquisition and disposal of property.-To authorize the acquisition and disposal of such property, real or personal, as may be necessary or convenient for the transaction of the business of the Federal land bank, the Federal intermediate credit bank, the bank for cooperatives, and the production credit corporation, located in its district, upon such terms and conditions as it shall fix, and to prorate among such institutions the cost of purchases, rentals, construction, repairs, alterations, maintenance, and operation, in such amounts and in such manner as it shall determine. Any lease, or any contract for the purchase or sale of property, or any deed or conveyance of property, or any contract for the construction, repair, or alteration of buildings, authorized by a district farm credit board under this subsection shall be executed by the officers of the institution or institutions concerned pursuant to the direction of such board. No provision of law relative to the acquisition or disposal of property, real or personal, by or for the United States, or relative to the making of contracts or leases by or for the United States, including the provisions set out in Title 40, and Title 41, and including provisions applicable to corporations wholly owned by the United States, shall be deemed or held applicable to any lease, purchase, sale, deed, conveyance, or contract authorized or made by a district farm credit board, Federal land bank, Federal intermediate credit bank, production credit corporation, or bank for cooperatives under this subsection. (c) Vacations and sick leaves.-No corporation under the supervision of the Farm Credit Administration, of which corporation any member of the board of directors is elected or appointed by private interests, shall be subject to the provisions of sections 29a, 30b-30m, and 31a of Title 5. (Aug. 19, 1937, ch. 704, § 6, 50 Stat. 706.) REFERENCES IN TEXT In the original "sections 640b and 640c of this title" reads "this act", meaning the Farm Credit Act of 1937 (act August 19, 1937, cited to text). For distribution of said act see note under section 640c of this title. SAVING CLAUSE See note under section 640a of this title. § 640-1. Sale of real estate; prepayment of balance of purchase price. In the case of any contract or agreement for the sale of any real estate to any individual under any program administered by the Resettlement Administration or the Farm Security Administration (1) by the Department of Agriculture or any agency of the Department of Agriculture; or (2) by any homestead association or corporation established by the Department of Agriculture or any agency of the Department of Agriculture; or (3) by the National Housing Agency or any agency of the National Housing Agency, in case such contract or agreement was, prior to February 24, 1942, made by the Department of Agriculture, or any agency of the Department. of Agriculture, or any homestead association or corporation established by the Department of Agriculture or any agency of the Department of Agriculture; or (4) by the National Housing Agency or any agency of the National Housing Agency, or any homestead association established by the National Housing Agency or any agency of the National Housing Agency, in case such contract or agreement would, except for Executive Order Numbered 9070 of February 24, 1942, as amended and supplemented, have been made by the Department of Agriculture or an agency of the Department of Agriculture or a homestead association or corporation established by the Department of Agriculture or an agency of the Department of Agriculture; if such contract or agreement, having been in force for five years, provides for the payment of the purchase price in installments over a period of years, no provision of such contract or agreement shall be deemed to prevent the prepayment of any portion of the purchase price, and upon the payment of such purchase price together with interest (on the amount thereof previously unpaid) to the date of such payment, there shall be delivered to the purchaser forthwith a quitclaim deed conveying all right, title and interest of the United States in and to such real estate without any reservations, exceptions, conditions or restrictions whatsoever. (July 1, 1944, ch. 364, 58 Stat. 675.) REFERENCE IN TEXT Ex. Ord. No. 9070 of Feb. 24, 1942, as amended and supplemented referred to in text, is set out as a note under section 601 of Appendix to Title 50, War. SUBCHAPTER I.-FEDERAL LAND BANKS, JOINT-STOCK LAND BANKS, AND NATIONAL FARM-LOAN ASSOCIATIONS § 641. "Federal Farm Loan Act"; administration. The act of July 17, 1916 (ch. 245, 39 Stat. 360), as amended by act of March 4, 1923 (ch. 252, 42 Stat. 1454), to include Federal intermediate credit banks may be cited as the "Federal Farm Loan Act." Its administration shall be under the direction and control of the Farm Credit Administration, created pursuant to Executive Order. (July 17, 1916, ch. 245, § 1, 39 Stat. 360; Mar. 1923, ch. 252, §§ 1, 2, 42 Stat. 1454; Ex. Ord. No. 6084, Mar. 27, 1933.) REFERENCES IN TEXT The Federal Farm Loan Act, to which reference is made in this section, was incorporated into the code as sections 641, 642, 651-656, 657-664, 671678, 679-682, 683, 691-698, 701, 711-723, 731-734, 741-747, 751-756, 761, 771, 772, 781, 791, 801-808, 810-824, 831, 841-844, 851-857, 861-864, 871-886, 891-899, 901, 902, 911-915, 921, 931, 932, 933, 941-943, 951-953, 961-963, 964-967, 971-973, 981-987, 991, 992, 993, 1001, 1011, 1012, 1021-1026, 10311034, 1041-1044, 1051-1053, 1061, 1062, 1072, 1081, 1091-1094, 1101, 1111, and 1121-1129 of this title. TRANSFER OF FUNCTIONS Farm Credit Administration was transferred to the Department of Agriculture. See note preceding section 636 of this title. 8 642. "First mortgage" and "farm-loan bonds" defined. Wherever the term "first mortgage" is used in this subchapter it shall be held to include such classes of first liens on farm lands as shall be approved by the Farm Credit Administration, and the |