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this title during such fiscal year. (July 22, 1937, ch. 517, title I, § 6, 50 Stat. 524.)
SUBCHAPTER II-REHABILITATION LOANS
8 1007. Rehabilitation loans; terms; borrowers.-(a) Out of the funds made available under section 1009, the Secretary shall have power to make loans to eligible individuals for the purchase of livestock, farm equipment, supplies, and for other farm needs (including minor improvements and minor repairs to real property), and for the refinancing of indebtedness, and for family subsistence.
(b) Loans made under this section shall bear interest at a rate not in excess of 3 per centum per annum, nd shall have maturities not in excess of five years, and may be renewed. Such loans shall be payable in such installments as the Secretary may provide in the loan agreement. All loans made under sections 1007-1009 of this title shall be secured by a chattel mortgage, a lien on crops, and an assignment of proceeds from the sale of agricultural products, or by any one or more of the foregoing.
(c) Only farm owners, farm tenants, farm laborers, sharecroppers, and other individuals who obtain, or who recently obtained, the major portion of their income from farming operations, and who cannot obtain credit on reasonable terms from any federally incorporated lending institution, shall be eligible for loans under this section. (July 22, 1937, ch. 517, title II, § 21, 50 Stat. 524.)
f 1007a. Conditions and penalties attaching to loans.--Hereafter rural rehabilitation loans shall be subject to the conditions and penalties prescribed by sections 1020k and 1020n of Title 12, except that the functions conferred upon the Governor of the Farm Credit Administration by said sections are hereby conferred, for the purposes hereof, upon the Secretary of Agriculture. (July 1, 1941, ch. 267, § 1, 55 Stat. 440.)
CODIFICATION Section is not a part of “The Bankhead-Jones Tenant Act” which constitutes this chapter.
$ 1008. Same; debt adjustment. The Secretary shall have power to assist in the voluntary adjustment of indebtedness between farm debtors and their creditors and may cooperate with and pay the whole or part of the expenses of State, Territorial, and local agencies and committees engaged in such debt adjustment. He is also authorized to continue and carry out undertakings with respect to farm debt adjustment uncompleted at the time when appropriations for the purpose of this section are first available. Services furnished by the Secretary under this section shall be without charge to the debtor or creditor. (July 22, 1937, ch. 517, title II, $ 22,50 Stat. 525.)
8 1009. Same; appropriation.-(a) For the fiscal year ending June 30, 1938, the balances of funds available to the Secretary for loans and relief to farmers, pursuant to Executive Order Numbered 7530 of December 31, 1936, as amended by Executive Order Numbered 7557 of February 19, 1937, which are unexpended on June 30, 1937, are authorized to be appropriated to carry out the provisions of sections 1007-1009 of this title.
(b) The President is authorized to allot to the Secretary, out of appropriations made for relief or work relief for any fiscal year ending prior to July 1, 1939, such sums as he determines to be necessary to carry out the provisions of sections 1007-1009 of this title and to enable the Secretary to carry out such other forms of rehabilitation of individuals eligible under sections 1007-1009 of this title to receive loans as may be authorized by law and designated in the Executive order directing the allotment. (July 22, 1937, ch. 517, title II, § 23, 50 Stat. 525.)
SUBCHAPTER III-RETIREMENT OF SUBMARGINAL LAND
$ 1010. Retirement of submarginal lands. The Secretary is authorized and directed to develop a program of land conservation and land utilization, including the retirement of lands which are submarginal or not primarily suitable for cultivation, in order thereby to correct maladjustments in land use, and thus assist in controlling soil erosion, reforestation, preserving natural resources, mitigating floods, preventing impairment of dams and reservoirs, conserving surface and subsurface moisture, protecting the watersheds of navigable streams, and protecting the public lands, health, safety, and welfare. (July 22, 1937, ch. 517, title III, § 31, 50 Stat. 525.)
§ 1011. Same; powers of Secretary of Agriculture. To effectuate the program provided for in section 1010, the Secretary is authorized
(a) To acquire by purchase, gift, or devise, or by transfer from any agency of the United States or from any State, Territory, or political subdivision, submarginal land and land not primarily suitable for cultivation, and interests in and options on such land. Such property may be acquired subject to any reservations, outstanding estates, interests, easements, or other encumbrances which the Secretary determines will not interfere with the utilization of such property for the purposes of this chapter.
(b) To protect, improve, develop, and administer any property so acquired and to construct such structures thereon as may be necessary to adapt it to its most beneficial use.
(c) To sell, exchange, lease, or otherwise dispose of, with or without a consideration, any property so acquired, under such terms and conditions as he deems will best accomplish the purposes of sections 1010-1013 of this title, but any sale, exchange, or grant shall be made only to public authorities and agencies and only on condition that the property is used for public purposes : Provided, however, That an exchange may be made with private owners and with subdivisions or agencies of State governments in any case where the Secretary of Agriculture finds that such exchange would not conflict with the purposes of this chapter, and that the value of the property received in exchange is substantially equal to that of the property conveyed. The Secretary may recommend to the President other Federal, State, or Territorial agencies to administer such property, together with the conditions of use and administration which will best serve the purposes of a land-conservaton and land-utilization program, and the President is authorized to transfer such property to such agencies.
(d) With respect to any land, or any interest therein, acquired by, or transferred to, the Secretary for the purposes of sections 1010-1013 of this title, to make dedications or grants, in his discretion, for any public purpose, and to grant licenses and easements upon such terms as he deems reasonable.
(e) To cooperate with Federal, State, Territorial, and other public agencies in developing plans for a program of land conservation and land utilization, to conduct surveys and investigations relating to conditions and factors affecting, and the methods of accomplishing most effectively, the purposes of sections 1010-1013 of this title, and to disseminate information concerning these activities.
(f) To make such rules and regulatons as he deems necessary to prevent trespasses and otherwise regulate the use and occupancy of property acquired by, or transferred to, the Secretary for the purposes of sections 1010-1013 of this title, in order to conserve and utilize it or advance the purposes of sections 10101013 of this title. Any violation of such rules and regulations shall be punished as prescribed in section 104 of Title 18. (July 22, 1937, ch. 517, title III, § 32, 50 Stat. 525.) (As amended July 28, 1942, ch. 531, 56 Stat. 725.)
§ 1012. Same; payments to counties.-As soon as practicable after the end of each calendar year, the Secretary shall pay to the county in which any land is held by the Secretary under sections 1010-1013 of this title, 25 per centum of the net revenues received by the Secretary from the use of the land during such year. In case the land is situated in more than one county, the amount to be paid shall be divided equitably among the respective counties. Payments to counties under this section shall be made on the condition that they are used for school or road purposes, or both. This section shall not be constructed to apply to amounts received from the sale of land. (July 22, 1937, ch. 517, title III, § 33, 50 Stat. 526.)
§ 1013. Same; appropriation.
Section, derived from act July 22, 1937, ch. 517, title III, § 34, 50 Stat. 526, expired by its own limitations at end of fiscal year 1940.
SUBCHAPTEP. IV-GENERAL PROVISIONS § 1014. Farmers' Home Corporation—(a) Establishment; location. There is hereby created as an agency, of and within the Department of Agriculture, a body corporate with the name "Farmers' Home Corporation" (in this chapter called the Corporation). The principal office of the corporation shall be located in the District of Columbia, but there may be established agencies or branch offices elsewhere in the United States under rules and regulations prescribed by the Board of Directors.
(b) Delegation of power by Secretary of Agriculture.--The Secretary shall have power to delegate to the Corporation such powers and duties conferred upon him under sections 1001-1009 of this title, and such powers under sections 1014-1029 of this title as relate to the exercise of the powers and duties so delegated, as he deems may be necessary to the efficient carrying out of the purposes of sections 1001-1009 and 1014-1029 of this title and may be executed by the Corporation, and to transfer to the Corporation such funds available for such purposes as he deems necessary. In connection with and in the exercise of such powers and duties so delegated, all provisions'of this chapter relating to the powers and duties of, and limitations upon, the Secretary shall apply to the Corporation in the same manner as to the Secretary, and the term "Secretary” shall be construed to include "Corporation."
(c) Capital stock.—The Corporation shall have an nominal capital stock in an amount determined and subscribed for by the Secretary. Receipts for payments for or on account of such stock shall be issued by the Corporation to the Secretary and shall be evidence of the stock ownership of the United States.
(d) Board of directors; personnel; quorum; compensation; expenses.--The management of the Corporation shall be vested in a board of directors (in this chapter called the Board) subject to the general supervision of the Secretary. The Board shall consist of three persons employed in the Department of Agriculture who shall be designated by the Secretary. Vacancies in the Board, so long as there are two members in office, shall not impair the powers of the Board to execute its functions and two of the members in office shall constitute a quorum for the transaction of business. The directors, appointed as hereinbefore provided, shall receive no additional compensation for their services as such directors but may be allowed travel and subsistence expenses when engaged in business of the Corporation outside of the District of Columbia.
(e) Selection of administrator.-The Board may select, subject to the approval of the Secretary, an administrator, who shall be the executive officer of the Corporation, with such power and authority as may be conferred upon him by the Board.
(f) Powers of corporation.—The Corporation-
(2) May adopt, alter, and use a corporate seal, which shall be judicially noticed ;
(3) May sue and be sued in its corporate name in any court of competent jurisdiction, State or Federal: Provided, That the prosecution and defense of all litigation to which the Corporation may be a party shall be conducted under the supervision of the Attorney General, and the Corporation shall be represented by the United States Attorneys for the districts, respectively, in which such litigation may arise, or by such other attorney or attorneys as may, under the law, be designated by the Attorney General: And provided further, That no attachment, injunction, garnishment, or other similar process, mesne or final, shall be issued against the Corporation or its property;
(4) May adopt, amend, and repeal bylaws, rules, and regulations governing the manner in which its business may be conducted and the powers vested in it may be exercised and enjoyed;
(5) Shall be entitled to the free use of the United States mails in the same manner as other executives agencies of the Government:
(6) Shall have such powers as may be necessary or appropriate for the exercise of the powers vested in the Corporation (including, but subject to the limitations of this chapter, the power to make contracts, and to purchase or lease, and to hold or dispose of, such real and personal property as it deems necessary) and all such incidental powers as are customary in corporations generally. The Board shall define the authority and duties of the officers and employees of the Corporation, delegate to them such of the powers vested in the Corporation as it may determine, and require bonds of such of them as it may designate and fix the penalties and pay the premiums of such bonds.
(g) Compensation to injured employees. Insofar as applicable, the benefits of sections 751-791, 792, 793 of Title 5, as amended, shall extend to employees of the Corporation.
(h) Deposit of monies.-All money of the Corporation not otherwise employed may be deposited with the Treasurer of the United States or in any bank approved by the Secretary of the Treasury, subject to withdrawal by the Corporation at any time, or with the approval of the Secretary of the Treasury may be invested in obligations of the United States. Subject to the approval of the Secretary of the Treasury, the Federal Reserve banks are hereby authorized and directed to act as depositories, custodians, and fiscal agents for the Corporation in the performance of its powers.
(i) Tax exemption.—The Corporation, including its franchises, its capital, reserves, and surplus and its income and property shall, except as otherwise provided in section 1024 (a) of this title, be exempt from all taxation now or hereafter imposed by the United States or any State, Territory, District, dependency, or political subdivision.
(j) Records; annual report.—The Corporation shall at all times maintain complete and accurate books of account and shall file annually with the Secretary a complete report as to the business of the Corporation. (July 22, 1937, ch. 517, Title IV, § 40, 50 Stat. 527.)
8 1015. Powers of Secretary of Agriculture.—For the purposes of this chapter, the Secretary shall have power to
(a) Appoint (without regard to the civil-service laws and regulations) and fix the compensation of such officers and employees as may be necessary. No person (except as to positions requiring technical training and experience for which no one possessing the requisite technical training and experience is available within the area) shall be appointed or transferred under this chapter to any position in an office in a State or Territory the operations of which are confined to such State or Territory or a portion thereof, or in a regional office outside the District of Columbia the operations of which extend to more than one, or portions of more than one, State or Territory, unless such person has been an actual and bona-fide resident of the State or Territory,