§ 1141b. — General powers of Farm Credit Administration.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1141b]
TITLE 12--BANKS AND BANKING
CHAPTER 7A--AGRICULTURAL MARKETING
Sec. 1141b. General powers of Farm Credit Administration
The Farm Credit Administration--
(1) shall maintain its principal office within the Washington,
D.C.-Maryland-Virginia standard metropolitan statistical area, and
such other offices in the United States as in its judgment are
necessary.
(2) shall have an official seal which shall be judicially
noticed.
(3) shall make an annual report to Congress upon the
administration of this chapter and any other matter relating to the
better effectuation of the policy declared in section 1141 of this
title, including recommendations for legislation.
(4) may make such regulations as are necessary to execute the
functions vested in it by this chapter.
(5) may appoint and fix the salaries of a secretary and such
experts, and, in accordance with chapter 51 and subchapter III of
chapter 53 of title 5, and subject to the provisions of the civil
service laws, such other officers and employees as are necessary to
execute such functions.
(6) may make such expenditures (including expenditures for rent
and personal services at the seat of government and elsewhere, for
law books, periodicals, and books of reference, and for printing and
binding) as are necessary to execute such functions. Expenditures by
the administration shall be allowed and paid upon the presentation
of itemized vouchers therefor approved by the governor of the
administration.
(7) may sell at public or private sale to the highest
responsible bidder, upon such terms and after such public
advertisement as the Farm Credit Administration may deem in the
public interest, any property, real or personal, or any interest
therein, acquired by the United States on account of or as a result
of any loans made from the revolving fund authorized by section
1141d of this title; may lease any such property, pending its sale,
on such terms and for such period, not in excess of five years, as
the Farm Credit Administration may deem in the public interest; and
may incur and pay, from the said revolving fund, obligations and
expenses for the operation, upkeep, maintenance, repair,
disposition, insurance, and protection of any such property:
Provided, That section 5 of title 41 shall not be construed to apply
to any purchase or service on account of such property.
(June 15, 1929, ch. 24, Sec. 4, 46 Stat. 13; Ex. Ord. No. 6084, Mar. 27,
1933; Aug. 19, 1937, ch. 704, Sec. 37, 50 Stat. 717; Oct. 28, 1949, ch.
782, title XI, Sec. 1106(a), 63 Stat. 972; Pub. L. 96-592, title V,
Sec. 510, Dec. 24, 1980, 94 Stat. 3451.)
References in Text
The civil service laws, referred to in par. (5), are set forth in
Title 5, Government Organization and Employees. See, particularly,
section 3301 et seq. of that title.
Codification
In par. (5), ``chapter 51 and subchapter III of chapter 53 of title
5'' substituted for ``the Classification Act of 1949'' on authority of
section 7(b) of Pub. L. 89-554, Sept. 6, 1966, 80 Stat. 631, section 1
of which enacted Title 5, Government Organization and Employees.
Section was formerly classified to section 524 of Title 7,
Agriculture.
Amendments
1980--Par. (1). Pub. L. 96-592 substituted provisions requiring the
principal office to be within the Washington, D.C.-Maryland-Virginia
standard metropolitan statistical area for provisions requiring the
principal office to be in the District of Columbia.
1949--Act Oct. 28, 1949, substituted the ``Classification Act of
1949'' for the ``Classification Act of 1923''.
1937--Par. (7). Act Aug. 19, 1937, added par. (7).
Change of Name
``Farm Credit Administration'' and ``administration'' substituted in
text for ``board'' and ``governor'' substituted for ``chairman''
pursuant to Ex. Ord. No. 6084, set out preceding section 2241 of this
title.
Repeals
Act Oct. 28, 1949, ch. 782, cited as a credit to this section, was
repealed (subject to a savings clause) by Pub. L. 89-554, Sept. 6, 1966,
Sec. 8, 80 Stat. 632, 655.
Repeal of Authority
Repeal of authority of the Farm Credit Administration to make
emergency crop production, feed, seed, drought, and rehabilitation loans
on Aug. 14, 1946, see note set out under sections 1001 to 1005d of Title
7, Agriculture.
Separability
Section 40 of act Aug. 19, 1937, provided as follows:
``Sec. 40. (a) If any provision of this Act, or the application
thereof to any person or circumstances, is held invalid, the remainder
of the Act, and the application of such provisions to other persons or
circumstances, shall not be affected thereby.
``(b) The right to alter, amend, or repeal this Act is hereby
expressly reserved.''
Termination of Reporting Requirements
For termination, effective May 15, 2000, of reporting provisions in
par. (3) of this section, see section 3003 of Pub. L. 104-66, as
amended, set out as a note under section 1113 of Title 31, Money and
Finance, and page 166 of House Document No. 103-7.
Transfer of Functions
Establishment of Farm Credit Administration as an independent
agency, composition of Farm Credit Administration, appointment of
Governor of Farm Credit Administration, and duties thereof, including
duty to perform functions, etc., of Farm Credit Administration, see
section 2241 et seq. of this title.
Exceptions From Transfer of Functions
Functions of Farm Credit Administration or any agency, officer, or
entity of, under, or subject to supervision of said Administration
excepted from functions of officers, agencies, and employees transferred
to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, Sec. 1, eff.
June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out in the Appendix to
Title 5, Government Organization and Employees.
