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73d CONGRESS . SESS. I. CH. 98. JUNE 16, 1933 . Vol.46,p. 14, amend- SEC . 54. Subsection (a) of section 8 of the Agricultural Marketing ed.
Act is amended to read as follows Loans and advances . a (a) Loans to any cooperative association shall bear such rates teeest rates modi- fied . of interest as the Governor of the Farm Credit A dm inistration shall by regulation prescribe, but in no case shall the rate be less than 3 per centum per annum or more than 6 per centum per annum on the unpaid principal . In fixing such rates of interest, the governor shall fix such rates as he deems the needs of the lending agencies require and in the case of loans made for the purposes of section 7 (a) (1) the rate shall, as nearly as practicable, conform to a rate 1 per centum per annum in excess of the Federal Intermediate Credit Bank discount rate at the time the loan is made, and in the case of loans made for the purposes of section 7 (a) (2) the rate of interest shall, as nearly as practicable, conform to the prevailing rate on mortgage loans made to members of national farm-loan associations at the time the loan is made ." ed. Vol. 4 6, p. 19, amend- SEC. 55. Subsection (a) of section 15 of the Agricultural Mar ket- ing Act, as amended, is amended to read as follows "Cooperative asso-
"(a) As used in this Act the term `cooperative association' means ciati on," defi ned . any association in which farmers act together in collectively process- ing, prepar ing fo r mar ket, h andlin g and/ or ma rketin g the farm products of persons so engaged and also means any association in which farmers act together in collectively purchasing, testing, Proviso . formntna lg r adin gradinand/or procngthe theifarm suppls :Provide Provided, however, benefibenefit, etc. That such as sociations ar e operated fo r the mutual b enefit of the members thereof as such producers or purchasers and conform to one or both of the following requirements " First . That no member of the association is allowed more than one vote because of the amount of stock or membership capital he may own therein ; and " Second . That the associati on does not pa y dividends o n stock or membership capital in excess of 8 per centum per annum . "And in any case to the following : " Third . That the association shall not deal in the products of or supplies for non-members to an amount greater in value than such as are handled by it for members ." Provisions common TITLE VI-PROVISIONS COMMON TO CORPORATIONS under corporations created CREAT ED UNDER ACT General
corporate powers . Jurisdiction of courts, denied . GENERA L COR PORAT E PO WERS SECTION 60 . The Centra l Bank for Co operatives, a nd the Produc- tion Credit Co rporations, t he Production Credit Associ ations, and the Banks for Cooperatives, organized under this Act, shall have succession, until dissolved in accordance with this or any other Act of Congress ; shall have power to sue and be sued in any court, to adopt and use a corporate seal, to make contracts, to acquire, hold, and dispose of real and personal property necessary and incident to the conduct of their business, to prescribe fees and charges (which in any case shall be subject to the rules and regulations prescribed by the governor) for loans and other services ; and shall have such other powers necessary and incident to carrying out their powers and duties under this or any other Act of Congress as may be provided by the governor in their charters or in any amendments thereto . Each such bank, association, or corporation shall, for the purposes of jurisdiction, be deemed a citizen of the State or District within which its principal office is located . No district court of the United States shall have jurisdiction of any action or suit by or against any
