73d CONGRESS . SESS. I. CH. 98. JUNE 16, 1933 . tract s or agree ment s mad e by the Farm Credi t Adm inis trati on, i ts divisions, officers, and employees, and by the corporations referred to in subsection (a) of this section, which, for the purposes hereof, shall be held to include advances, loans, discounts, and purchase and repurchase agreements ; extensions and renewals thereof ; and accept- ances, releases, and substitutions of security therefor . (f) Whoever conspires with another to accomplish any of the acts made unlawful by the preceding provisions of this section shall, on conv iction there of, be subje ct to the sam e fine or im prison ment, or both, as is applicable in the case of conviction for doing such unlawful act . LIQUIDATION S EC. 65 . Upon default of any obligation of any Production Credit Corpo ratio n, Pr oduc tion Credi t As socia tion, or r egio nal B ank f or Cooperatives, such bank, association, or corporation may be declared insolvent and placed in the hands of a receiver by the governor and proceedings shall thereupon be had in accordance with the provisions of law relating to the insolvency of national farm-loan associations . Any suc h bank , asso ciatio n, or corpor ation m ay, wi th the conse nt of the governor, liquidate voluntarily, but only in accordance with such rules and regulations as the governor may prescribe . SEC . 66 . No director, officer, or employee of the Central Bank for Cooperatives, or of any Production Credit Corporation, Production Credit Association, or Bank for Cooperatives shall be paid compen- sation at a rate in excess of $10,000 per annum . No officer or em- ploye e of the F arm Credi t Adm inis trati on en gaged in carry ing o ut the provisions of titles I to VI, inclusive, of this Act shall be paid compensation at a rate in excess of $10,000 per annum . TIT LE VII-AMENDMENTS TO FEDERAL FA RM LOAN ACT SECTIoN 70 . Effective January 1, 1934, the fourteenth paragraph of section 4 of the Federal Farm Loan Act, as amended (U.S .C ., title 12, sec . 683), is amended by adding after the first sentence the fol- lowing : " Not more than one director of a Federal land bank may serve the bank or the Farm Credit Administration as an officer or empl oyee . Except with the ap proval of the Farm Lo an Commis- sioner, no director (other than the director who may be an officer or employe e) sha ll rec eive c ompens ation or allo wances for a ny ser vices rendere d any Federa l land bank in his capaci ty as direct or for more than thirty days in any one calendar year exclusive of the period for which compensation is paid for attendance at directors' meetings ." SEC . 70a . (a) Effective one year after the enactment of this Act, section 4 of the Federal Farm Loan Act, as amended, is amended as follows : (1) The ninth paragraph of such section (U.S .C ., title 12, sec . 678) is amended to read as follows : " The board of directors of every Federal land bank shall be selected as hereinafter specified and shall consist of seven members . Three of said directors shall be known as local directors of whom one shall be chosen by and be representative of national farm-loan associa tions and bo rrower s thro ugh ag encies, one s hall b e chos en by and be representative of Production Credit Associations organized under the Farm Credit Act of 1933, and one shall be chosen by and be repr esenta tive o f borr owers from r egional Banks for C oopera tives organized under the Farm Credit Act of 1933 . Three of the seven directors shall be known as district directors and shall be appointed by the Governor of the Farm Credit Administration of whom two Conspiracy . 269 Liquidation of pro- ducti on cr edit asso cia- tions, etc . Pay limitations . Federal Farm Loan Act Amendments . Federal land banks, directors. R estri ctio n on em- ployment, Vo] . 39,
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3fi.t, amended. Compensation re- s trict ions . Board of directors. li .S.C., p. 301. Composition . Membership. District directors .
