PUBLIC LAWS-CHS. 49, 50 -APR. 6,14,1949
Transfer of assets,
etc.
48 Stat. 273.
12 U. S. C., Supp.
II, i 1148a.
Transfer of person-
nel.
Loans to farmers
and stockmen.
48 Stat. 273.
12 U. S. C., Supp.
II, § 1148a.
Revolving fund.
Supra.
Suit or judicial pro-
ceeding.
Effective date.
April 14, 1949
[IS. 629]
(Public Law 3]9
Disposition of cer-
tain
, etc.,
per-
moal property.
(d) All assets, funds, contracts, property, claims, and rights, all
records, and all liabilities of the Corporation are hereby transferred
to the Secretary. The revolving fund created by section 84 of the
Farm Credit Act of 1933, as amended (12 U. S . C . 1148a), shall be
available to the Secretary for the performance of the functions speci-
fied in paragraphs (a) (1), (2), and (3) of the section, including
administrative expenses in connection therewith: Provided,That for
the fiscal year 1949 the limitations on the administrative expenses of
the Corporation with respect to the said functions shall be applicable
to the Secretary.
(e) All personnel of the Corporation (excluding personnel of the
Farm Credit Administration serving as directors or officers of the
Corporation), and such of the personnel of the Farm Credit Admin-
istration as are engaged principally in the work of the Corporation,
shall be transferred to the offices or agencies designated by the Secre-
tary to carry out the functions herein transferred, to the extent that
he determines that such personnel are qualified and necessary therefor.
(f) The Secretary may carry out the functions herein transferred
and the authority conferred upon him by this Act through such officers
or agencies in or under the Department of Agriculture as he may
designate.
SEC. 2. (a) The Secretary is hereby authorized to make loans to
farmers and stockmen for any agricultural purpose in any area or
region where he finds that a production disaster has caused a need
for agricultural credit not readily available from commercial banks,
cooperative lending agencies, or other responsible sources. Such
loans shall be made at such rates of interest and on such general terms
and conditions as the Secretary shall prescribe for such area or region.
The Secretary may utilize the revolving fund created by section 84
of the Farm Credit Act of 1933, as amended (12 U. S . C . 1148a), for
making such loans and for administrative expenses in connection with
such loans.
(b) The funds transferred to the Secretary under section 1 of this
Act, and all sums received by the Secretary from the liquidation of
the assets, contracts, property, claims, and rights transferred to him
under section 1 of this Act, from the liquidation of loans made under
section 2 of this Act and from the liquidation of any other assets
acquired with funds from the said revolving fund shall be added to
and become a part of the said revolving fund; and the revolving fund
as so constituted shall remain available to the Secretary only for the
purposes specified in sections 1 (d) and 2 (a) of this Act.
SEo. 3. (a) No suit or other judicial proceeding instituted by or
against the Regional Agricultural Credit Corporation of Washington,
District of Columbia, shall abate by reason of this Act, but the Secre-
tary may be substituted as a party in place of the Corporation upon
motion or petition filed within six months after the effective date
of this Act.
(b) This Act shall become effective ten days after its enactment.
Approved April 6, 1949.
[CHAPTER 50]
AN ACT
To authorize the disposition of certain lost, abandoned, or unclaimed personal
property coming into the possession of the Treasury Department, the Depart
ment of the Army, the Department of the Navy, or the Department of the
Air Foree, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of A.menca in Congress assembled, That the Secretary
of the Treasury, the Secretary of the Army, the Secretary of the Navy,
44
[63 STAT.
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