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PUBLIC LAW 156-JULY 28. 1953
[67 S T A T.
Corporation Control Act, as amended, as may be necessary in carrying out the programs set forth in the budget for the fiscal year 1954 for such corporation or agency, except as hereinafter provided: Federal Crop Insurance Corporation. Commodity Credit Corporation: Nothing in this Act shall be so construed as to prevent the Commodity Credit Corporation from carrying out any activity or any program authorized by law: Provided, That not to exceed $17,100,000 shall be available for administrative expenses of the Corporation: Provided further, That $600,000 of this authorization shall be placed in reserve to be apportioned 31 USC 665. pursuant to Section 3679 of the Revised Statutes, as amended, for use only in such amounts and at such times as may become necessary to carry out program operations: Provided further, That all necessary expenses (including legal and special services performed on a contract or fee basis, but not including other personal services) in connection with the acquisition, operation, maintenance, improvement, or disposition of any real or personal property belonging to the Corporation * or in which it has an interest, including expenses of collections of pledged collateral, shall be considered as nonadministrative expenses for the purposes hereof: Provided further, That the Secretary of the Treasury is hereby authorized and directed to discharge indebtedness of the Commodity Credit Corporation to the Secretary of the Treasury by canceling notes issued by the Corporation to the Secretary of the Treasury in the amount of the capital impairment determined by the appraisal of June 30, 1952, pursuant to sections 1 and 4 of the Act of 108? ^*^** ^ ° ^ ' March 8, 1938, as amended (15 U.S.C. 7l3a-l, 4), $96,205,161. Federal Farm Mortgage Corporation: Not to exceed $750,000 (to be computed on an accrual basis) of the funds of the Corporation shall be available for administrative expenses, including employment on a contract or fee basis of persons, firms, and corporations for the performance of special services, including legal services, and the use of the services and facilities of Federal land banks, national farm loan associations, Federal Reserve banks, and agencies of the Government 48 Stat. 344. as authoHzed by the Act of January 31, 1934 (12 U.S.C. 1020-1020h); and said total sum shall be exclusive of services and facilities furnished and examinations made by the Farm Credit Administration central office, interest expense, and expenses in connection with the acquisition, operation, maintenance, improvement, protection, or disposition of real or personal property belonging to the Corporation or in which Dividends. it has ail interest: Provided, That promptly after June 30 of each fiscal year all cash funds in excess of the estimated operating requirements for the current fiscal year shall be declared as dividends.and Bonds. paid into the general fund of the Treasury: Provided further, That the aggregate amount of bonds the Corporation may issue and have outstanding at any one time shall not exceed $500,000,000. Federal intermediate credit banks: Not to exceed $1,690,000 (to be computed on an accrual basis) of the funds of the banks shall be available for administrative expenses and services performed for the banks by other Government agencies (except services and facilities furnished and examinations made by the Farm Credit Administration central office, and services performed by any Federal Reserve bank and by the United States Treasury in connection with the financial transactions of the banks); and said total sum shall be exclusive of interest expense, legal and special services performed on a contract or fee basis, and expenses in connection with the acquisition, operation, maintenance, improvement, protection, or disposition of real or personal property belonging to the banks or in which they have an interest. Production credit corporations: Not to exceed $1,465,000 (to be computed on an accrual basis) of the funds of the corporations shall U^C'M*/.'
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