Repealed. Pub. L. 87–353, §3(a), (v), Oct. 4, 1961, 75 Stat. 773 , 774

  1. Law
  2. USC 12
  3. Banks And Banking
  4. FARM CREDIT ADMINISTRATION
  5. A-FEDERAL FARM MORTGAGE CORPORATION
  6. Repealed. Pub. L. 87–353, §3(a), (v), Oct. 4, 1961, 75 Stat. 773 , 774

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§§1020 to 1020a–1. Repealed. Pub. L. 87–353, §3(a), (v), Oct. 4, 1961, 75 Stat. 773 , 774

Section 1020, act Jan. 31, 1934, ch. 7, §1, 48 Stat. 344 , provided for establishment of Federal Farm Mortgage Corporation, and for board of directors, bylaws, regulations and employment of officers and employees.

Section 1020a, act Jan. 31, 1934, ch. 7, §2, 48 Stat. 345 , related to period of succession of Federal Farm Mortgage Corporation, its powers, free use of mails and use of Government facilities.

Section 1020a–1, act Sept. 21, 1944, ch. 412, title VI, §603, 58 Stat. 741 , provided for treatment of capital investment expenditures as nonadministrative expenses.

Abolition of Federal Farm Mortgage Corporation

Pub. L. 87–353, §§1, 2, Oct. 4, 1961, 75 Stat. 773 , abolished Federal Farm Mortgage Corporation established by the Act of Jan. 31, 1934, 48 Stat. 344, formerly set out in section 1020 of this title, terminated all powers and functions of Corporation, transferred all assets owned by Corporation and all authority of the Corporation relating to collection of notes receivable from Federal land banks to Secretary of the Treasury, authorized Federal land bank of appropriate district to execute in its own name or the name of Corporation any instrument necessary to perfect title to real property (other than reserved mineral interests) which appeared to be in Land Bank Commissioner in a particular district or Corporation, reserved mineral interests of Corporation which were not disposed of to United States of America to be administered by Secretary of the Interior, provided that any moneys collected by Secretary of the Treasury by virtue of act be deposited in general fund of the Treasury as miscellaneous receipts and further provided that no proceeding commenced by or against the Corporation would abate as the court on motion filed within twelve months after the date of enactment of the act (Oct. 4, 1961) could allow the same to be maintained by or against Secretary of the Treasury.


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