NORRIS-SINCLAIR MARKETING BILL. COMMITTEE ON AGRICULTURE, HOUSE OF REPRESENTATIVES, The committee met, pursuant to call, at 10 o'clock a. m., Hon. Gilbert N. Haugen (chairman) presiding. Present: Representatives Haugen (chairman), Purnell, Voigt, McLaughlin, Tincher, Williams, Sinclair, Clague, Clarke, Ketcham, Kincheloe, Jones, Swank, Rubey, Johnson, and Jarrett. The committee thereupon proceeded to the consideration of H. R. 2659, introduced by Representative Sinclair, a bill to provide for the purchase and sale of farm products, which is here printed in full, as follows: [H. R. 2659, Sixty-eighth Congress, first session.] A BILL To provide for the purchase and sale of farm products. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the short title of this act shall be "the farmers' and consumers' financing corporation act." SEC. 2. When used in this act the term " 'person" includes partnerships, corporations, associations, cooperative organizations of producers, cooperative organizations of consumers, and municipal corporations, as well as individuals. SEC. 3. A board of directors, consisting of three members appointed as hereinafter provided, are hereby created a body corporate by the name, style, and title of the Farmers' and Consumers' Financing Corporation" (herein called the corporation), and shall have succession until dissolved by act of Congress. SEC. 4. That the capital stock of the corporation shall be $100,000,000, all of which shall be subscribed by the United States of America, and such subscription shall be subject to call upon the vote of two-thirds of the board of directors of the corporation, at such time or times as may be deemed advisable; and there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, the sum of $100,000,000, or so much thereof as may be necessary, for the purpose of making payment upon such subscriptions when and as called. Receipts for payments by the United States of America for or on account of such stock shall be issued by the corporation to the Secretary of the Treasury and shall be evidence of stock ownership. SEC. 5. That the management of the corporation shall be vested in a board of directors, consisting of three members, to be appointed by the President, by and with the advice and consent of the Senate. The term of office of members of said board shall be eight years, but in the first appointments made under this act one director shall be appointed for four years, one for six years, and one for eight years, and thereafter appointments shall be made for eight years: Provided, That in case of the appointment of any member of said board to fill a vacancy, the appointment shall be made for the unexpired term. The member of said board, except in appointments made to fill a vacancy, having the shortest term to serve, shall be the chairman thereof. No director, officer, attorney, agent, or employee of the corporation shall in any manner, directly or indirectly, participate in the determination of any question affecting his personal interests or the interest of any corporation, partnership, or association in which he is directly or indirectly interested; and each director shall devote his time to the business of the corporation. Before entering upon his duties each of the directors so appointed and each officer shall take oath faithfully to discharge the duties of his office. Any member of said board of directors can be removed from office at any time by concurrent resolution of the Senate and House of Representatives. SEC. 6. That the directors of the corporation appointed as herein before provided shall receive annual salaries, payable monthly, of $10,000. |