An Act to authorize the replacement of certain Government owned utility facilities at Glacier National Park, Mont., and Grand Canyon National Park, Ariz
PL 83-631 (S.3816), enacted 08/23/1954

68 S T A T . ] 
PUBLIC LAW 631-AUG. 23, 1954 
771 
which shall exercise with respect to such consolidated debentures 
powers and functions equivalent to the powers and functions of the 
Bond Committee of the Federal Land Banks as authorized by the 
Federal Farm Loan Act, as amended, and shall operate in accordance gtft*. ^*«4.^^°' *^ 
with the provisions of law applicable to such Bond Committee (title 
12 use 64i. 
12, U. S. C, 883-886). Such debentures shall be made payable at any 
of the banks for cooperatives and may be made payable at any Federal 
Reserve bank or banks designated on the face of the debentures^ Such 
debentures shall be the joint and several obligations of the Central 
Bank for Cooperatives and of the regional banks for cooperatives, and 
each of such banks is hereby authorized and directed to take such 
action as is necessary to become obligated for such debentures. The 
debentures shall be secured by collateral which shall be at least equal 
in value to the amount of debentures outstanding and which shall 
consist of cash, direct obligations of the United States, or notes or 
other obligations discounted or purchased or representing loans made 
under sections 34 and 41, as amended (title 12, U. S. C, 1134j, 1134c). stat° 10^9/1058." 
The Farm Credit Administration shall appoint a custodian or 
custodians of such collateral who shall have power subject to 
such rules and regulations as the Administration may prescribe to 
approve and accept substitutions of collateral. The total amount of 
such consolidated debentures plus any outstanding individual deben-
tures of the Central Bank which may be issued and outstanding at 
any time shall not exceed eight times the capital and surplus of the 
Central and regional banks for cooperatives. The provisions of law 
made applicable by the preceding paragraph to the preparation and 
issue of debentures by the Central Bank for Cooperatives shall govern 
the preparation and issue of debentures under this paragraph and 
they shall be signed by the Governor of the Farm Credit Administra-
tion and attested by any deputy governor. Insofar as applicable, the 
provisions of the Federal Farm Loan Act, as amended, relative to the 
call for additional security and failure of any bank to pay its proportion 
of interest or principal shall apply to the consolidated debentures of 
the banks for cooperatives. Debentures issued under the provisions 
of this Act by banks for cooperatives shall be a lawful investment for 
all fiduciary and trust funds, and may be accepted as security for all 
public deposits." 
SEC. 2. The last sentence of paragraph Seven of section 5136 of the 
Revised Statutes, as amended (title 12, U. S. C , 24), is hereby amended 
by striking the words "Central Bank for Cooperatives" and inserting 
in lieu thereof the following: "thirteen banks for cooperatives organ-
ized under the Farm Credit Act of 1933, or any of them". 
12 use 639note. 
Approved August 23, 1954. 
Public Law 631 
CHAPTER 835 
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August 23, 1954 
To authorize the replacement of certain Government-owned utility facilities at 
[8.3816] 
Glacier National Park, Montana, and Grand Canyon National Park, Arizona. 
Be it enacted hy the Senate and Houae of Representatives 
of the 
United States of Amer-ica in Congress assembled., That, for the pur-
pose of facilitating the installation of adequate electric and communi-
cation facilities at Glacier National Park and Grand Canyon National 
Park, tlie Secretary of the Interior is authorized to exchange, on an 
equal value basis, the existing inadequate facilities at these parks for 
more modern and efficient facilities. 
Approved August 23, 1954.