An Act to amend the Farm Credit Act of 1933 to provide for increased representation by regional banks for cooperatives on the Board of Directors of the Central Bank for Cooperatives.
PL 86-503 (S.2977), enacted 06/11/1960

74 S T A T . ] 
PUBLIC LAW 86-503-JUNE 11, 1960 
197 
Public Law 86-503 
AN ACT 
To amend the Farm Credit Act of 1933 to provide for increased representation 
by regional banks for cooperatives on the Board of Directors of the Central 
Bank for Cooperatives. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That the terms of 
office of directors of the Central Bank for Cooperatives established 
prior to January 1,1961, shall continue through the 31st day of Decem-
ber 1960 and shall expire at the end of that day, and thereafter such 
Board shall be constituted in accordance with section 31 of the Farm 
Credit Act of 1933, as amended, which is hereby further amended to 
read as follows: 
"SEC. 31. BOARD or DIRECTORS or THE CENTRAL BANK.—(a) 
The 
Central Bank for Cooperatives shall have thirteen directors, one from 
each of the twelve farm credit districts and a director-at-large. 
The 
director-at-large shall be appointed by the Governor by and with the 
advice and consent of the Federal Farm Credit Board. 
Initially, 
directors from six of the farm credit districts shall be appointed by 
the Governor by and with the advice and consent of the Federal Farm 
Credit Board and directors from the other six farm credit districts 
shall be elected by the board of directors of the regional bank for 
cooperatives in the district. 
The Farm Credit Administration shall 
designate the districts which shall be represented by appointed direc-
tors and which by elected directors. Except as otherwise required 
under subsections (b) and (c) of this section, a director appointed for 
a district shall be succeeded by a director elected in the same district 
and a director elected in a district shall be succeeded by a director 
appointed for the same district. 
The term of office of a director shall 
be three years, except that the terms of office for directors other than 
the director-at-large which begins January 1, 1961, shall be one year, 
two years, and three years, divided equally among elected and ap-
pointed directors as designated by the Farm Credit Administration. 
The Farm Credit Administration shall prescribe rules and regulations 
and take all other action necessary to permit the elections required 
by this section. 
"(b) Whenever, as of June 30 of any year, the Farm Credit 
Administration determines that the sum of the capital stock and 
subscriptions to the guaranty fund of the Central Bank held by 
persons other than the Governor on behalf of the United States and 
surplus and reserve accounts of said bank equals or exceeds 66% 
per centum of the total capital stock, subscriptions to the guaranty 
fund and surplus and reserve accounts of said bank, the directors 
from the farm credit districts for the terms beginning the next suc-
ceeding January 1 shall all be elected by the board of directors of 
the regional bank for cooperatives in the respective districts. 
"(c) Whenever, as of June 30 of any year, the number of elected 
directors exceeds six and the Farm Credit Administration determines 
that the sum of the capital stock and subscriptions to the guaranty 
fund of the Central Bank held by persons other than the Governor 
on behalf of the United States and surplus and reserve accounts of 
said bank does not equal or exceed 66% per centum of the total 
capital stock, subscriptions to the guaranty fund and surplus and 
reserve accounts of said bank, the directors from the farm credit 
districts for the terms beginning the next succeeding January 1 shall 
be appointed by the Governor of the Farm Credit Administration by 
and with the advice and consent of the Federal Farm Credit Board, 
until the number of elected directors is reduced to six. If directors 
June 11, I960 
[S. 2977] 
Central blinks for 
coop eratlves, di-
rectors. 
69 Stat. 659. 
12 use ll34g. 
198 
PUBLIC LAW 86-504-JUNE 11, 1960 
[74 ST A T . 
are not required to be appointed for all of the terms beginning the 
next succeeding January 1, in order to reduce the number of elected 
directors to six, the Farm Credit Administration shall designate the 
terms to be filled by appointment or election. 
"(d) Any vacancy in the Board of Directors shall be filled for the 
unexpired term in the same manner, by appointment or election, in 
which the vacant office was filled. Each director elected or appointed 
for a district shall have been a resident of such district for at least 
two years prior to election or appointment and shall have had ex-
perience with the business and financial operation of agricultural 
cooperatives. 
No person shall be eligible for election or appointment 
as a director for a district if such person has, within two years next 
preceding the commencement of the term, been a salaried officer or 
employee of the Farm Credit Administration or of any corporation 
operating under its supervision. 
No person shall be eligible to serve 
as an elected or appointed director for a district for more than two 
full terms of three years, plus any elected or appointed term of less 
than three years which expires immediately preceding his election 
or appointment to a full term. 
Any person who is a member of the 
Federal Farm Credit Board when appointed or elected as director 
shall resign as a member of the Federal Farm Credit Board before 
assuming his duties as director of the Central Bank. 
No person who 
becomes such director shall be eligible to continue to serve if he be-
comes a member of the Federal Farm Credit Board or an officer or 
employee of the Farm Credit Administration or an officer or em-
ployee of any corporation operating under the supervision of the 
Farm Credit Administration. 
Any appointed director may be re-
moved at pleasure at any time by the Farm Credit Administration." 
Approved June 11, 1960. 
June 11, 1960 
[S.2052] 
Public Law 86-504 
AN ACT 
To amend the Bankruptcy Act in regard to the closing fee of the trustee and 
in regard to the fee for the filing of a petition. 
Bankruptcy Act. 
Closing fee. 
52 Stat. 862. 
52 Stat. 886. 
Fees. 
Be It enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled. That the part of 
subdivision c of section 48 of the Bankruptcy Act (11 U.S.C. 76c) 
up to the first colon is amended to read as follows: 
"c. TRUSTEES.—The compensation of trustees for their services, 
payable after they are rendered, shall be a fee of $10 for each estate, 
deposited with the clerk at the time the petition is filed in each case, 
except when a fee is not required from a voluntary bankrupt, and such 
further sum as the court may allow, as follows:". 
SEC. 2. That section 132 of the Bankruptcy Act (11 U.S.C. 532) is 
amended to read as follows: 
"SEC. 132. The filing of a petition nnder this chapter shall be 
accompanied by payment to the clerk of a filing fee of $120 if no 
bankruptcy proceeding is pending, otherwise $70. Where $120 has 
been paid and an adjudication is entered under this chapter, $50 
thereof shall be distributed by the clerk as in the case of a bankruptcy 
proceeding; but, if the proceeding under this chapter is dismissed 
and no order of adjudication is entered thereunder, such sum of $50 
shall be refunded to the person paying it." 
Approved June 11, 1960.