An Act to authorize the Secretary of Agriculture to convey certain lands in Phelps County, Mo., to the Chamber of Commerce of Rolla, Mo
PL 84-807 (H.R.7723), enacted 07/26/1956

658 
PUBLIC LAW 807-JULY 26, 1956 
[70 S T A T , 
63 Stat. 377. 
4 0 u s e 471 note. 
Administration for disposal in accordance with the Federal Property 
and Administrative Services Act of 1949, except that the Administra-
tor of General Services shall first offer the laboratories for public sale 
before seeking to dispose of them by transfer or assignment to any 
Federal agency. 
The Administrator of General Services, before he 
offers the laboratories to the public for sale, shall ascertain what the 
value of the laboratories would be to Government agencies which 
would make substantial use thereof, and the Administrator shall not 
sell the laboratories to the public unless he finds, after consultation 
with the Director of the Budget Bureau, that such sale to the public 
would be in the best interests of the United States, taking into consid-
eration among other relevant factors the value of the laboratories to 
any interested agency and the amounts offered by public bidders. 
The National Science Foundation is authorized to reimburse the Gen-
eral Services Administration in advance for expenses necessary for 
the protection and maintenance of the laboratories up to June 30, 
1957. 
Approved July 26, 1956. 
July 26, 1956 
[H. R. 7723] 
Public Law 807 
CHAPTER 739 
AN ACT 
To authorize the Secretary of Agriculture to convey certain lands in Phelps 
County, Missouri, to the Chamber of Commerce of Rolla, Missouri. 
Phelps 
County, 
Mo. 
Conveyance. 
Reversion. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That the Secretary 
of Agriculture is authorized and directed to convey to the Chamber 
of Commerce of Rolla, Missouri, all right, title, and interest of the 
United States in and to the following described lands, comprising 
a portion of a tract of land previously donated to the United States 
by such Chamber of Commerce in connection with the program of 
the Civilian Conservation Corps: Parcel of land in Phelps County, 
Missouri, described as the south half of lot 118 of the railroad addi-
tion to the town of Rolla, Missouri, being the same as the south half 
of the northwest quarter of the southeast quarter of the northeast 
quarter of section 10, township 37 north, range 8 west. 
SEC. 2. The conveyance authorized by this Act shall provide that 
in the event that the lands cease to be used for public purposes all 
right, title, and interest therein shall immediately revert to and 
revest in the United States. 
Approved July 26, 1956. 
July 26, 1956 
[H. R. 9038] 
Public Law 808 
CHAPTER 740 
AN ACT 
To amend title 28 of the United States Code to provide that the Commonwealth 
of Puerto Rico shall be treated as a State for purposes of district court jurisdic-
tion based on diversity of citizenship. 
Puerto Rico. 
62 Stat. 930. 
Be it enacted by the Senate and House of Representatives 
of the 
United States of America in (Congress assembled^ That section 1332 
(b) of title 28 of the United States Code is amended to read as follows: 
"(b) The word 'States', as used in this section, includes the Terri-
tories, the District of Columbia, and the Commonwealth of Puerto 
Rico." 
Approved July 26, 1956. 
70 ST AT. 3 
PUBLIC LAW 809-JULY 26, 1956 
659 
Public Law 809 
CHAPTER 741 
AN ACT 
July 26, 1956 
To merge production credit corporations in Federal intermediate credit banks; 
[H. R. 10285.1 
to provide for retirement of Government capital in Federal intermediate credit 
banks; to provide for supervision of production credit associations; and for 
other purposes. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That this Act may ^^^g^f, C'**"* ^^^^ 
be cited as the "Farm Credit Act of 1956". 
DECLARATION OF POLICY 
SEC. 2. It is declared to be the policy of the Congress to continue to 
provide agriculture with a sound, dependable, and effective source of 
credit; to promote the efficiency of the farm credit system by merging 
production credit corporations in Federal intermediate credit banks 
and to facilitate increased farmer participation in the management, 
control, and ownership of the merged banks and retirement of Govern-
ment capital therein; to encourage and promote the continued growth 
and development of the production credit associations as self-support-
ing cooperative lending institutions operating on a sound credit basis 
with maximum local authority to determine credit needs and loan 
policies consistent with the maintenance of a national production 
credit system; and to continue to provide other financing institutions 
making loans to farmers and ranchers with the ri^ht to borrow from 
and rediscount with such merged banks on a basis comparable with 
the production credit associations regardless of the ownership of such 
banks. The provisions of this Act shall be construed in keeping with 
this declaration of policy. 
TITLE I—PRODUCTION CREDIT SYSTEM 
SEC. 101. MERGER OF PRODUCTION CREDIT CORPORATIONS IN FEDERAL 
INTERMEDIATE CREDIT BANKS—(a) TRANSFER OF ASSETS.—The pro-
duction credit corporation in each farm credit district is hereby merged 
in the Federal intermediate credit bank of the district and all assets, 
funds, contracts, property, and records belonging to such corporation, 
except stock in production credit associations, are hereby transferred 
to and vested in such bank. All obligations and liabilities of the pro-
duction credit corporation shall be assumed by the Federal inter-
mediate credit bank of the district. 
Stock held by each production 
credit corporation in production credit associations is transferred to 
the Governor of the Farm Credit Administration and the Governor 
shall cancel an equal par amount of stock of the corporation. 
(b) 
SERVICES TO AND SUPERVISION OF PRODUCTION CREDIT ASSOCIA-
TIONS.—In order to carry out the declared policy of this Act with 
respect to the production credit associations, the Farm Credit Admin 
istration shall, by appropriate provisions in the charter and bylaws, 
or otherwise, provide for such organization and assignment of func-
tions within the Federal intermediate credit banks as will assure 
proper supervision of and assistance to the production credit associa-
tions in a manner which will enable them to make sound credit avail-
able to farmers and ranchers. The income derived from the surplus 
transferred from the production credit corporation to the Federal 
intermediate credit bank of the district shall be used to pay expenses 
of the bank in providing such supervision and assistance, and expenses 
in excess of such income may be paid out of other resources of the 
bank.