SEC. 32. No person, corporation, association, or partnership shall be permitted, after the approval of this Act, to acquire the title to or possess as owner any lands of the public domain if such lands, added to other land belonging to such person, corporation, association, or partnership shall give a total area greater than the area the acquisition which by purchase is authorized under this Act. Any excess in area over this maximum and all right, title, interest, claim, or action held by any person, corporation, association, or partnership resulting directly or indirectly in such excess shall revert to the Government.
This section shall, however, not be construed to prohibit any person, corporation, association, or partnership authorized by this Act to acquire lands of the public domain from making loans upon real estate security and from purchasing real estate whenever necessary for the recovery of such loans; but in this case, as soon as the excess above referred to occurs, such person, corporation, association, or partnership shall dispose of such lands within, five years, for the purpose of removing the excess mentioned. Upon the land in excess of the limit there shall be paid, so long as the same is not disposed, of, for the first year a surtax of fifty per centum additional to the ordinary tax to which such property shall be subject, and for each succeeding year fifty per centum shall be added to the last preceding annual tax rate, until the property shall have been disposed of.
The person, corporation, association, or partnership owning the land in excess of the limit established by this Act shall determine the portion of the land to be segregated.
At the request of the Secretary of Agriculture and Natural Resources, the Attorney-General or the officer acting in the his stead shall institute the necessary proceedings in the proper court for the purpose of determining the excess portion to be segregated, as well as the disposal of such portion in the exclusive interest of the Government.