Legal corpus: the complete U.S. Code (59,740 sections, all 53 titles)

Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code
now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 ->
59,740; repo total 105,704 records. Deterministic (byte-identical rerun,
verified on Title 42's 8,356 sections); make check green. make
legal-us-code default now covers every title.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
This commit is contained in:
Fabio
2026-07-06 10:51:44 -04:00
parent 511d65f9a0
commit 76b8ec33a7
48603 changed files with 3677193 additions and 4 deletions
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# 15 U.S.C. § 701 - Omitted
## Notes
Editorial Notes
Codification Section was section 1 of the National Industrial Recovery Act of June 16, 1933, ch. 90, 48 Stat. 195, as amended and modified by act June 14, 1935, ch. 246, 49 Stat. 375, which declared a national emergency and laid down policy objectives for the industrial recovery. After the act was held unconstitutional in A. L. A. Schechter Poultry Corporation v. U.S. (N.Y. 1935, 55 S.Ct. 837, 295 U.S. 495, 79 L.Ed. 1570, 97 A.L.R. 947), the National Recovery Administration was terminated and its functions and agencies transferred by Executive Orders Nos. 7252 and 7323, set out under sections 703 to 712 of this title.
Statutory Notes and Related Subsidiaries
Short Title of 2022 AmendmentPub. L. 117121, § 1, May 12, 2022, 136 Stat. 1188, provided that: “This Act [amending section 713c3 of this title] may be cited as the American Fisheries Advisory Committee Act.”
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# 15 U.S.C. § 702 to 702f - Repealed. Pub. L. 89554, § 8(a), Sept. 6, 1966, 80 Stat. 648
## Notes
Section 702, act June 16, 1933, ch. 90, § 2, 48 Stat. 195, and sections 702a to 702f, act June 19, 1934, ch. 677, §§ 16, 48 Stat. 1183, provided for establishment of agencies to administer the National Industrial Recovery Act during period of emergency and for regulation of employer-employee relations.
@@ -0,0 +1,45 @@
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---
# 15 U.S.C. § 703 to 712 - Omitted
## Notes
Editorial Notes
Codification Sections 703 to 712 of this title were sections 3 to 10, 303, and 304 of the National Industrial Recovery Act of June 16, 1933, ch. 90, 48 Stat. 195, as amended and modified by act June 14, 1935, ch. 246, 49 Stat. 375. After the act was held unconstitutional in A. L. A. Schechter Poultry Corporation v. U.S. (N. Y. 1935, 55 S. Ct. 837, 295 U. S. 495, 79 L. Ed. 1570, 97 A. L. R. 947), the National Recovery Administration was terminated and its functions and agencies transferred by Executive Order Nos. 7252 and 7323, see below. Subsequently, sections 303 and 304 of the Act, classified to sections 711 and 712 of this title, were repealed by Pub. L. 107217, § 6(b), Aug. 21, 2002, 116 Stat. 1304. For history of the Commodity Credit Corporation, the Electric Home and Farm Authority, and the Export-Import Bank of Washington, see notes set out under section 712a of this title.
Executive Documents
Ex. Ord. No. 7252. Terminating the National Recovery Administration and Transferring Certain Agencies and Functions Thereof to the Departments of Commerce and Labor Ex. Ord. No. 7252, Dec. 21, 1935, provided: 1. The National Recovery Administration and the office of Administrator thereof are hereby terminated. 2. The Division of Review, the Division of Business Cooperation, and the Advisory Council, as constituted by Ex. Ord. No. 7075 of June 15, 1935, together with all of their officers and employees, files, records, equipment, and property of every kind, are hereby transferred to the Department of Commerce. The Secretary of Commerce is authorized and directed, under the general direction of the President, to appoint, employ, discharge, and fix the compensation and define the duties and direct the conduct of all officers and employees engaged in the administration of the agencies transferred by this Order to the Department of Commerce, to exercise and perform in connection with the said agencies the functions and duties now exercised and performed, or authorized to be exercised and performed, by the National Recovery Administration, to report to the President on all matters relating thereto, and to terminate the functions and duties of the said agencies not later than April 1, 1936. 3. The Consumers Division, established within the National Recovery Administration by Executive Order No. 7120 of July 30, 1935, together with all of its officers and employees, files, records, equipment, and property of every kind, are hereby transferred to the Department of Labor. The Secretary of Labor is authorized and directed, under the general direction of the President, to appoint, employ, discharge, and fix the compensation and define the duties and direct the conduct of all officers and employees as may be engaged in the administration of the said Consumers Division, to exercise and perform in connection with said Consumers Division the functions and duties now exercised and performed, or authorized to be exercised and performed, by the National Recovery Administration, and to report to the President on all matters relating thereto. 4. No person transferred by this Order shall by such transfer acquire a civil service status. Any new appointments under this Order may be made without regard to the Civil Service Rules and Regulations. 5. All Orders and Regulations heretofore issued concerning the administration of Title I of the National Industrial Recovery Act, as amended, are hereby modified to the extent necessary to make this Order fully effective. 6. This Order shall become effective on January 1, 1936.
Executive Order No. 7323 Ex. Ord. No. 7323, Mar. 26, 1936, 1 F.R. 69, created the Committee of Industrial Analysis to complete the summary of the results and accomplishments of the National Industrial Recovery Administration and report thereon, which report was transmitted to the President on February 17, 1937.
National Emergency CouncilNational Emergency Council abolished and functions transferred to Executive Office of President and to Office of Education in Federal Security Agency by Reorg. Plan No. II of 1939, §§ 201(a), 301, eff. July 1, 1939, 4 F.R. 2732, 53 Stat. 1434, 1435, set out in the Appendix to Title 5, Government Organization and Employees. See also sections 401 to 404 of Reorg. Plan No. II of 1939, for provisions relating to transfer of functions, records, property, personnel, and funds.
National Resources CommitteeNational Resources Committee abolished and functions and personnel transferred to National Resources Planning Board in Executive Office of President, which Board was also directed to wind up affairs of the Committee, by Reorg. Plan No. I of 1939, §§ 4, 5, eff. July 1, 1939, 4 F.R. 2727, 2728, 53 Stat. 1423, 1424, set out in the Appendix to Title 5, Government Organization and Employees. See, also, sections 7 to 9 of 1939 Reorg. Plan for provisions relating to transfer of records, property, funds, and personnel.
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# 15 U.S.C. § 713 - Omitted
## Notes
Editorial Notes
Codification Section, acts Jan. 31, 1935, ch. 2, § 7, 49 Stat. 4; Jan. 26, 1937, ch. 6, § 2(a), 50 Stat. 5; Mar. 4, 1939, ch. 5, § 1(a), 53 Stat. 510; Dec. 23, 1943, ch. 383, 57 Stat. 643, was omitted as terminated by its own terms on June 30, 1948. It related to the Commodity Credit Corporation, which was recreated as a Federal corporation by section 714 of this title. Subsec. (a), continuing the Commodity Credit Corporation, a Delaware corporation, until the close of business on June 30, 1948, authorizing the Corporation to use all its assets (including capital and net earnings therefrom and all moneys allocated to or borrowed by it) in the exercise of its functions as a United States agency, including the making of loans on agricultural commodities, and requiring the Corporation to maintain complete and accurate books of account and to determine the procedures to be followed in the transaction of corporate business, was superseded by sections 714, 714b(a), (d), (l), and 714f of this title. Initial proviso clause of subsec. (b), “That the Corporation shall continue to have the authority to make final and conclusive settlement and adjustment of any claims by or against the Corporation or the accounts of its fiscal officers” was superseded by section 714b(k) of this title. Remainder of section, relating to audit of financial transactions of the Corporation, was superseded by sections 841 to 870 of former Title 31 [see chapter 91 of Title 31, Money and Finance]. See, particularly, sections 846, 850 and 851 of former title 31 [31 U.S.C. 9101(3), 9105 and 9106].
Statutory Notes and Related Subsidiaries
RepealsAct July 1, 1941, ch. 270, § 1, 55 Stat. 498, formerly classified to this section, was repealed by Pub. L. 89554, § 8(a), Sept. 6, 1966, 80 Stat. 651. Acts July 16, 1943, ch. 241, § 1, 57 Stat. 556; Feb. 28, 1944, ch. 71, § 1, 58 Stat. 105; Apr. 12, 1945, ch. 54, § 5, 59 Stat. 51; June 30, 1947, ch. 164, 61 Stat. 201, formerly classified to this section, were repealed by Pub. L. 89554, § 8(a), Sept. 6, 1966, 80 Stat. 652, 654.
Dissolution of CorporationSecretary of Agriculture authorized to dissolve the Delaware corporation under authority of section 714o of this title.
Transfer of Assets of CorporationAssets, funds, liabilities, etc., of Delaware corporation transferred to newly created Commodity Credit Corporation under authority of section 714n of this title.
Subsidy OperationsAct July 25, 1946, ch. 671, § 6, 60 Stat. 671, provided that the last paragraph of section 902(e) of the former Appendix to Title 50, War and National Defense, should not apply to operations of the Commodity Credit Corporation and the former Reconstruction Finance Corporation for the fiscal year ending June 30, 1947, and placed limitations on certain subsidy payments made during such fiscal year June 30, 1947.
Increase in Certain Subsidy PaymentsAct July 31, 1945, ch. 332, 59 Stat. 506, provided that subsidy payments with respect to livestock, wheat, and butter, shall be increased to certain amounts from time to time by the Secretary of Agriculture.
Allocation of Livestock and Poultry FeedsAct July 25, 1946, ch. 671, § 15, 60 Stat. 677, directed Secretary of Agriculture to allocate livestock and poultry feeds through the Commodity Credit Corporation when an emergency condition arises with regard to such feeds.
Purchases of Wheat Prior to April 1, 1947Act July 25, 1946, ch. 671, § 16, 60 Stat. 677, provided that the Commodity Credit Corporation shall offer to purchase the wheat of producers, subject to certain limitations, which wheat has been required to be sold pursuant to Government order and was delivered to a grain elevator prior to April 1, 1947.
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---
# 15 U.S.C. § 713a10 - Omitted
## Notes
Editorial Notes
Codification Section was a composite of provisions contained in the Agriculture, Rural Development, and Related Agencies Appropriation Act for Fiscal Year 1983 (Pub. L. 97370, title I, title IV, title VI, § 625, Dec. 18, 1982, 96 Stat. 1797, 1798, 1808, 1812, as amended Pub. L. 99386, title II, § 202, Aug. 22, 1986, 100 Stat. 823, and related to the authority of the Commodity Corporation to make expenditures and to make contracts and commitments without regard to fiscal year limitations, with exceptions for the amount of funds to be transferred to support the General Sales Manager and to carry out the Export Credit Sales direct loan program. For provisions applicable to subsequent fiscal years, see the appropriate Agriculture, Rural Development, and Related Agencies Appropriation Act. Similar provisions were contained in the following prior appropriations acts: Dec. 23, 1981, Pub. L. 97103, title I, title IV, 95 Stat. 1476, 1477, 1485. Aug. 13, 1981, Pub. L. 9735, title I, § 152, 95 Stat. 370. Dec. 15, 1980, Pub. L. 96528, title I, 94 Stat. 3103, 3104. Nov. 9, 1979, Pub. L. 96108, title I, 93 Stat. 829. Oct. 11, 1978, Pub. L. 95448, title I, 92 Stat. 1081, 1082. Aug. 12, 1977, Pub. L. 9597, title I, 91 Stat. 817, 818. July 12, 1976, Pub. L. 94351, title I, 90 Stat. 858. Oct. 21, 1975, Pub. L. 94122, title I, 89 Stat. 652, 653. Dec. 31, 1974, Pub. L. 93563, title I, 88 Stat. 1830. Oct. 24, 1973, Pub. L. 93135, title I, 87 Stat. 477. Aug. 22, 1972, Pub. L. 92399, title I, 86 Stat. 600. Aug. 10, 1971, Pub. L. 9273, title I, 85 Stat. 190. Dec. 31, 1970, Pub. L. 91566, title III, 84 Stat. 1494, 1495. Nov. 26, 1969, Pub. L. 91127, title III, 83 Stat. 259. Aug. 8, 1968, Pub. L. 90463, title III, 82 Stat. 652. Oct. 14, 1967, Pub. L. 90113, title III, 81 Stat. 332. Sept. 7, 1966, Pub. L. 89556, title III, 80 Stat. 702. Nov. 2, 1965, Pub. L. 89316, title III, 79 Stat. 1177, 1178. Sept. 2, 1964, Pub. L. 88573, title III, 78 Stat. 874. Dec. 30, 1963, Pub. L. 88250, title III, 77 Stat. 831. Oct. 24, 1962, Pub. L. 87879, title III, 76 Stat. 1213. July 26, 1961, Pub. L. 87112, title III, 75 Stat. 238, 239. June 29, 1960, Pub. L. 86532, title II, 74 Stat. 242. April 13, 1960, Pub. L. 86424, 74 Stat. 42. July 8, 1959, Pub. L. 8680, title II, 73 Stat. 177. May 20, 1959, Pub. L. 8630, title I, 73 Stat. 36. June 13, 1958, Pub. L. 85459, title II, 72 Stat. 198. Aug. 2, 1957, Pub. L. 85118, title II, 71 Stat. 338. June 4, 1956, ch. 355, title II, 70 Stat. 238. May 19, 1956, ch. 313, Ch. I, 70 Stat. 162. May 23, 1955, ch. 43, title II, 69 Stat. 60, 61. Jan. 25, 1955, ch. 3, Ch. II, 69 Stat. 5. June 29, 1954, ch. 409, title II, 68 Stat. 317. July 28, 1953, ch. 251, title II, 67 Stat. 222. July 5, 1952, ch. 574, title II, 66 Stat. 353. Aug. 31, 1951, ch. 374, title III, 65 Stat. 244. Sept. 6, 1950, ch. 896, Ch. VI, title II, 64 Stat. 677. June 29, 1949, ch. 280, title II, 63 Stat. 346. July 19, 1948, ch. 543, title II, § 202, 62 Stat. 531. July 30, 1947, ch. 356, title II, § 202, 61 Stat. 550.
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# 15 U.S.C. § 713a11 - Annual appropriations to reimburse Commodity Credit Corporation for net realized loss
## Text
There is authorized to be appropriated annually for each fiscal year by means of a current, indefinite appropriation, out of any money in the Treasury not otherwise appropriated, an amount sufficient to reimburse Commodity Credit Corporation for its net realized loss incurred during such fiscal year, as reflected in its accounts and shown in its report of its financial condition as of the close of such fiscal year. Reimbursement of net realized loss shall be with appropriated funds, as provided herein, rather than through the cancellation of notes.
(Pub. L. 87155, § 2, Aug. 17, 1961, 75 Stat. 391; Pub. L. 100203, title I, § 1506(a), Dec. 22, 1987, 101 Stat. 133028.)
## Notes
Editorial Notes
Amendments1987—Pub. L. 100203 substituted “by means of a current, indefinite appropriation” for “, commencing with the fiscal year ending June 30, 1961”.
Statutory Notes and Related Subsidiaries
Effective Date of 1987 AmendmentPub. L. 100203, title I, § 1506(c), Dec. 22, 1987, 101 Stat. 133029, provided that: “This section and the amendment made by this section [amending this section and enacting provisions set out as a note below] shall apply beginning with fiscal year 1988.”
Operating ExpensesPub. L. 100203, title I, § 1506(b), Dec. 22, 1987, 101 Stat. 133029, provided that: “No funds may be appropriated for operating expenses of the Commodity Credit Corporation except as authorized under section 2 of Public Law 87155 [15 U.S.C. 713a11] to reimburse the Corporation for net realized losses.”
@@ -0,0 +1,41 @@
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# 15 U.S.C. § 713a11a - Interest prohibited when reimbursing Corporation for net realized losses
## Text
After September 30, 1964, the portion of borrowings from Treasury equal to the unreimbursed realized losses recorded on the books of the Commodity Credit Corporation after September 30 of the fiscal year in which such losses are realized, shall not bear interest and interest shall not be accrued or paid thereon.
(Pub. L. 89316, title III, § 301, Nov. 2, 1965, 79 Stat. 1178; Pub. L. 94273, § 2(6), Apr. 21, 1976, 90 Stat. 375.)
## Notes
Editorial Notes
Amendments1976—Pub. L. 94273 substituted “September” for “June”.
@@ -0,0 +1,35 @@
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# 15 U.S.C. § 713a12 - Deposit of net realized gain of Commodity Credit Corporation in Treasury
## Text
In the event the accounts of the Commodity Credit Corporation reflect a net realized gain for any such fiscal year, the amount of such net realized gain shall be deposited in the Treasury by the Commodity Credit Corporation and shall be credited to miscellaneous receipts.
(Pub. L. 87155, § 3, Aug. 17, 1961, 75 Stat. 391.)
@@ -0,0 +1,35 @@
---
type: "LegalText"
title: "15 U.S.C. § 713a13"
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# 15 U.S.C. § 713a13 - Policies and procedures for minimum acquisition of stocks by Commodity Credit Corporation, encouragement of marketing through private trade channels and procurement of maximum returns in marketplace for producers and Corporation
## Text
Congress hereby reconfirms its long-standing policy of favoring the use by governmental agencies of the usual and customary channels, facilities, and arrangements of trade and commerce, and directs the Secretary of Agriculture and the Commodity Credit Corporation to the maximum extent practicable to adopt policies and procedures designed to minimize the acquisition of stocks by the Commodity Credit Corporation, to encourage orderly marketing of farm commodities through private competitive trade channels, both cooperative and noncooperative, and to obtain maximum returns in the marketplace for producers and for the Commodity Credit Corporation.
(Pub. L. 87703, title IV, § 402, Sept. 27, 1962, 76 Stat. 632.)
@@ -0,0 +1,33 @@
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# 15 U.S.C. § 713a14 - Repealed. Pub. L. 11379, title I, § 1423(a), Feb. 7, 2014, 128 Stat. 695
## Notes
Section, Pub. L. 99198, title I, § 153, Dec. 23, 1985, 99 Stat. 1377; Pub. L. 100418, title IV, § 4308, Aug. 23, 1988, 102 Stat. 1399; Pub. L. 100435, title I, § 106, Sept. 19, 1988, 102 Stat. 1651; Pub. L. 101624, title I, § 114, Nov. 28, 1990, 104 Stat. 3380; Pub. L. 103465, title IV, § 411(b), Dec. 8, 1994, 108 Stat. 4963; Pub. L. 104127, title I, § 148, Apr. 4, 1996, 110 Stat. 920; Pub. L. 107171, title I, § 1503(a), May 13, 2002, 116 Stat. 207; Pub. L. 110234, title I, § 1503, May 22, 2008, 122 Stat. 992; Pub. L. 110246, § 4(a), title I, § 1503, June 18, 2008, 122 Stat. 1664, 1721, related to the dairy export incentive program.
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# 15 U.S.C. § 713a3 - Omitted
## Notes
Editorial Notes
Codification Section, act Mar. 8, 1938, ch. 44, § 3, 52 Stat. 107, referred to stock of the Delaware corporation.
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# 15 U.S.C. § 713a4 - Obligations of Commodity Credit Corporation; issuance; sale; purchase; redemption; etc.
## Text
With the approval of the Secretary of the Treasury, the Commodity Credit Corporation is authorized to issue and have outstanding at any one time, bonds, notes, debentures, and other similar obligations in an aggregate amount not exceeding $30,000,000,000. Such obligations shall be in such forms and denominations, shall have such maturities, shall bear such rates of interest, shall be subject to such terms and conditions, and shall be issued in such manner and sold at such prices as may be prescribed by the Commodity Credit Corporation, with the approval of the Secretary of the Treasury. Such obligations shall be fully and unconditionally guaranteed both as to interest and principal by the United States, and such guaranty shall be expressed on the face thereof, and such obligations shall be lawful investments and may be accepted as security for all fiduciary, trust, and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof. In the event that the Commodity Credit Corporation shall be unable to pay upon demand, when due, the principal of, or interest on, such obligations, the Secretary of the Treasury shall pay to the holder the amount thereof which is authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, and thereupon to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such obligations. The Secretary of the Treasury, in his discretion, is authorized to purchase any obligations of the Commodity Credit Corporation issued hereunder, and for such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds from the sale of any securities hereafter issued under chapter 31 of title 31 and the purposes for which securities may be issued under such chapter are extended to include any purchases of the Commodity Credit Corporations obligations hereunder. The Secretary of the Treasury may at any time sell any of the obligations of the Commodity Credit Corporation acquired by him under this section. All redemptions, purchases, and sales by the Secretary of the Treasury of the obligations of the Commodity Credit Corporation shall be treated as public-debt transactions of the United States. No such obligations shall be issued in excess of the assets of the Commodity Credit Corporation, including the assets to be obtained from the proceeds of such obligations, but a failure to comply with this provision shall not invalidate the obligations or the guaranty of the same: Provided, That this sentence shall not limit the authority of the Corporation to issue obligations for the purpose of carrying out its annual budget programs submitted to and approved by the Congress pursuant to chapter 91 of title 31. The Commodity Credit Corporation shall have power to purchase such obligations in the open market at any time and at any price.
(Mar. 8, 1938, ch. 44, § 4, 52 Stat. 108; Mar. 4, 1939, ch. 5, § 1(d), 53 Stat. 511; Aug. 9, 1940, ch. 649, 54 Stat. 782; July 1, 1941, ch. 270, § 3, 55 Stat. 498; July 16, 1943, ch. 241, § 2, 57 Stat. 566; Apr. 12, 1945, ch. 54, § 1, 59 Stat. 50; Oct. 31, 1949, ch. 792, title IV, § 410, 63 Stat. 1057; June 28, 1950, ch. 381, § 1, 64 Stat. 261; Mar. 20, 1954, ch. 102, § 1(a), 68 Stat. 30; Aug. 31, 1954, ch. 1172, § 1, 68 Stat. 1047; Aug. 11, 1955, ch. 782, § 1, 69 Stat. 634; Aug. 1, 1956, ch. 815, § 1(b), 70 Stat. 783; Pub. L. 95279, title III, § 301(b), May 15, 1978, 92 Stat. 242; Pub. L. 100202, § 101(k) [title I, § 101], Dec. 22, 1987, 101 Stat. 1329322, 1329336.)
## Notes
Editorial Notes
Codification “Chapter 31 of title 31” and “such chapter” substituted in text for “the Second Liberty Bond Act, as amended” and “such Act, as amended,”, and “chapter 91 of title 31” substituted for “the Government Corporation Control Act (31 U.S.C., 1946 edition, sec. 841)” on authority of Pub. L. 97258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.
Amendments1987—Pub. L. 100202 substituted “$30,000,000,000” for “$25,000,000,000”. 1978—Pub. L. 95279 substituted “$25,000,000,000” for “$14,500,000,000”. 1956—Act Aug. 1, 1956, substituted “$14,500,000,000” for “$12,000,000,000”. 1955—Act Aug. 11, 1955, substituted “$12,000,000,000 for “$10,000,000,000”. 1954—Act Aug. 31, 1954, substituted “$10,000,000,000” for “$8,500,000,000”. Act Mar. 20, 1954, substituted “$8,500,000,000” for “$6,750,000,000”. 1950—Act June 28, 1950, substituted “$6,750,000,000” for “$4,750,000,000”. 1949—Act Oct. 31, 1949, inserted proviso in next to last sentence. 1945—Act Apr. 12, 1945, substituted “$4,750,000,000” for “$3,000,000,000”. 1943—Act July 16, 1943, substituted “$3,000,000,000” for “$2,650,000,000”. 1941—Act July 1, 1941, substituted “$2,650,000,000” for “$1,400,000,000”. 1940—Act Aug. 9, 1940, substituted “$1,400,000,000 for “$900,000,000”. 1939—Act Mar. 4, 1939, substituted $900,000,000” for “$500,000,000”.
Statutory Notes and Related Subsidiaries
Effective Date of 1978 AmendmentPub. L. 95279, title III, § 301(d), May 15, 1978, 92 Stat. 242, provided that: “The provisions of this section [amending this section and section 714b of this title and enacting provision set out as a note under section 714b of this title] shall become effective October 1, 1978.”
Discharge of IndebtednessAct May 26, 1947, ch. 82, title I, § 101, 61 Stat. 109, provided in part that on the date of enactment of that Act [May 26, 1947] the Secretary of the Treasury was authorized and directed to discharge $641,832,080.64 of the indebtedness of the Commodity Credit Corporation to the Secretary of the Treasury by canceling notes in such amount issued by the Corporation to the Secretary of the Treasury pursuant to section 4 of the Act of March 8, 1938, as amended [this section].
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 713a5 - Exemption of Commodity Credit Corporation and its obligations from taxation
## Text
Bonds, notes, debentures, and other similar obligations issued by the Commodity Credit Corporation under the provisions of sections 713a1 to 713a5 of this title shall be deemed and held to be instrumentalities of the Government of the United States, and as such they and the income derived therefrom shall be exempt from Federal, State, municipal, and local taxation (except surtaxes, estate, inheritance, and gift taxes). The Commodity Credit Corporation, including its franchise, its capital, reserves, and surplus, and its income shall be exempt from all taxation imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority; except that any real property of the Commodity Credit Corporation shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
(Mar. 8, 1938, ch. 44, § 5, 52 Stat. 108.)
## Notes
Editorial Notes
References in TextSections 713a1 to 713a5, referred to in text, was in the original “this Act”. Section 1 and 2 of that act, set out as sections 713a1 and 713a2 of this title, have been repealed and section 3 of that act, set out as section 713a3 of this title, has been omitted.
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 713a6 - Sale of surplus agricultural commodities to foreign governments
## Text
Notwithstanding any other provision of law, the Commodity Credit Corporation, with the approval of the President, is authorized to sell surplus agricultural commodities, acquired by such Corporation through its loan operations, to foreign governments on the condition that, except for rotation to prevent deterioration, such commodities shall be held in reserve by such governments for a period of not less than five years from the date of acquisition, and shall not be disposed of unless a war or war emergency results in a serious interruption of normal supplies of such commodities: Provided, That under this section no concession below the prevailing world market price for the unrestricted use of such commodities, as determined by the Secretary of Agriculture, shall be granted, in consideration of the obligation assumed by such governments to hold such commodities in reserve as required hereinbefore, in excess of a maximum amount equal to the average carrying charges, as estimated by the Secretary of Agriculture, that would be incurred if such commodities should be held for an additional eighteen months period by the Commodity Credit Corporation. In determining specific cotton to be sold under this section, the determination shall be made by sampling and selection at the place where the cotton is stored on the date of signing any sales agreement or contract under this section, and no cotton shall be sold under any such sales agreement or contract which, after such date, is transported to any other place and there sampled and selected: Provided further, That in case of a sale, settlement must be made within sixty days after delivery and not more than five hundred thousand bales of cotton shall be sold upon the terms and conditions provided in this section.
(Aug. 11, 1939, ch. 701, 53 Stat. 1418.)
## Notes
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 713a7 - Exchange of surplus agricultural commodities for reserve stocks of strategic materials
## Text
Notwithstanding any other provision of law, whenever the President, by and with the advice and consent of the Senate, has concluded a treaty involving the exchange of surplus agricultural commodities produced in the United States which are held under loans made or made available by the Commodity Credit Corporation for stocks of strategic and critical materials produced abroad, the Commodity Credit Corporation is authorized, upon terms and conditions prescribed by the Secretary of Agriculture, to accept such strategic and critical materials in exchange for such surplus agricultural commodities; and for the purpose of such exchange the Secretary of the Army, the Secretary of the Navy, and the Secretary of the Interior acting jointly through the agency of the Munitions Board shall determine which materials are strategic and critical and the quantity and quality of such materials. In order to carry out the provisions of this section, the Commodity Credit Corporation is authorized, upon terms and conditions prescribed by the Secretary of Agriculture, to procure, convey, transport, handle, store, maintain, or rotate such surplus agricultural commodities, and such reserve stocks of strategic and critical materials, as may be necessary to accomplish the purposes of this section. The Commodity Credit Corporation is authorized and directed to transfer to warehouses in or near cotton manufacturing centers in New England not to exceed three hundred thousand bales of cotton, to which it now has title or may hereafter acquire title, having regard for the grades and staples customarily required by manufacturers in that area: Provided, That all necessary costs in connection with such transfer will not result in additional net cost to the Corporation. In determining specific cotton to be exchanged under this section, the determination shall be made by sampling and selection at the place where the cotton is stored on the date of ratification of a treaty providing for such exchange, and no cotton shall be exchanged under such treaty which, after such date, is transported to another place and there sampled and selected. Such reserve stocks of strategic and critical materials shall be stored on military or naval reservations or in other locations approved by the Secretary of the Army and the Secretary of the Navy. The Commodity Credit Corporation is authorized to transfer such reserve stocks of strategic and critical materials, upon such terms and conditions as the Secretary of Agriculture shall approve, to any other governmental agency. Such reserve stocks or strategic and critical materials shall be made available or disposed of by the Commodity Credit Corporation or other governmental agency only upon order of the President in accordance with the terms of the applicable treaty; when necessary to prevent deterioration, the Commodity Credit Corporation or other governmental agency is authorized to replace those quantities of the reserve stocks of such strategic and critical materials subject to deterioration with equivalent quantities of the same materials. The funds now or hereafter made available to the Commodity Credit Corporation are made available to carry out the purposes of this section. There is authorized to be appropriated such additional sums as may be required to carry out the provisions of this section. All funds for carrying out the provisions of this section shall be available for allotment to bureaus and offices of the Department of Agriculture, and for transfer to such other agencies of the Federal Government as the Secretary of Agriculture may request to cooperate or assist in carrying out the provisions of this section.
(Aug. 11, 1939, ch. 690, 53 Stat. 1407; July 26, 1947, ch. 343, title II, § 205(a), 61 Stat. 501.)
## Notes
Editorial Notes
Codification The Department of War was designated the Department of the Army and the title of the Secretary of War was changed to Secretary of the Army by section 205(a) of act July 26, 1947, ch. 343, title II, 61 Stat. 501. Section 205(a) of act July 26, 1947, was repealed by section 53 of act Aug. 10, 1956, ch. 1041, 70A Stat. 641. Section 1 of act Aug. 10, 1956, enacted “Title 10, Armed Forces” which in sections 3011 to 3013 continued the military Department of the Army under the administrative supervision of a Secretary of the Army.
Statutory Notes and Related Subsidiaries
Transfer of Functions Army and Navy Munitions Board ceased to exist when Chairman of Board of Munitions took office and records and personnel of Army and Navy Munitions Board were transferred to Munitions Board by act July 26, 1947, ch. 343, title II, § 213, 61 Stat. 505.
Executive Documents
Transfer of Functions Munitions Board abolished by section 2 of Reorg. Plan No. 6 of 1953, 18 F.R. 3743, 67 Stat. 638, set out in the Appendix to Title 5, Government Organization and Employees, and functions of Munitions Board transferred to Secretary of Defense by section 1 of Reorg. Plan No. 6 of 1953.
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 713a8 - Omitted
## Notes
Editorial Notes
Codification Section, acts July 1, 1941, ch. 270, § 4, 55 Stat. 498; Oct. 2, 1942, ch. 578, § 9(a), 56 Stat. 768; Feb. 28, 1944, ch. 71, § 2, 58 Stat. 105; Ex. Ord. No. 9577, June 30, 1945, 10 F.R. 8087, which related to operations to cover the expansion of production of nonbasic agricultural commodities and to fulfillment of commitments to producers during the existing emergency, was omitted in light of the termination of hostilities declared by Proc. No. 2714 of Dec. 31, 1946 and Joint Res. July 25, 1947, ch. 327, § 3, 61 Stat. 451, providing that July 25, 1947, be deemed the date of termination of any state of war or national emergency theretofore declared or proclaimed.
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# 15 U.S.C. § 713a9 - Reimbursement of corporation from funds of Government agencies for services, losses, operating costs, or commodities purchased
## Text
Full reimbursement shall be made to the Commodity Credit Corporation for services performed, losses sustained, operating costs incurred, or commodities purchased or delivered to or on behalf of the Lend-Lease Administration, the Army or Navy, the Board of Economic Warfare, the Reconstruction Finance Corporation, or any other Government agency, from the appropriate funds of these agencies.
(July 16, 1943, ch. 241, § 4, 57 Stat. 566.)
## Notes
Executive Documents
Transfer of Functions Lend-Lease Administration and Board of Economic Warfare, referred to in text, consolidated with Foreign Economic Administration by Ex. Ord. No. 9380, Sept. 25, 1943. Foreign Economic Administration subsequently terminated and functions of Lend-Lease Administration and Board of Economic Warfare transferred to Department of State pursuant to Ex. Ord. No. 9630, Sept. 27, 1945, 10 F.R. 12245, as amended by Ex. Ord. No. 9730, May 27, 1946, 11 F.R. 5777.
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
Abolition of Reconstruction Finance Corporation Section 6(a) of Reorg. Plan No. 1 of 1957, eff. June 30, 1957, 22 F.R. 4633, 71 Stat. 647, set out as a note under section 601 of this title, abolished Reconstruction Finance Corporation.
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# 15 U.S.C. § 713a - Repealed. June 30, 1947, ch. 166, title II, § 206(p), 61 Stat. 208
## Notes
Section, act Apr. 10, 1936, ch. 168, 49 Stat. 1191, authorized increase of capital stock of the Corporation by $97,000,000.
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# 15 U.S.C. § 713b - Repealed. July 31, 1945, ch. 341, § 10, 59 Stat. 529
## Notes
Section, acts Jan. 31, 1935, ch. 2, § 9, 49 Stat. 4; Jan. 26, 1937, ch. 6, § 2(a), 50 Stat. 5; Mar. 4, 1939, ch. 5, § 1(b), (c), 53 Stat. 510; Mar. 2, 1940, ch. 34, 54 Stat. 38; Sept. 26, 1940, ch. 734, § 3, 54 Stat. 962, related to the Export-Import Bank of Washington, its continuation of existence, and its powers. See chapter 6A (§ 635 et seq.) of Title 12, Banks and Banking.
Section was also repealed by act June 30, 1947, ch. 166, title II, § 206(m), 61 Stat. 208.
Section 10 of act July 31, 1945, which repealed this section, was repealed by Pub. L. 102429, title I, § 121(c)(1), Oct. 21, 1992, 106 Stat. 2199.
Executive Documents
Dissolution of Second Export-Import Bank of Washington, D.C.Ex. Ord. No. 7365, May 7, 1936, 1 F.R. 372, dissolved said Bank on June 30, 1936, and provided that all remaining funds be covered into United States Treasury as miscellaneous receipts and all records transferred to Export-Import Bank of Washington.
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# 15 U.S.C. § 713c1 - Annual report to Congress by Federal Surplus Commodities Corporation
## Text
The Federal Surplus Commodities Corporation shall submit to Congress on the first day of each regular session an annual report setting forth a statement of the activities, receipts, and expenditures of the Corporation during the previous year.
(Feb. 16, 1938, ch. 30, title II, § 204, 52 Stat. 38.)
## Notes
Editorial Notes
Codification Section was previously classified to section 1293 of Title 7, Agriculture.
Executive Documents
Transfer of Functions For transfer of functions of Federal Surplus Commodities Corporation, see Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 713c2 - Purchase and distribution of surplus fishery products
## Text
Any part of the funds not to exceed $1,500,000 per year, created under and to carry out the provisions of section 612c of title 7, may also be used by the Secretary of Agriculture for the purpose of diverting surplus fishery products (including fish, shellfish, mollusks, and crustacea) from the normal channels of trade and commerce by acquiring them and providing for their distribution through Federal, State, and private relief channels: Provided, That none of the funds made available to the Secretary of Agriculture under this section and section 713c3 of this title shall be used to purchase any of the commodities designated in this section and section 713c3 of this title which may have been produced in any foreign country. The provisions of law relating to the acquisition of materials or supplies for the United States shall not apply to the acquisition of commodities under this section and section 713c3 of this title.
(Aug. 11, 1939, ch. 696, § 1, 53 Stat. 1411; 1940 Reorg. Plan No. III, § 5, eff. June 30, 1940, 5 F.R. 2108, 54 Stat. 1232; 1946 Reorg. Plan No. 3, § 501, eff. July 16, 1946, 11 F.R. 7877, 60 Stat. 1100.)
## Notes
Editorial Notes
Codification The first part of this section originally read: “Any part of the funds not to exceed $1,500,000 per year, transferred by the Secretary of Agriculture to the Federal Surplus Commodities Corporation created under and to carry out the provisions of section 612c of title 7 may also be used by such Corporation”, etc., and the reference in the proviso to the Secretary of Agriculture originally read: “Federal Surplus Commodities Corporation”. See Transfer of Functions note below.
Statutory Notes and Related Subsidiaries
Similar ProvisionsEarlier provisions on this subject were contained in act Mar. 5, 1937, ch. 29, 50 Stat. 27, and in Joint Res. Apr. 12, 1937, ch. 73, 50 Stat. 61. The former forbade acquisition of commodities thereunder after 90 days after its enactment, but permitted distribution of commodities after such period. The latter made funds available to be used in accordance with the provisions of the former. Joint Res. Apr. 12, 1937, ch. 73, 50 Stat. 61, provided as follows: “That not to exceed $1,000,000 of the funds available to the Federal Surplus Commodities Corporation may be used by such Corporation for the purpose of diverting surplus fish (including shellfish) and the products thereof from the normal channels of trade and commerce by the acquisition and distribution thereof in accordance with the provisions of the Act entitled An Act to authorize the purchase and distribution of products of the fishing industry, approved March 5, 1937.” Act Mar. 5, 1937, ch. 29, 50 Stat. 27, provided as follows: “That there is authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, the sum of $2,000,000 for the purpose of enabling the Federal Surplus Commodities Corporation to divert surplus fish (including shellfish) and the products thereof from the normal channels of trade and commerce by acquiring them and providing for their distribution through Federal, State, and private relief agencies. No commodities shall be acquired under this Act after ninety days after the date of its enactment: Provided, however, That distribution thereof may extend beyond said period. The provisions of law relating to the acquisition of materials or supplies for the United States shall not apply to the acquisition of commodities under this Act.”
Executive Documents
Transfer of Functions Functions of all officers, agencies, and employees of Department of Agriculture transferred, with certain exceptions, to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, § 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out in the Appendix to Title 5, Government Organization and Employees. For transfer of functions of Federal Surplus Commodities Corporation, see Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 713c - Federal Surplus Commodities Corporation; continuance of existence; purchase and distribution of surplus agricultural commodities
## Text
In carrying out the provisions of clause (2) of section 612c of title 7, the Secretary of Agriculture may transfer to the Federal Surplus Commodities Corporation, which Corporation is continued, until June 30, 1945, as an agency of the United States under the direction of the Secretary of Agriculture, such funds, appropriated by said section, as may be necessary for the purpose of effectuating clause (2) of said section: Provided, That such transferred funds, together with other funds of the Corporation, may be used for purchasing, exchanging, processing, distributing, disposing, transporting, storing, and handling of agricultural commodities and products thereof and inspection costs, commissions, and other incidental costs and expenses, without regard to the provisions of existing law governing the expenditure of public funds and for administrative expenses, including rent, printing and binding, and the employment of persons and means, in the District of Columbia and elsewhere, such employment of persons to be in accordance with the provisions of law applicable to the employment of persons by the Agricultural Adjustment Administration. In carrying out clause (2) of said section, the funds appropriated by said section may be used for the purchase, without regard to the provisions of existing law governing the expenditure of public funds, of agricultural commodities and products thereof, and such commodities, as well as agricultural commodities and products thereof purchased under the preceding paragraph of this section, may be donated for relief purposes and for use in nonprofit summer camps for children.
(June 28, 1937, ch. 385, 50 Stat. 323; Feb. 16, 1938, ch. 30, title II, § 204, 52 Stat. 38; June 27, 1942, ch. 454, 56 Stat. 461; Pub. L. 85483, § 2, July 2, 1958, 72 Stat. 287.)
## Notes
Editorial Notes
Amendments1958—Pub. L. 85483 permitted donation of commodities for use in nonprofit summer camps for children. 1942—Act June 27, 1942, provided for the continuance of the Corporation from June 30, 1942, to June 30, 1945. It read as follows: “The Federal Surplus Commodities Corporation is hereby continued as an agency of the United States, under the direction of the Secretary of Agriculture, until June 30, 1945.” 1938—Act Feb. 16, 1938, substituted “until June 30, 1942” for “until June 30, 1939”.
Executive Documents
Transfer of Functions For transfer of functions of Federal Surplus Commodities Corporation, see Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 713d1 - Critical shortages; recommendations by President; public hearings
## Text
(a) Whenever the President shall determine that there is or threatens to be a critical shortage of any raw material, commodity, or product which jeopardizes the health or safety of the people of the United States or its national security or welfare and that there is no prospect that such critical shortage may soon be remedied by an increase in the available supply without additional governmental action and that the situation cannot be solved by voluntary agreement under the provisions of this Act, he may prepare proposed measures for conserving such raw material, commodity, or product which he shall submit to the Congress in the following form:
(1) A statement of the circumstances which, in the Presidents judgment, require the proposed conservation measures.
(2) A detailed procedure for the administration of the proposed measures including the additional budget and additional personnel required for their enforcement.
(3) The proposed degree of curtailment in current and prospective use of each such raw material, commodity, or product by each processor and/or user thereof, including the specific formulae proposed for such curtailment with respect to each class or classes of processors or users and the criteria used in the establishment of such formulae.
(4) A complete record of the factual evidence upon which his recommendations are based, including all information provided by any agency of the Federal Government which may have been made available to him in the course of his consideration of the matter.
(b) Within fifteen days after the submission of such proposed conservation measures, the Joint Economic Committee shall conduct public hearings thereon and shall make such recommendations to the Congress for legislative action as in its judgment the recommendations of the President and any additional information disclosed at the public hearings may require.
(Dec. 30, 1947, ch. 526, § 6, 61 Stat. 947; June 18, 1956, ch. 399, § 2, 70 Stat. 290.)
## Notes
Editorial Notes
References in TextThis Act, referred to in text, means act Dec. 30, 1947, ch. 526, 61 Stat. 945. For complete classification of this Act to the Code, see Tables.
Codification Section was formerly classified to section 1916 of the former Appendix to Title 50, War and National Defense, prior to editorial reclassification and renumbering as this section.
Amendments1956—Subsec. (b). Act June 18, 1956, changed “Joint Committee on the Economic Report” to “Joint Economic Committee”.
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# 15 U.S.C. § 713d2 - Food and conservation program; appropriations; administrative expenses
## Text
(a) In order to alleviate shortages in foods and feeds, and to assist in stabilizing prices, the President shall carry out a program for the conservation of food and feed. In carrying out such program, the President is authorized, through the dissemination of information, educational and other campaigns, the furnishing of assistance, and such other voluntary and cooperative measures as he deems necessary or appropriate, to encourage and promote the efficient utilization, care, and preservation of food and feed, the elimination of practices which waste food and feed, the control and eradication of insects and rodents, the consumption of less of these foods and feeds which are in short supply and more of those foods and feeds which are in abundant supply, and other conservation practices. The authority herein conferred may be exercised by the President through such departments, agencies, independent establishments, and officials of the Federal Government and such State, local, and private agencies as he may determine.
(b) There is hereby authorized to be appropriated to the President such sums as may be necessary to carry out this section. To enable the President to carry out this section for the remainder of the fiscal year ending June 30, 1948, there is made available not to exceed $1,000,000 from any funds made available by the Congress for carrying out Public Law 84, Eightieth Congress, or from any funds made available by the Congress for interim foreign aid. Funds made available for the purpose of this section may be used for necessary administrative expenses, including personal services in the District of Columbia and elsewhere, purchase or hire of motor vehicles, temporary or intermittent services of experts or consultants or organizations thereof, including stenographic reporting services, by contract, without regard to the civil service and classification laws (the compensation of any such individual not to exceed $50 per day). Funds made available for the purposes of this section may be allotted for any of the purposes of this section to any department, agency, or independent establishment of the Government, or transferred to any other agency requested to assist in carrying out this section. Funds allotted to any department, agency, or independent establishment of the Government shall be available for obligation and expenditure in accordance with the laws governing obligations and expenditures of the department, agency, or independent establishment, or organizational unit thereof concerned, and without regard to section 6101 of title 41 and section 3324(a) and (b) of title 31.
(Dec. 30, 1947, ch. 526, § 8, 61 Stat. 947.)
## Notes
Editorial Notes
References in TextPublic Law 84, Eightieth Congress, referred to in subsec. (b), is act May 31, 1947, ch. 90, 61 Stat. 125, which was classified generally to chapter 17 (§ 1411 et seq.) of Title 22, Foreign Relations and Intercourse, and was repealed by act Aug. 26, 1954, ch. 937, title V, § 542(a)(2), 68 Stat. 861. For complete classification of this Act to the Code, see Tables. Section 6101 of title 41, referred to in subsec. (b), was in the original a reference to section 3709 of the Revised Statutes, which was classified to section 5 of former Title 41, Public Contracts, and was repealed and restated in section 6101 of Title 41, Public Contracts, by Pub. L. 111350, §§ 3, 7(b), Jan. 4, 2011, 124 Stat. 3677, 3855. Section 3324(a) and (b) of title 31, referred to in subsec. (b), was in the original a reference to section 3648 of the Revised Statutes, which was classified to section 529 of former Title 31, Money and Finance, and was repealed and restated as section 3324(a) and (b) of Title 31, Money and Finance, by Pub. L. 97258, §§ 1, 5(b), Sept. 13, 1982, 96 Stat. 877, 1068.
Codification Section was formerly classified to section 1918 of the former Appendix to Title 50, War and National Defense, prior to editorial reclassification and renumbering as this section.
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# 15 U.S.C. § 713d3 - Authorizations for appropriations
## Text
There is authorized to be appropriated such amounts as may be necessary for purposes of carrying out the provisions of this joint resolution.
(Dec. 30, 1947, ch. 526, § 9, 61 Stat. 948.)
## Notes
Editorial Notes
References in TextThis joint resolution, referred to in text, means act Dec. 30, 1947, ch. 526, 61 Stat. 945. For complete classification of this Act to the Code, see Tables.
Codification Section was formerly classified to section 1919 of the former Appendix to Title 50, War and National Defense, prior to editorial reclassification and renumbering as this section.
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# 15 U.S.C. § 714 - Creation and purpose of Corporation
## Text
For the purpose of stabilizing, supporting, and protecting farm income and prices, of assisting in the maintenance of balanced and adequate supplies of agricultural commodities, products thereof, foods, feeds, and fibers (hereinafter collectively referred to as “agricultural commodities”), and of facilitating the orderly distribution of agricultural commodities, there is created a body corporate to be known as Commodity Credit Corporation (hereinafter referred to as the “Corporation”), which shall be an agency and instrumentality of the United States, within the Department of Agriculture, subject to the general supervision and direction of the Secretary of Agriculture (hereinafter referred to as the “Secretary”).
(June 29, 1948, ch. 704, § 2, 62 Stat. 1070; June 7, 1949, ch. 175, § 1, 63 Stat. 154.)
## Notes
Editorial Notes
Amendments1949—Act June 7, 1949, placed the general supervision and direction of the Commodity Credit Corporation in the Secretary of Agriculture.
Statutory Notes and Related Subsidiaries
Effective DateSection 18 of act June 29, 1948, provided that sections 714 to 714o of this title shall take effect as of midnight June 30, 1948.
Short TitleCongress in enacting sections 714 to 714p of this title provided by section 1 of act June 29, 1948, that they should be popularly known as the “Commodity Credit Corporation Charter Act”.
Establishing Quality as Goal for Commodity Credit Corporation ProgramsPub. L. 101624, title XXV, § 2517, formerly § 2518, Nov. 28, 1990, 104 Stat. 4078, as renumbered by Pub. L. 10466, title I, § 1011(h), Dec. 21, 1995, 109 Stat. 710, provided that: “In carrying out its activities the Commodity Credit Corporation shall, to the extent practicable, provide for program provisions that promote quality in the production and marketing of crops and livestock in the United States.” [Pub. L. 104127, title VII, § 711, Apr. 4, 1996, 110 Stat. 1112, which directed the repeal of section 2517 of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101624, relating to a study of transportation of fertilizer and agricultural chemicals to farmers, was not executed to provisions set out above, to reflect the probable intent of Congress and the amendment by Pub. L. 10466, title I, § 1011(h), Dec. 21, 1995, 109 Stat. 710, which repealed section 2517 of Pub. L. 101624 relating to such study, and renumbered section 2518 of Pub. L. 101624, set out above, as section 2517 of Pub. L. 101624.]
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 714a - Location of offices
## Text
The Corporation may establish offices in such place or places as it may deem necessary or desirable in the conduct of its business.
(June 29, 1948, ch. 704, § 3, 62 Stat. 1070.)
## Notes
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 714c - Specific powers of Corporation
## Text
In the fulfillment of its purposes and in carrying out its annual budget programs submitted to and approved by the Congress pursuant to chapter 91 of title 31, the Corporation is authorized to use its general powers only to—
(a) Support the prices of agricultural commodities (other than tobacco) through loans, purchases, payments, and other operations.
(b) Make available materials and facilities required in connection with the production and marketing of agricultural commodities (other than tobacco).
(c) Procure agricultural commodities (other than tobacco) for sale to other Government agencies, foreign governments, and domestic, foreign, or international relief or rehabilitation agencies, and to meet domestic requirements.
(d) Remove and dispose of or aid in the removal or disposition of surplus agricultural commodities (other than tobacco).
(e) Increase the domestic consumption of agricultural commodities (other than tobacco) by expanding or aiding in the expansion of domestic markets or by developing or aiding in the development of new and additional markets, marketing facilities, and uses for such commodities.
(f) Export or cause to be exported, or aid in the development of foreign markets for, agricultural commodities (other than tobacco) (including fish and fish products, without regard to whether such fish are harvested in aquacultural operations).
(g) Carry out conservation or environmental programs authorized by law.
(h) Carry out such other operations as the Congress may specifically authorize or provide for.In the Corporations purchasing and selling operations with respect to agricultural commodities (other than tobacco) (except sales to other Government agencies), and in the warehousing, transporting, processing, or handling of agricultural commodities (other than tobacco), the Corporation shall, to the maximum extent practicable consistent with the fulfillment of the Corporations purposes and the effective and efficient conduct of its business, utilize the usual and customary channels, facilities, and arrangements of trade and commerce (including, at the option of the Corporation, the use of private sector entities).
(June 29, 1948, ch. 704, § 5, 62 Stat. 1072; Pub. L. 98623, title IV, § 405(a), Nov. 8, 1984, 98 Stat. 3409; Pub. L. 104127, title III, § 381(a), Apr. 4, 1996, 110 Stat. 1016; Pub. L. 107171, title I, § 1609, May 13, 2002, 116 Stat. 218; Pub. L. 108357, title VI, § 612(d), Oct. 22, 2004, 118 Stat. 1524.)
## Notes
Editorial Notes
Codification “Chapter 91 of title 31” substituted in provision preceding subsec. (a) for “the Government Corporation Control Act (31 U.S.C., 1940 edition, Supp. V, 841)” on authority of Pub. L. 97258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.
Amendments2004—Pub. L. 108357 inserted “(other than tobacco)” after “agricultural commodities” wherever appearing. 2002—Pub. L. 107171 inserted “(including, at the option of the Corporation, the use of private sector entities)” before period at end of last sentence. 1996—Subsecs. (g), (h). Pub. L. 104127 added subsec. (g) and redesignated former subsec. (g) as (h). 1984—Subsec. (f). Pub. L. 98623 inserted “(including fish and fish products, without regard to whether such fish are harvested in aquacultural operations)”.
Statutory Notes and Related Subsidiaries
Effective Date of 2004 AmendmentAmendment by Pub. L. 108357 applicable to the 2005 and subsequent crops of tobacco, see section 643 of Pub. L. 108357, set out as an Effective Date note under section 518 of Title 7, Agriculture.
Effective Date of 1996 AmendmentPub. L. 104127, title III, § 381(b), Apr. 4, 1996, 110 Stat. 1016, provided that: “The amendments made by subsection (a) [amending this section] shall become effective on January 1, 1997.”
Effective Date of 1984 AmendmentPub. L. 98623, title IV, § 405(d), Nov. 8, 1984, 98 Stat. 3409, provided that: “For purposes of section 135 of the Omnibus Budget Reconciliation Act of 1982 (7 U.S.C. 612c note) [Pub. L. 97253], the amendments made by this section [amending this section and sections 1707a and 1732 of Title 7, Agriculture] shall be considered to have taken effect before the date of the enactment of that Act [Sept. 8, 1982].”
Continuation of Liability for 2004 and Earlier Crop YearsAmendment by sections 611 to 614 of Pub. L. 108357 not to affect the liability of any person under any provision of law so amended with respect to the 2004 or an earlier crop of tobacco, see section 614 of Pub. L. 108357, set out as a note under section 515 of Title 7, Agriculture.
Export Enhancement Program; Promotion of United States Meat ExportsPub. L. 101220, § 2, Dec. 12, 1989, 103 Stat. 1876, provided that in each of fiscal years 1990, 1991, and 1992, the Commodity Credit Corporation would, in carrying out the export enhancement program established in this section, promote the export of United States meat, including poultry products, to commissaries on military installations in the European Community, and provided for funding and costs.
Use of Commodity Credit Corporation for Purchase of Agricultural Products Formerly Intended for Export to Soviet UnionPub. L. 96494, title II, § 206, Dec. 3, 1980, 94 Stat. 2572, provided that: “Notwithstanding any other provision of law, the Secretary of Agriculture may use, subject to such terms and conditions as the Secretary may deem appropriate, the funds, facilities, and authorities of the Commodity Credit Corporation in purchasing and handling agricultural products, other than grains, that—“(1) were intended to be exported to the Union of Soviet Socialist Republics under contracts entered into prior to January 5, 1980, but “(2) cannot be exported under such contracts due to the imposition, on January 4, 1980, of restrictions on the export of agricultural products to the Union of Soviet Socialist Republics, in the same manner and under the same conditions as the Secretary purchases and handles grains under similar contracts and subject to the imposition of the same restrictions.”
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 714d - Laws applicable to Corporation
## Text
The Federal statutes applicable to Commodity Credit Corporation, a Delaware corporation, shall be applicable to the Corporation. Commodity Credit Corporation, a Delaware corporation, shall cease to be an agency of the United States as provided in section 713(a) of this title.
(June 29, 1948, ch. 704, § 6, 62 Stat. 1072.)
## Notes
Editorial Notes
References in TextSection 713(a) of this title, referred to in text, was omitted from the Code. See Codification note under former section 713 of this title.
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 714e - Capital stock; amount; interest
## Text
The Corporation shall have a capital stock of $100,000,000 which shall be subscribed by the United States. Such subscription shall be deemed to be fully paid by the transfer of assets to the Corporation pursuant to section 714n of this title. The Corporation shall pay interest to the United States Treasury on the amount of its capital stock, and on the amount of the obligations of the Corporation purchased by the Secretary of the Treasury pursuant to the Act of March 8, 1938 (U.S.C., title 15, sec. 713a4), as amended, at such rates as may be determined by the Secretary of the Treasury to be appropriate in view of the terms for which such amounts are made available to the Corporation.
(June 29, 1948, ch. 704, § 7, 62 Stat. 1072.)
## Notes
Editorial Notes
References in TextAct of March 8, 1938, referred to in text, is act Mar. 8, 1938, ch. 44, §§ 15, 52 Stat. 107, which was classified to sections 713a1 to 713a5 of this title. Sections 713a1 and 713a2 were repealed by Pub. L. 87155, § 1, Aug. 17, 1961, 75 Stat. 391, and section 713a3 was omitted from the Code.
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 714f - Use of funds
## Text
The Corporation is authorized to use in the conduct of its business all its funds and other assets, including capital and net earnings therefrom, and all funds and other assets which have been or may hereafter be transferred or allocated to, borrowed by, or otherwise acquired by it.
(June 29, 1948, ch. 704, § 8, 62 Stat. 1072.)
## Notes
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 714g - Board of Directors
## Text
(a) Composition; appointment, tenure and compensation; quorum; duties The management of the Corporation shall be vested in a board of directors (hereinafter referred to as the “Board”), subject to the general supervision and direction of the Secretary. The Secretary shall be an ex officio director and shall serve as Chairman of the Board. The Board shall consist of seven members (in addition to the Secretary), who shall be appointed by the President. In addition to their duties as members of the Board, such appointed members shall perform such other duties as may be prescribed by the Secretary. Each appointed member of the Board shall receive compensation at such rate not in excess of the maximum then payable under chapter 51 and subchapter III of chapter 53 of title 5 as may be fixed by the Secretary, except that any such member who holds another office or position under the Federal Government the compensation for which exceeds such rate may elect to receive compensation at the rate provided for such other office or position in lieu of the compensation provided by this section. A majority of the directors shall constitute a quorum of the Board and action shall be taken only by a majority vote of those present.
(b) Advisory board; composition, tenure and compensation; meetings; duties In addition to the Board of Directors there shall be an advisory board reflecting broad agricultural and business experience in its membership and consisting of five members who shall be appointed by the President, and who shall serve at the pleasure of the President. Not more than three of such members shall belong to the same political party. The advisory board shall meet at the call of the Secretary, who shall require it to meet not less often than once each ninety days; shall survey the general policies of the Corporation, including its policies in connection with the purchase, storage, and sale of commodities, and the operation of lending and price-support programs; and shall advise the Secretary with respect thereto. Members of the advisory board shall receive for their services as members compensation of not to exceed $50 per diem when actually engaged in the performance of their duties as such, together with their necessary traveling expenses while going to and coming from meetings.
(June 29, 1948, ch. 704, § 9, 62 Stat. 1072; June 7, 1949, ch. 175, § 3, 63 Stat. 155; Oct. 28, 1949, ch. 782, title XI, § 1106(a), 63 Stat. 972; Pub. L. 94561, § 4, Oct. 19, 1976, 90 Stat. 2643; Pub. L. 112166, § 2(a)(3), Aug. 10, 2012, 126 Stat. 1283.)
## Notes
Editorial Notes
Codification In subsec. (a), “chapter 51 and subchapter III of chapter 53 of title 5” substituted for “the Classification Act of 1949, as amended” on authority of Pub. L. 89554, § 7(b), Sept. 6, 1966, 80 Stat. 631, the first section of which enacted Title 5, Government Organization and Employees.
Amendments2012—Subsec. (a). Pub. L. 112166 struck out “by and with the advice and consent of the Senate” before period at end of third sentence. 1976—Subsec. (a). Pub. L. 94561 increased number of Board of Directors from six to seven members. 1949—Act Oct. 28, 1949, substituted “Classification Act of 1949” for “Classification Act of 1923”. Act June 7, 1949, amended section generally by bringing the Board under the direct control of the Secretary who will serve as Chairman of the Board, and by adding subsec. (b) to provide for the appointment and duties of an advisory board.
Statutory Notes and Related Subsidiaries
Effective Date of 2012 AmendmentAmendment by Pub. L. 112166 effective 60 days after Aug. 10, 2012, and applicable to appointments made on and after that effective date, including any nomination pending in the Senate on that date, see section 6(a) of Pub. L. 112166, set out as a note under section 113 of Title 6, Domestic Security.
Effective Date of 1976 AmendmentAmendment by Pub. L. 94561 effective Oct. 19, 1976, see section 5 of Pub. L. 94561, set out as a note under section 5313 of Title 5, Government Organization and Employees.
RepealsAct Oct. 28, 1949, ch. 782, cited as a credit to this section, was repealed (subject to a savings clause) by Pub. L. 89554, Sept. 6, 1966, § 8, 80 Stat. 632, 655.
Termination of Advisory BoardsAdvisory boards in existence on Jan. 5, 1973, to terminate not later than the expiration of the 2-year period following Jan. 5, 1973, unless, in the case of a board established by the President or an officer of the Federal Government, such board is renewed by appropriate action prior to the expiration of such 2-year period, or in the case of a board established by the Congress, its duration is otherwise provided by law. See sections 1001(2) and 1013 of Title 5, Government Organization and Employees.
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 714h - Officers and employees; appointment; duties
## Text
The Secretary shall appoint such officers and employees as may be necessary for the conduct of the business of the Corporation, define their authority and duties, delegate to them such of the powers vested in the Corporation as he may determine. With the exception of experts, appointments shall be made pursuant to the civil-service laws and chapter 51 and subchapter III of chapter 53 of title 5.
(June 29, 1948, ch. 704, § 10, 62 Stat. 1073; June 7, 1949, ch. 175, § 4, 63 Stat. 156; Oct. 28, 1949, ch. 782, title XI, § 1106(a), 63 Stat. 972; Pub. L. 92310, title II, § 224(b), June 6, 1972, 86 Stat. 206.)
## Notes
Editorial Notes
Codification “Chapter 51 and subchapter III of chapter 53 of title 5” substituted in text for “the Classification Act of 1949” on authority of Pub. L. 89554, § 7(b), Sept. 6, 1966, 80 Stat. 631, the first section of which enacted Title 5, Government Organization and Employees.
Amendments1972—Pub. L. 92310 struck out provisions which permitted the Secretary to designate officers and employees to be bonded, and which authorized the Corporation to pay the premium on the bonds. 1949—Act Oct. 28, 1949, substituted “Classification Act of 1949” for “Classification Act of 1923”. Act June 7, 1949, amended section generally to permit the Secretary to appoint the officers and employees of the Corporation and to define their authority and duties.
Statutory Notes and Related Subsidiaries
RepealsAct Oct. 28, 1949, ch. 782, cited as a credit to this section, was repealed (subject to a savings clause) by Pub. L. 89554, Sept. 6, 1966, § 8, 80 Stat. 632, 655.
Sales ManagerPub. L. 87367, title I, § 103(11), Oct. 4, 1961, 75 Stat. 789, repealed such part of section 101 of act Aug. 4, 1955, ch. 451, Ch. I, 69 Stat. 451, which authorized the position of sales manager in the Commodity Credit Corporation to be placed in grade 17 of the General Schedule of the Classification Act of 1949. See section 5332 of Title 5, Government Organization and Employees. Positions existing prior to Oct. 4, 1961, compensation thereof and appointments thereto unaffected by changes made by Pub. L. 87367 and positions in grades 16, 17 and 18 of the General Schedule of the Classification Act of 1949 prior to Oct. 4, 1961, to remain in respective grades, until appropriate action is taken under title I of Pub. L. 87367 and section 5108 of Title 5, see section 104 of Pub. L. 87367.
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 714i - Cooperation with other governmental agencies
## Text
The Corporation may, with the consent of the agency concerned, accept and utilize, on a compensated or uncompensated basis, the officers, employees, services, facilities, and information of any agency of the Federal Government, including any bureau, office, administration, or other agency of the Department of Agriculture, and of any State, the District of Columbia, any Territory or possession, or any political subdivision thereof. The Corporation may allot to any bureau, office, administration, or other agency of the Department of Agriculture or transfer to such other agencies as it may request to assist it in the conduct of its business any of the funds available to it for administrative expenses. The personnel and facilities of the Corporation may, with the consent of the Corporation, be utilized on a reimbursable basis by any agency of the Federal Government, including any bureau, office, administration, or other agency of the Department of Agriculture, in the performance of any part or all of the functions of such agency. After September 30, 1996, the total amount of all allotments and fund transfers from the Corporation under this section (including allotments and transfers for automated data processing or information resource management activities but excluding any amounts used to provide technical assistance under title X of the Agriculture Improvement Act of 2018 or an amendment made by that title) for a fiscal year may not exceed the total amount of the allotments and transfers made under this section in fiscal year 1995.
(June 29, 1948, ch. 704, § 11, 62 Stat. 1073; Pub. L. 104127, title I, § 161(b)(2), Apr. 4, 1996, 110 Stat. 934; Pub. L. 115334, title X, § 10112, Dec. 20, 2018, 132 Stat. 4908.)
## Notes
Editorial Notes
References in TextThe Agriculture Improvement Act of 2018, referred to in text, is Pub. L. 115334, Dec. 20, 2018, 132 Stat. 4490. Title X of the Act enacted subchapter VII of chapter 38 and sections 1627c and 6521a of Title 7, Agriculture, amended this section and sections 136a, 1622b, 1632a, 1632b, 2204h, 2207b, 2276, 2401, 2402, 2541, 2568, 3003, 5925c, 6502, 6514, 6515, 6518, 6519, 65216523, and 7655a of Title 7, repealed sections 3005 and 3006 of Title 7, enacted provisions set out as notes under sections 1627c, 1639o, 6503, and 6521a of Title 7, and amended provisions set out as a note under section 1621 of Title 7. For complete classification of this Act to the Code, see Short Title of 2018 Amendment note set out under section 9001 of Title 7 and Tables.
Amendments2018—Pub. L. 115334 inserted “but excluding any amounts used to provide technical assistance under title X of the Agriculture Improvement Act of 2018 or an amendment made by that title” after “activities”. 1996—Pub. L. 104127 inserted at end “After September 30, 1996, the total amount of all allotments and fund transfers from the Corporation under this section (including allotments and transfers for automated data processing or information resource management activities) for a fiscal year may not exceed the total amount of the allotments and transfers made under this section in fiscal year 1995.”
Statutory Notes and Related Subsidiaries
Clarification of Use of Funds for Technical AssistancePub. L. 11379, title X, § 10017, Feb. 7, 2014, 128 Stat. 953, provided that: “In the case of each program established or amended by this title [title X of Pub. L. 11379, see Tables for classification] that is authorized or required to be carried out using funds of the Commodity Credit Corporation, the use of those funds to provide technical assistance shall not be considered an allotment or fund transfer from the Commodity Credit Corporation for purposes of the limit on expenditures for technical assistance imposed by section 11 of the Commodity Credit Corporation Charter Act (15 U.S.C. 714i).”
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 714j - Utilization of associations and trade facilities
## Text
The Corporation may, in the conduct of its business, utilize on a contract or fee basis, committees or associations of producers, producer-owned and producer-controlled cooperative associations, and trade facilities.
(June 29, 1948, ch. 704, § 12, 62 Stat. 1073.)
## Notes
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 714k - Records; annual report
## Text
The Corporation shall at all times maintain complete and accurate books of account and shall file annually with the Secretary of Agriculture a complete report as to the business of the Corporation, a copy of which shall be forwarded by the Secretary of Agriculture to the President for transmission to the Congress. In addition to the annual report, the Corporation shall submit to Congress on a quarterly basis an itemized report of all expenditures over $10,000 made under section 714c or 714i of this title during the period covered by the report, including expenditures in the form of allotments or fund transfers to other agencies and departments of the Federal Government.
(June 29, 1948, ch. 704, § 13, 62 Stat. 1073; Pub. L. 104127, title I, § 161(b)(3), Apr. 4, 1996, 110 Stat. 934.)
## Notes
Editorial Notes
Amendments1996—Pub. L. 104127 inserted at end “In addition to the annual report, the Corporation shall submit to Congress on a quarterly basis an itemized report of all expenditures over $10,000 made under section 714c or 714i of this title during the period covered by the report, including expenditures in the form of allotments or fund transfers to other agencies and departments of the Federal Government.”
Statutory Notes and Related Subsidiaries
Termination of Reporting RequirementsFor termination, effective May 15, 2000, of provisions of law requiring submittal to Congress of any annual, semiannual, or other regular periodic report listed in House Document No. 1037 (in which the requirement, under the 1st sentence of this section, to transmit to Congress a complete annual report as to the business of the Corporation, is listed on page 46), see section 3003 of Pub. L. 10466, as amended, and section 1(a)(4) [div. A, § 1402] of Pub. L. 106554, set out as notes under section 1113 of Title 31, Money and Finance.
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
Delegation of Certain Reporting Authority Memorandum of President of the United States, Dec. 8, 2004, 69 F.R. 74941, provided: Memorandum for the Secretary of Agriculture By the authority vested in me as President by the Constitution and the laws of the United States, including section 301 of title 3, United States Code, I hereby delegate to you the functions conferred upon the President by section 13 of Public Law 806, 80th Congress (15 U.S.C. 714k), to provide the specified report to the Congress. You are authorized and directed to publish this memorandum in the Federal Register. George W. Bush.
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# 15 U.S.C. § 714l - Interest of Members of Congress
## Text
The provisions of section 6306(a) of title 41 shall apply to all contracts or agreements of the Corporation, except contracts or agreements of a kind which the Corporation may enter into with farmers participating in a program of the Corporation.
(June 29, 1948, ch. 704, § 14, 62 Stat. 1074.)
## Notes
Editorial Notes
Codification In text, “section 6306(a) of title 41” substituted for “section 1 of the Act of February 27, 1877, as amended (41 U.S.C., 1940 edition, 22)” on authority of Pub. L. 111350, § 6(c), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts.
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 714m - Crimes and offenses
## Text
(a) False statements; overvaluation of securities Whoever makes any statement knowing it to be false, or whoever willfully overvalues any security, for the purpose of influencing in any way the action of the Corporation, or for the purpose of obtaining for himself or another, money, property, or anything of value, under this subchapter, or under any other Act applicable to the Corporation, shall, upon conviction thereof, be punished by a fine of not more than $10,000 or by imprisonment by not more than five years, or both.
(b) Embezzlement, etc.; false entries; fraudulent issue of obligations of Corporation Whoever, being connected in any capacity with the Corporation or any of its programs, (i) embezzles, abstracts, purloins, or willfully misapplies any money, funds, securities, or other things of value, whether belonging to the Corporation or pledged or otherwise entrusted to it; or (ii) with intent to defraud the Corporation, or any other body, politic or corporate, or any individual, or to deceive any officer, auditor, or examiner of the Corporation, makes any false entry in any book, report, or statement of, or to, the Corporation, or draws any order, or issues, puts forth or assigns any note or other obligation or draft, mortgage, judgment, or decree thereof; or (iii) with intent to defraud the Corporation, participates or shares in, or receives directly or indirectly any money, profit, property, or benefits through any transaction, loan, commission, contract, or any other act of the Corporation, shall, upon conviction thereof, be punished by a fine of not more than $10,000 or by imprisonment for not more than five years, or both.
(c) Larceny; conversion of property Whoever shall willfully steal, conceal, remove, dispose of, or convert to his own use or to that of another any property owned or held by, or mortgaged or pledged to, the Corporation, or any property mortgaged or pledged as security for any promissory note, or other evidence of indebtedness, which the Corporation has guaranteed or is obligated to purchase upon tender, shall, upon conviction thereof, if such property be of an amount or value in excess of $500, be punished by a fine of not more than $10,000 or by imprisonment for not more than five years, or both, and, if such property be of an amount or value of $500 or less, be punished by a fine of not more than $1,000 or by imprisonment for not more than one year, or both.
(d) Conspiracy to commit offense Whoever conspires with another to accomplish any of the acts made unlawful by the preceding provisions of this section shall, upon conviction thereof, be subject to the same fine or imprisonment, or both, as is applicable in the case of conviction for doing such unlawful acts.
(e) General statutes applicable All the general penal statutes relating to crimes and offenses against the United States shall apply with respect to the Corporation, its property, money, contracts and agreements, employees, and operations: Provided, That such general penal statutes shall not apply to the extent that they relate to crimes and offenses punishable under subsections (a), (b), (c), and (d) of this section: Provided further, That sections 431 and 432 of title 18 shall not apply to contracts or agreements of a kind which the Corporation may enter into with farmers participating in a program of the Corporation.
(f) Use of words “Commodity Credit Corporation” No individual, association, partnership, or corporation shall use the words “Commodity Credit Corporation” or any combination of the same, as the name or a part thereof under which he or it shall do or purport to do business. Every individual, partnership, association, or corporation violating this prohibition shall be guilty of a misdemeanor and shall be punished by a fine of not more than $1,000 or by imprisonment for not more than one year, or both.
(June 29, 1948, ch. 704, § 15, 62 Stat. 1074; June 7, 1949, ch. 175, § 6, 63 Stat. 157; Aug. 1, 1956, ch. 815, § 2, 70 Stat. 783.)
## Notes
Editorial Notes
Codification In subsec. (e), “sections 431 and 432 of title 18” substituted for “sections 114 and 115 of the Act of March 4, 1909, as amended (18 U.S.C., 1940 edition, 204, 205)” on authority of act June 25, 1948, ch. 645, 62 Stat. 683, the first section of which enacted Title 18, Crimes and Criminal Procedure.
Amendments1956—Subsec. (c). Act Aug. 1, 1956, made it an offense to willfully steal or convert property mortgaged or pledged to a lending agency under a program of the Corporation and prescribed punishment not exceeding $1,000 fine or one year imprisonment or both in the case of property of an amount or value of $500 or less. 1949—Subsec. (f). Act June 7, 1949, added subsec. (f).
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 714n - Transfer of assets of Commodity Credit Corporation, a Delaware corporation
## Text
The assets, funds, property, and records of Commodity Credit Corporation, a Delaware corporation, are transferred to the Corporation. The rights, privileges, and powers, and the duties and liabilities of Commodity Credit Corporation, a Delaware corporation, in respect to any contract, agreement, loan, account, or other obligation shall become the rights, privileges, and powers, and the duties and liabilities, respectively, of the Corporation. The enforceable claims of or against Commodity Credit Corporation, a Delaware corporation, shall become the claims of or against, and may be enforced by or against, the Corporation: Provided, That nothing in this subchapter shall limit or extend any period of limitation otherwise applicable to such claims against the Corporation.
(June 29, 1948, ch. 704, § 16, 62 Stat. 1075.)
## Notes
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 714o - Dissolution of Delaware corporation
## Text
The Secretary of Agriculture, representing the United States as the sole owner of the capital stock of Commodity Credit Corporation, a Delaware corporation, is authorized and directed to institute or cause to be instituted such proceedings as are required for the dissolution of said Corporation under the laws of the State of Delaware. The costs of such dissolution of said Corporation shall be borne by the Corporation.
(June 29, 1948, ch. 704, § 17, 62 Stat. 1075.)
## Notes
Executive Documents
Exceptions From Transfer of Functions For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
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# 15 U.S.C. § 714p - Release of innocent purchasers of converted goods
## Text
A buyer in the ordinary course of business of fungible goods sold and physically delivered by a warehouseman or other dealer who was regularly engaged in the business of buying and selling such goods shall take or be deemed to have taken such goods free of any claim, existing or hereafter arising, by Commodity Credit Corporation, based on the want of authority in the seller to sell such goods, provided the buyer purchased such goods for value in good faith and did not know or have reason to know of any defect in the sellers authority to sell such goods. To be entitled to relief under this section a buyer must assert as an affirmative defense and establish by a preponderance of the evidence the facts necessary to entitle him to such relief.
(June 29, 1948, ch. 704, § 19, as added May 23, 1955, ch. 46, 69 Stat. 65.)