-CITE-

12 USC CHAPTER 7A - AGRICULTURAL MARKETING 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 7A - AGRICULTURAL MARKETING

.

-HEAD-

CHAPTER 7A - AGRICULTURAL MARKETING

-MISC1-

Sec.

1141. Declaration of policy; effective merchandising of

agricultural commodities; speculation; cooperative marketing;

surpluses; administration of chapter.

1141a. Repealed.

1141b. General powers of Farm Credit Administration.

1141c. Special powers of administration.

1141d. Revolving fund.

1141d-1. Interest rates on loans made from revolving fund.

1141e. Loans to cooperative associations.

1141f. Miscellaneous loan provisions.

1141g. Omitted.

1141h. Avoidance of duplication; cooperation with other

governmental establishments; obtaining information and data;

cooperation with States, Territories, and agencies or

subdivisions thereof; indicating research problems; transfer of

offices, functions, etc.

1141i. Examination of books and accounts.

1141j. Miscellaneous provisions.

(a) ''Cooperative association'' defined.

(b) Speculation prohibited.

(c) Confidential information; disclosure prohibited.

(d) Governmental publications; predictions as to

cotton prices prohibited.

(e) Separability clause.

(f) Citation of chapter.

(g) ''Agricultural commodity'' defined.

-COD-

CODIFICATION

This chapter contains the Agricultural Marketing Act, approved

June 15, 1929.

In view of the amendments to the Agricultural Marketing Act made

by the Farm Credit Act of 1933, approved June 16, 1933, and by the

Farm Credit Act of 1935, approved June 3, 1935, and of the transfer

of its administration to the Governor of the Farm Credit

Administration by Executive Order No. 6084, set out preceding

section 2241 of this title, the provisions of the Agricultural

Marketing Act, as amended, have been transferred to this chapter

from Title 7, Agriculture.

-SECREF-

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in section 1150a of this title; title

15 sections 78l, 632.

-CITE-

12 USC Sec. 1141 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7A - AGRICULTURAL MARKETING

-HEAD-

Sec. 1141. Declaration of policy; effective merchandising of

agricultural commodities; speculation; cooperative marketing;

surpluses; administration of chapter

-STATUTE-

(a) It is declared to be the policy of Congress to promote the

effective merchandising of agricultural commodities in interstate

and foreign commerce so that the industry of agriculture will be

placed on a basis of economic equality with other industries, and

to that end to protect, control, and stabilize the currents of

interstate and foreign commerce in the marketing of agricultural

commodities and their food products -

(1) by minimizing speculation.

(2) by preventing inefficient and wasteful methods of

distribution.

(3) by encouraging the organization of producers into effective

associations or corporations under their own control for greater

unity of effort in marketing and by promoting the establishment

and financing of a farm marketing system of producer-owned and

producer-controlled cooperative associations and other agencies.

(4) by aiding in preventing and controlling surpluses in any

agricultural commodity, through orderly production and

distribution, so as to maintain advantageous domestic markets and

prevent such surpluses from causing undue and excessive

fluctuations or depressions in prices for the commodity.

(b) There shall be considered as a surplus for the purposes of

this chapter any seasonal or year's total surplus, produced in the

United States and either local or national in extent, that is in

excess of the requirements for the orderly distribution of the

agricultural commodity or is in excess of the domestic requirements

for such commodity.

(c) The Farm Credit Administration shall execute the powers

vested in it by this chapter only in such manner as will, in the

judgment of the administration, aid to the fullest practicable

extent in carrying out the policy above declared.

-SOURCE-

(June 15, 1929, ch. 24, Sec. 1, 46 Stat. 11; Ex. Ord. No. 6084,

Mar. 27, 1933.)

-COD-

CODIFICATION

Section was formerly classified to section 521 of Title 7,

Agriculture.

-CHANGE-

CHANGE OF NAME

''Farm Credit Administration'' and ''administration'' substituted

in text for ''Federal Farm Loan Board'' and ''board'',

respectively, pursuant to Ex. Ord. No. 6084, set out preceding

section 2241 of this title.

-MISC4-

SHORT TITLE

For short title of this chapter as the Agricultural Marketing

Act, see section 1141j(f) of this title.

-TRANS-

TRANSFER OF FUNCTIONS

Establishment of Farm Credit Administration as an independent

agency, composition of Farm Credit Administration, appointment of

Governor of Farm Credit Administration and duties thereof,

including duty to perform functions, etc., of Farm Credit

Administration, see section 2241 et seq. of this title.

EXCEPTIONS FROM TRANSFER OF FUNCTIONS

Functions of Farm Credit Administration or any agency, officer,

or entity of, under, or subject to supervision of said

Administration excepted from functions of officers, agencies, and

employees transferred to Secretary of Agriculture by Reorg. Plan

No. 2 of 1953, Sec. 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat.

633, set out in the Appendix to Title 5, Government Organization

and Employees.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1141b, 1141e of this

title.

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12 USC Sec. 1141a 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7A - AGRICULTURAL MARKETING

-HEAD-

Sec. 1141a. Repealed. Aug. 6, 1953, ch. 335, Sec. 19, 67 Stat. 400

-MISC1-

Section, act June 15, 1929, ch. 24, Sec. 2, 46 Stat. 11; Ex. Ord.

No. 6084, Mar. 27, 1943; act Oct. 15, 1949, ch. 695, Sec. 6(a), 63

Stat. 881, related to appointment, compensation, qualifications,

term of office, and expenses of the Governor of the Farm Credit

Administration. See section 2244 et seq. of this title.

-CITE-

12 USC Sec. 1141b 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7A - AGRICULTURAL MARKETING

-HEAD-

Sec. 1141b. General powers of Farm Credit Administration

-STATUTE-

The Farm Credit Administration -

(1) shall maintain its principal office within the Washington,

D.C.-Maryland-Virginia standard metropolitan statistical area,

and such other offices in the United States as in its judgment

are necessary.

(2) shall have an official seal which shall be judicially

noticed.

(3) shall make an annual report to Congress upon the

administration of this chapter and any other matter relating to

the better effectuation of the policy declared in section 1141 of

this title, including recommendations for legislation.

(4) may make such regulations as are necessary to execute the

functions vested in it by this chapter.

(5) may appoint and fix the salaries of a secretary and such

experts, and, in accordance with chapter 51 and subchapter III of

chapter 53 of title 5, and subject to the provisions of the civil

service laws, such other officers and employees as are necessary

to execute such functions.

(6) may make such expenditures (including expenditures for rent

and personal services at the seat of government and elsewhere,

for law books, periodicals, and books of reference, and for

printing and binding) as are necessary to execute such

functions. Expenditures by the administration shall be allowed

and paid upon the presentation of itemized vouchers therefor

approved by the governor of the administration.

(7) may sell at public or private sale to the highest

responsible bidder, upon such terms and after such public

advertisement as the Farm Credit Administration may deem in the

public interest, any property, real or personal, or any interest

therein, acquired by the United States on account of or as a

result of any loans made from the revolving fund authorized by

section 1141d of this title; may lease any such property, pending

its sale, on such terms and for such period, not in excess of

five years, as the Farm Credit Administration may deem in the

public interest; and may incur and pay, from the said revolving

fund, obligations and expenses for the operation, upkeep,

maintenance, repair, disposition, insurance, and protection of

any such property: Provided, That section 5 of title 41 shall not

be construed to apply to any purchase or service on account of

such property.

-SOURCE-

(June 15, 1929, ch. 24, Sec. 4, 46 Stat. 13; Ex. Ord. No. 6084,

Mar. 27, 1933; Aug. 19, 1937, ch. 704, Sec. 37, 50 Stat. 717; Oct.

28, 1949, ch. 782, title XI, Sec. 1106(a), 63 Stat. 972; Pub. L.

96-592, title V, Sec. 510, Dec. 24, 1980, 94 Stat. 3451.)

-REFTEXT-

REFERENCES IN TEXT

The civil service laws, referred to in par. (5), are set forth in

Title 5, Government Organization and Employees. See, particularly,

section 3301 et seq. of that title.

-COD-

CODIFICATION

In par. (5), ''chapter 51 and subchapter III of chapter 53 of

title 5'' substituted for ''the Classification Act of 1949'' on

authority of section 7(b) of Pub. L. 89-554, Sept. 6, 1966, 80

Stat. 631, section 1 of which enacted Title 5, Government

Organization and Employees.

Section was formerly classified to section 524 of Title 7,

Agriculture.

-MISC3-

AMENDMENTS

1980 - Par. (1). Pub. L. 96-592 substituted provisions requiring

the principal office to be within the Washington,

D.C.-Maryland-Virginia standard metropolitan statistical area for

provisions requiring the principal office to be in the District of

Columbia.

1949 - Act Oct. 28, 1949, substituted the ''Classification Act of

1949'' for the ''Classification Act of 1923''.

1937 - Par. (7). Act Aug. 19, 1937, added par. (7).

-CHANGE-

CHANGE OF NAME

''Farm Credit Administration'' and ''administration'' substituted

in text for ''board'' and ''governor'' substituted for ''chairman''

pursuant to Ex. Ord. No. 6084, set out preceding section 2241 of

this title.

-MISC4-

REPEALS

Act Oct. 28, 1949, ch. 782, cited as a credit to this section,

was repealed (subject to a savings clause) by Pub. L. 89-554, Sept.

6, 1966, Sec. 8, 80 Stat. 632, 655.

REPEAL OF AUTHORITY

Repeal of authority of the Farm Credit Administration to make

emergency crop production, feed, seed, drought, and rehabilitation

loans on Aug. 14, 1946, see note set out under sections 1001 to

1005d of Title 7, Agriculture.

SEPARABILITY

Section 40 of act Aug. 19, 1937, provided as follows:

''Sec. 40. (a) If any provision of this Act, or the application

thereof to any person or circumstances, is held invalid, the

remainder of the Act, and the application of such provisions to

other persons or circumstances, shall not be affected thereby.

''(b) The right to alter, amend, or repeal this Act is hereby

expressly reserved.''

TERMINATION OF REPORTING REQUIREMENTS

For termination, effective May 15, 2000, of reporting provisions

in par. (3) of this section, see section 3003 of Pub. L. 104-66, as

amended, set out as a note under section 1113 of Title 31, Money

and Finance, and page 166 of House Document No. 103-7.

-TRANS-

TRANSFER OF FUNCTIONS

Establishment of Farm Credit Administration as an independent

agency, composition of Farm Credit Administration, appointment of

Governor of Farm Credit Administration, and duties thereof,

including duty to perform functions, etc., of Farm Credit

Administration, see section 2241 et seq. of this title.

EXCEPTIONS FROM TRANSFER OF FUNCTIONS

Functions of Farm Credit Administration or any agency, officer,

or entity of, under, or subject to supervision of said

Administration excepted from functions of officers, agencies, and

employees transferred to Secretary of Agriculture by Reorg. Plan

No. 2 of 1953, Sec. 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat.

633, set out in the Appendix to Title 5, Government Organization

and Employees.

-CITE-

12 USC Sec. 1141c 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7A - AGRICULTURAL MARKETING

-HEAD-

Sec. 1141c. Special powers of administration

-STATUTE-

The administration is authorized and directed -

(1) to promote education in the principles and practices of

cooperative marketing of agricultural commodities and food

products thereof.

(2) to encourage the organization, improvement in methods, and

development of effective cooperative associations.

(3) to keep advised from any available sources and make reports

as to crop prices, experiences, prospects, supply, and demand, at

home and abroad.

-SOURCE-

(June 15, 1929, ch. 24, Sec. 5, 46 Stat. 13; Ex. Ord. No. 6084,

Mar. 27, 1933; June 16, 1933, ch. 98, title V, Sec. 50(a), 48 Stat.

265.)

-COD-

CODIFICATION

Section was formerly classified to section 525 of Title 7,

Agriculture.

-MISC3-

AMENDMENTS

1933 - Act June 16, 1933, repealed pars. (4) and (5) relating to

powers of the Farm Board to investigate overproduction and to

miscellaneous investigations by the Farm Board.

-CHANGE-

CHANGE OF NAME

''Administration'' substituted in text for ''board'' pursuant to

Ex. Ord. No. 6084, set out preceding section 2241 of this title.

-TRANS-

TRANSFER OF FUNCTIONS

Establishment of Farm Credit Administration as an independent

agency, composition of Farm Credit Administration, appointment of

Governor of Farm Credit Administration, and duties thereof,

including duty to perform functions, etc., of Farm Credit

Administration, see section 2241 et seq. of this title.

EXCEPTIONS FROM TRANSFER OF FUNCTIONS

Functions of Farm Credit Administration or any agency, officer,

or entity of, under, or subject to supervision of said

Administration excepted from functions of officers, agencies, and

employees transferred to Secretary of Agriculture by Reorg. Plan

No. 2 of 1953, Sec. 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat.

633, set out in the Appendix to Title 5, Government Organization

and Employees.

-CITE-

12 USC Sec. 1141d 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7A - AGRICULTURAL MARKETING

-HEAD-

Sec. 1141d. Revolving fund

-STATUTE-

There is authorized to be appropriated the sum of $500,000,000

which shall be made available by the Congress as soon as

practicable after the approval of this chapter and shall constitute

a revolving fund to be administered by the administration as

provided in this chapter. Any and all funds derived from the sale,

lease, operation, or other disposition of any property, real or

personal, acquired by the United States on account of or as a

result of any loan made pursuant to the provisions of this chapter,

shall be covered into and become a part of said revolving fund.

Effective June 25, 1962, the sum authorized to be appropriated for

the aforesaid revolving fund as reduced from $500,000,000 to

$150,000,000 and any amount in said fund in excess of $150,000,000

(including any amount thereof used to purchase capital stock in the

central and regional banks for cooperatives) shall be credited to

miscellaneous receipts of the Treasury.

-SOURCE-

(June 15, 1929, ch. 24, Sec. 6, 46 Stat. 14; Ex. Ord. No. 6084,

Mar. 27, 1933; June 16, 1933, ch. 98, title III, Sec. 33, 34, title

IV, Sec. 40, 41, 48 Stat. 262, 264; Aug. 19, 1937, ch. 704, Sec.

38, 50 Stat. 718; Pub. L. 87-494, June 25, 1962, 76 Stat. 109.)

-COD-

CODIFICATION

Section was formerly classified to section 526 of Title 7,

Agriculture.

-MISC3-

AMENDMENTS

1962 - Pub. L. 87-494 reduced sum authorized to be appropriated

to $150,000,000.

1937 - Act Aug. 19, 1937, inserted second sentence.

1933 - Act June 16, 1933, amended provision pertaining to

administration of the fund.

-CHANGE-

CHANGE OF NAME

''Administration'' substituted in text for ''board'' pursuant to

Ex. Ord. No. 6084, set out preceding section 2241 of this title.

-TRANS-

TRANSFER OF FUNCTIONS

Establishment of Farm Credit Administration as an independent

agency, composition of Farm Credit Administration, appointment of

Governor of Farm Credit Administration, and duties thereof,

including duty to perform functions, etc., of Farm Credit

Administration, see section 2241 et seq. of this title.

EXCEPTIONS FROM TRANSFER OF FUNCTIONS

Functions of Farm Credit Administration or any agency, officer,

or entity of, under, or subject to supervision of said

Administration excepted from functions of officers, agencies, and

employees transferred to Secretary of Agriculture by Reorg. Plan

No. 2 of 1953, Sec. 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat.

633, set out in the Appendix to Title 5, Government Organization

and Employees.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1141b, 1141d-1 of this

title.

-CITE-

12 USC Sec. 1141d-1 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7A - AGRICULTURAL MARKETING

-HEAD-

Sec. 1141d-1. Interest rates on loans made from revolving fund

-STATUTE-

Interest rates in excess of the rates set forth in notes or other

obligations taken by the Federal Farm Board or the Farm Credit

Administration for loans made from the revolving fund authorized by

section 1141d of this title shall not be charged or collected on

any of said loans, whether such loans have been heretofore or are

hereafter paid in whole or in part, except that in those cases

where a borrower by specific contract has agreed to pay a higher

rate of interest, the contract rate shall be charged for the period

agreed upon; and the amount of any interest collected in excess of

the rates thus set forth or contracted for shall be refunded out of

said fund or credited on the borrower's indebtedness.

-SOURCE-

(June 22, 1939, ch. 239, 53 Stat. 853.)

-COD-

CODIFICATION

Section was not enacted as part of the Agricultural Marketing Act

which comprises this chapter.

-CHANGE-

CHANGE OF NAME

Federal Farm Board changed in 1933 to Farm Credit Administration

by Ex. Ord. No. 6084, set out preceding section 2241 of this title.

-TRANS-

TRANSFER OF FUNCTIONS

Establishment of Farm Credit Administration as an independent

agency, composition of Farm Credit Administration, appointment of

Governor of Farm Credit Administration, and duties thereof,

including duty to perform functions, etc., of Farm Credit

Administration, see section 2241 et seq. of this title.

EXCEPTIONS FROM TRANSFER OF FUNCTIONS

Functions of Farm Credit Administration or any agency, officer,

or entity of, under, or subject to supervision of said

Administration excepted from functions of officers, agencies, and

employees transferred to Secretary of Agriculture by Reorg. Plan

No. 2 of 1953, Sec. 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat.

633, set out in the Appendix to Title 5, Government Organization

and Employees.

-CITE-

12 USC Sec. 1141e 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7A - AGRICULTURAL MARKETING

-HEAD-

Sec. 1141e. Loans to cooperative associations

-STATUTE-

(a) Upon application by any cooperative association the

administration is authorized to make loans to it from the revolving

fund to assist in -

(1) the effective merchandising of agricultural commodities and

food products thereof and the financing of its operations;

(2) the construction or acquisition by purchase or lease, or

refinancing the cost of such construction or acquisition, of

physical facilities.

(b) No loan shall be made to any cooperative association unless,

in the judgment of the administration, the loan is in furtherance

of the policy declared in section 1141 of this title, and the

cooperative association applying for the loan has an organization

and management, and business policies, of such character as to

insure the reasonable safety of the loan and the furtherance of

such policy.

(c) Loans for the construction or acquisition by purchase or

lease of physical facilities, or for refinancing the cost of such

construction or acquistion, (FOOTNOTE 1) shall be subject to the

following conditions:

(FOOTNOTE 1) So in original. Probably should be

''acquisition,''.

(1) No loan shall be made in an amount in excess of 60 per

centum of the appraised value of the security therefor.

(2) No loan for the purchase or lease of such facilities shall

be made unless the Governor of the Farm Credit Administration

finds that the purchase price or rent to be paid is reasonable.

(d) Loans for the construction or purchase of physical

facilities, together with interest on the loans, shall be repaid

upon an amortization plan over a period not in excess of twenty

years.

-SOURCE-

(June 15, 1929, ch. 24, Sec. 7, 46 Stat. 14; Ex. Ord. No. 6084,

Mar. 27, 1933; June 16, 1933, ch. 98, title V, Sec. 50-53, 48 Stat.

265; June 3, 1935, ch. 164, Sec. 9, 10, 49 Stat. 316.)

-COD-

CODIFICATION

Section was formerly classified to section 527 of Title 7,

Agriculture.

-MISC3-

AMENDMENTS

1935 - Subsecs. (a)(2), (c)(1). Act June 3, 1935, amended

subsecs. (a)(2) and (c)(1).

1933 - Act June 16, 1933, repealed provisions authorizing loans

to form clearing house associations; for education of producers in

advantages of cooperative marketing; and to enable cooperatives to

advance a greater share of the market price of commodities than was

practicable under other credit facilities.

-CHANGE-

CHANGE OF NAME

''Administration'' substituted in text for ''board'' pursuant to

Ex. Ord. No. 6084, set out preceding section 2241 of this title.

-TRANS-

TRANSFER OF FUNCTIONS

Establishment of Farm Credit Administration as an independent

agency, composition of Farm Credit Administration, appointment of

Governor of Farm Credit Administration, and duties thereof,

including duty to perform functions, etc., of Farm Credit

Administration, see section 2241 et seq. of this title.

EXCEPTIONS FROM TRANSFER OF FUNCTIONS

Functions of Farm Credit Administration or any agency, officer,

or entity of, under, or subject to supervision of said

Administration excepted from functions of officers, agencies, and

employees transferred to Secretary of Agriculture by Reorg. Plan

No. 2 of 1953, Sec. 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat.

633, set out in the Appendix to Title 5, Government Organization

and Employees.

-CITE-

12 USC Sec. 1141f 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7A - AGRICULTURAL MARKETING

-HEAD-

Sec. 1141f. Miscellaneous loan provisions

-STATUTE-

(a) Repealed. Pub. L. 89-525, Sec. 4(b), Aug. 2, 1966, 80 Stat.

334.

(b) Payments of principal or interest upon any such loan or

advance shall be covered into the revolving fund.

(c) Loans to any cooperative association or stabilization

corporation shall be made upon the terms specified in this chapter

and upon such other terms not inconsistent therewith and upon such

security as the administration deems necessary.

(d) No loan or insurance agreement shall be made by the

administration if in its judgment the agreement is likely to

increase unduly the production of any agricultural commodity of

which there is commonly produced a surplus in excess of the annual

marketing requirements.

-SOURCE-

(June 15, 1929, ch. 24, Sec. 8, 46 Stat. 14; Ex. Ord. No. 6084,

Mar. 27, 1933; June 16, 1933, ch. 98, title V, Sec. 54, 48 Stat.

266; June 3, 1935, ch. 164, Sec. 11, 49 Stat. 316; Aug. 19, 1937,

ch. 704, Sec. 5(a), 50 Stat. 704; Aug. 11, 1955, ch. 785, title I,

Sec. 109, 69 Stat. 662; Pub. L. 89-525, Sec. 4(b), Aug. 2, 1966, 80

Stat. 334.)

-COD-

CODIFICATION

Section was formerly classified to section 528 of Title 7,

Agriculture.

-MISC3-

AMENDMENTS

1966 - Subsec. (a). Pub. L. 89-525 repealed subsec. (a) which

provided that loans to cooperative associations made by any bank

for cooperatives shall bear such rates of interest as the board of

directors of the bank shall from time to time determine with the

approval of the Farm Credit Administration, but in no case shall

the rate of interest exceed 6 per centum per annum on the unpaid

principal of a loan. See section 2122 of this title.

1955 - Subsec. (a). Act Aug. 11, 1955, provided that boards of

directors for banks would prescribe interest rates on loans in

place of requirements relating interest rates on loans made by

banks for cooperatives to interest rates charged by Federal

intermediate credit banks and Federal land banks.

1937 - Subsec. (a). Act Aug. 19, 1937, substituted ''farm credit

district'' for ''land bank district''.

1935 - Subsec. (a). Act June 3, 1935, among other changes,

inserted proviso.

1933 - Subsec. (a). Act June 16, 1933, among other changes,

modified interest rates.

-CHANGE-

CHANGE OF NAME

''Administration'' substituted in text for ''board'' pursuant to

Ex. Ord. No. 6084, set out preceding section 2241 of this title.

-MISC4-

EFFECTIVE DATE OF 1955 AMENDMENT

Amendment by act Aug. 11, 1955, effective on first day of month

next following 120 days after Aug. 11, 1955, see section 112 of act

Aug. 11, 1955 (69 Stat. 662).

-TRANS-

TRANSFER OF FUNCTIONS

Establishment of Farm Credit Administration as an independent

agency, composition of Farm Credit Administration, appointment of

Governor of Farm Credit Administration, and duties thereof,

including duty to perform functions, etc., of Farm Credit

Administration, see section 2241 et seq. of this title.

EXCEPTIONS FROM TRANSFER OF FUNCTIONS

Functions of Farm Credit Administration or any agency, officer,

or entity of, under, or subject to supervision of said

Administration excepted from functions of officers, agencies, and

employees transferred to Secretary of Agriculture by Reorg. Plan

No. 2, of 1953, Sec. 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat.

633, set out in the Appendix to Title 5, Government Organization

and Employees.

-CITE-

12 USC Sec. 1141g 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 7A - AGRICULTURAL MARKETING

-HEAD-

Sec. 1141g. Omitted

-COD-

CODIFICATION

Section, act June 15, 1929, ch. 24, Sec. 9, 46 Stat. 15; Ex. Ord.

No. 6084, Mar. 27, 1933, provided for the recognition, upon

application of the advisory commodity committee, of stabilization

corporations for commodities, and prescribed functions and

operations in connection therewith. Ex. Ord. No. 6084 abolished

the authority conferred by this section and ordered the Farm Credit

Administration to take appropriate steps for winding up the

activities of such corporations. The order is set out as a note

preceding section 2241 of this title.

-CITE-

12 USC Sec. 1141h 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7A - AGRICULTURAL MARKETING

-HEAD-

Sec. 1141h. Avoidance of duplication; cooperation with other

governmental establishments; obtaining information and data;

cooperation with States, Territories, and agencies or

subdivisions thereof; indicating research problems; transfer of

offices, functions, etc.

-STATUTE-

(a) The administration shall, in cooperation with any

governmental establishment in the Executive branch of the

Government, including any field service thereof at home or abroad,

avail itself of the services and facilities thereof in order to

avoid preventable expense or duplication of effort.

(b) The President may by Executive order direct any such

governmental establishment to furnish the administration such

information and data as such governmental establishment may have

pertaining to the functions of the administration; except that the

President shall not direct that the administration be furnished

with any information or data supplied by any person in confidence

to any governmental establishment in pursuance of any provision of

law or of any agreement with a governmental establishment.

(c) The administration may cooperate with any State or Territory,

or department, agency, or political subdivision thereof, or with

any person.

(d) The administration shall, through the governor, indicate to

the appropriate bureau or division of the Department of Agriculture

any special problem on which a research is needed to aid in

carrying out the provisions of this chapter.

(e) The President is authorized, by Executive order, to transfer

to or retransfer from the jurisdiction and control of the

administration the whole or any part of (1) any office, bureau,

service, division, commission, or board in the Executive branch of

the Government engaged in scientific or extension work, or the

furnishing of services, with respect to the marketing of

agricultural commodities, (2) its functions pertaining to such work

or services, and (3) the records, property, including office

equipment, personnel, and unexpended balances of appropriation,

pertaining to such work or services.

-SOURCE-

(June 15, 1929, ch. 24, Sec. 13, 46 Stat. 17; Ex. Ord. No. 6084,

Mar. 27, 1933.)

-COD-

CODIFICATION

Section was formerly classified to section 533 of Title 7,

Agriculture.

-CHANGE-

CHANGE OF NAME

''Administration'' substituted in text for ''board'' pursuant to

Ex. Ord. No. 6084, set out preceding section 2241 of this title.

-TRANS-

TRANSFER OF FUNCTIONS

Establishment of Farm Credit Administration as an independent

agency, composition of Farm Credit Administration, appointment of

Governor of Farm Credit Administration, and duties thereof,

including duty to perform functions, etc., of Farm Credit

Administration, see section 2241 et seq. of this title.

EXCEPTIONS FROM TRANSFER OF FUNCTIONS

Functions of Farm Credit Administration or any agency, officer,

or entity of, under, or subject to supervision of said

Administration excepted from functions of officers, agencies, and

employees transferred to Secretary of Agriculture by Reorg. Plan

No. 2 of 1953, Sec. 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat.

633, set out in the Appendix to Title 5, Government Organization

and Employees.

-CITE-

12 USC Sec. 1141i 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 7A - AGRICULTURAL MARKETING

-HEAD-

Sec. 1141i. Examination of books and accounts

-STATUTE-

Vouchers approved by the Governor of the Farm Credit

Administration for expenditures from the revolving fund pursuant to

any loan or advance or from insurance moneys pursuant to any

insurance agreement, shall be final and conclusive upon all

officers of the Government; except that all financial transactions

of the administration shall, subject to the above limitations, be

examined by the General Accounting Office at such times and in such

manner as the Comptroller General of the United States may by

regulation prescribe.

-SOURCE-

(June 15, 1929, ch. 24, Sec. 14, 46 Stat. 18; Ex. Ord. No. 6084,

Mar. 27, 1933; Aug. 30, 1954, ch. 1076, Sec. 1(30), 68 Stat. 968.)

-COD-

CODIFICATION

Section was formerly classified to section 534 of Title 7,

Agriculture.

-MISC3-

AMENDMENTS

1954 - Act Aug. 30, 1954, repealed former second sentence which

required the Comptroller General to make reports to Congress on

examinations of Farm Credit Administration transactions under the

agricultural marketing revolving fund, in violation of law,

together with his recommendations. See chapter 91 of Title 31,

Money and Finance.

-CHANGE-

CHANGE OF NAME

''Governor of the Farm Credit Administration'' and

''administration'' substituted in text for ''chairman of the

board'' and ''board'', respectively, pursuant to Ex. Ord. No. 6084,

set out preceding section 2241 of this title.

-TRANS-

TRANSFER OF FUNCTIONS

Establishment of Farm Credit Administration as an independent

agency, composition of Farm Credit Administration, appointment of

Governor of Farm Credit Administration, and duties thereof,

including duty to perform functions, etc., of Farm Credit

Administration, see section 2241 et seq. of this title.

EXCEPTIONS FROM TRANSFER OF FUNCTIONS

Functions of Farm Credit Administration or any agency, officer,

or entity of, under, or subject to supervision of said

Administration excepted from functions of officers, agencies, and

employees transferred to Secretary of Agriculture by Reorg. Plan

No. 2 of 1953, Sec. 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat.

633, set out in the Appendix to Title 5, Government Organization

and Employees.

-MISC5-

INSURANCE AGREEMENTS

Insurance agreements, referred to in the text, were authorized to

be made by section 11 of act June 15, 1929, which section was

repealed by act June 16, 1933, ch. 98, title V, Sec. 50(a), 48

Stat. 265. Section 11 authorized the former Federal Farm Board,

upon application of cooperative associations, to enter into

agreements subject to specified conditions, for the insurance of

the associations against loss through price decline in the

agricultural commodity handled by the associations and produced by

the members thereof.

-CITE-

12 USC Sec. 1141j 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 7A - AGRICULTURAL MARKETING

-HEAD-

Sec. 1141j. Miscellaneous provisions

-STATUTE-

(a) ''Cooperative association'' defined

As used in this chapter, the term ''cooperative association''

means any association in which farmers act together in processing,

preparing for market, handling, and/or marketing the farm products

of persons so engaged, and also means any association in which

farmers act together in purchasing, testing, grading, processing,

distributing, and/or furnishing farm supplies and/or farm business

services: Provided, however, That such associations are operated

for the mutual benefit of the members thereof as such producers or

purchasers and conform to one or both of the following

requirements:

First. That no member of the association is allowed more than one

vote because of the amount of stock or membership capital he may

own therein; and

Second. That the association does not pay dividends on stock or

membership capital in excess of 8 per centum per annum.

And in any case to the following:

Third. That the association shall not deal in farm products, farm

supplies, and farm business services with or for nonmembers in an

amount greater in value than the total amount of such business

transacted by it with or for members. All business transacted by

any cooperative association for or on behalf of the United States

or any agency or instrumentality thereof shall be disregarded in

determining the volume of member and nonmember business transacted

by such association.

(b) Speculation prohibited

It shall be unlawful for the governor, or any officer or employee

of the Farm Credit Administration to speculate directly or

indirectly, in any agricultural commodity or product thereof, or in

contracts relating thereto, or in the stock or membership interests

of any association or corporation engaged in handling, processing,

or disposing of any such commodity or product. Any person

violating this subdivision shall upon conviction thereof be fined

not more than $10,000, or imprisoned not more than ten years, or

both.

(c) Confidential information; disclosure prohibited

It shall be unlawful (1) for any cooperative association,

stabilization corporation, clearing-house association, or commodity

committee, or (2) for any director, officer, employee, or member or

person acting on behalf of any such association, corporation, or

committee, to which or to whom information has been imparted in

confidence by the administration, to disclose such information in

violation of any regulation of the administration. Any such

association, corporation, or committee, or director, officer,

employee, or member thereof, violating this subdivision, shall be

fined not more than $5,000, or imprisoned not more than five years,

or both.

(d) Governmental publications; predictions as to cotton prices

prohibited

The inclusion in any governmental report, bulletin, or other such

publication hereafter issued or published of any prediction with

respect to cotton prices is prohibited. Any officer or employee of

the United States who authorizes or is responsible for the

inclusion in any such report, bulletin, or other publication of any

such prediction, or who knowingly causes the issuance or

publication of any such report, bulletin, or other publication

containing any such prediction, shall, upon conviction thereof, be

fined not less than $500 or more than $5,000, or imprisoned for not

more than five years, or both: Provided, That this subdivision

shall not apply to the Governor of the Farm Credit Administration

when engaged in the performance of his duties herein provided.

(e) Separability clause

If any provision of this chapter is declared unconstitutional, or

the applicability thereof to any person, circumstance, commodity,

or class of transactions with respect to any commodity is held

invalid, the validity of the remainder of the chapter and the

applicability of such provision to other persons, circumstances,

commodities, and classes of transactions shall not be affected

thereby.

(f) Citation of chapter

This chapter may be cited as the ''Agricultural Marketing Act.''

(g) ''Agricultural commodity'' defined

As used in this chapter, the term ''agricultural commodity''

includes, in addition to other agricultural commodities, crude gum

(oleoresin) from a living tree, and the following products as

processed by the original producer of the crude gum (oleoresin)

from which derived: Gum spirits of turpentine and gum rosin, as

defined in section 92 of title 7.

-SOURCE-

(June 15, 1929, ch. 24, Sec. 15, 46 Stat. 18; Mar. 4, 1931, ch.

520, Sec. 3, 46 Stat. 1550; Ex. Ord. No. 6084, Mar. 27, 1933; June

16, 1933, ch. 98, title V, Sec. 55, 48 Stat. 266; June 3, 1935, ch.

164, Sec. 12, 49 Stat. 317.)

-COD-

CODIFICATION

Section was formerly classified to section 535 of Title 7,

Agriculture.

-MISC3-

AMENDMENTS

1935 - Subsec. (a). Act June 3, 1935, amended definition of

cooperative association and inserted second sentence in par.

''Third''.

1933 - Subsec. (a). Act June 16, 1933, among other changes,

inserted proviso and all subsequent thereto.

1931 - Subsec. (g). Act Mar. 4, 1931, added subsec. (g).

-CHANGE-

CHANGE OF NAME

''The Governor'' and ''Farm Credit Administration'' substituted

in text for ''any member'' and ''board'', respectively, and

''Governor of the Farm Credit Administration'' substituted for

''members of the board'', pursuant to Ex. Ord. No. 6084, set out

preceding section 2241 of this title.

-TRANS-

TRANSFER OF FUNCTIONS

Establishment of Farm Credit Administration as an independent

agency, composition of Farm Credit Administration, appointment of

Governor of Farm Credit Administration, and duties thereof,

including duty to perform functions, etc., of Farm Credit

Administration, see section 2241 et seq of this title.

EXCEPTIONS FROM TRANSFER OF FUNCTIONS

Functions of Farm Credit Administration or any agency, officer,

or entity of, under, or subject to supervision of said

Administration excepted from functions of officers, agencies, and

employees transferred to Secretary of Agriculture by Reorg. Plan

No. 2 of 1953, Sec. 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat.

633, set out in the Appendix to Title 5, Government Organization

and Employees.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 5 section 504; title 7

sections 499e, 2302; title 15 section 632; title 26 section 3131;

title 28 section 2412; title 29 section 203; title 42 sections 410,

8802; title 49 sections 13506, 13508.

-CITE-