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15 USC CHAPTER 15 - ECONOMIC RECOVERY 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 15 - ECONOMIC RECOVERY

.

-HEAD-

CHAPTER 15 - ECONOMIC RECOVERY

-MISC1-

SUBCHAPTER I - GENERALLY

Sec.

701 to 712. Omitted or Repealed.

712a. Limitation of obligations for administrative

expenses of certain agencies; limitation on life

of certain agencies.

713 to 713a-3. Omitted or Repealed.

713a-4. Obligations of Commodity Credit Corporation;

issuance; sale; purchase; redemption; etc.

713a-5. Exemption of Commodity Credit Corporation and its

obligations from taxation.

713a-6. Sale of surplus agricultural commodities to foreign

governments.

713a-7. Exchange of surplus agricultural commodities for

reserve stocks of strategic materials.

713a-8. Omitted.

713a-9. Reimbursement of corporation from funds of

Government agencies for services, losses,

operating costs, or commodities purchased.

713a-10. Omitted.

713a-11. Annual appropriations to reimburse Commodity Credit

Corporation for net realized loss.

713a-11a. Interest prohibited when reimbursing Corporation

for net realized losses.

713a-12. Deposit of net realized gain of Commodity Credit

Corporation in Treasury.

713a-13. 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.

713a-14. Dairy export incentive program.

(a) Establishment and operation.

(b) Payments to entity that sells for export

United States dairy products; bid basis;

criteria for acceptance or rejection of

bids.

(c) Rules and regulations.

(d) Payments under program to be made in cash

or commodities.

(e) Payment rates; publication in Federal

Register or other public announcement.

(f) Required funding.

713b. Repealed.

713c. Federal Surplus Commodities Corporation;

continuance of existence; purchase and

distribution of surplus agricultural commodities.

713c-1. Annual report to Congress by Federal Surplus

Commodities Corporation.

713c-2. Purchase and distribution of surplus fishery

products.

713c-3. Promotion of the free flow of domestically produced

fishery products.

(a) Definitions.

(b) Transfer of funds.

(c) Fisheries research and development

projects.

(d) National fisheries research and development

program.

(e) Allocation of fund moneys.

SUBCHAPTER II - COMMODITY CREDIT CORPORATION

714. Creation and purpose of Corporation.

714a. Location of offices.

714b. General powers of Corporation.

714c. Specific powers of Corporation.

714d. Laws applicable to Corporation.

714e. Capital stock; amount; interest.

714f. Use of funds.

714g. Board of Directors.

(a) Composition; appointment, tenure and

compensation; quorum; duties.

(b) Advisory board; composition, tenure and

compensation; meetings; duties.

714h. Officers and employees; appointment; duties.

714i. Cooperation with other governmental agencies.

714j. Utilization of associations and trade facilities.

714k. Records; annual report.

714l. Interest of Members of Congress.

714m. Crimes and offenses.

(a) False statements; overvaluation of

securities.

(b) Embezzlement, etc.; false entries;

fraudulent issue of obligations of

Corporation.

(c) Larceny; conversion of property.

(d) Conspiracy to commit offense.

(e) General statutes applicable.

(f) Use of words ''Commodity Credit

Corporation''.

714n. Transfer of assets of Commodity Credit Corporation,

a Delaware corporation.

714o. Dissolution of Delaware corporation.

714p. Release of innocent purchasers of converted goods.

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15 USC SUBCHAPTER I - GENERALLY 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 15 - ECONOMIC RECOVERY

SUBCHAPTER I - GENERALLY

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SUBCHAPTER I - GENERALLY

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15 USC Sec. 701 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 15 - ECONOMIC RECOVERY

SUBCHAPTER I - GENERALLY

-HEAD-

Sec. 701. Omitted

-COD-

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.

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15 USC Sec. 702 to 702f 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 15 - ECONOMIC RECOVERY

SUBCHAPTER I - GENERALLY

-HEAD-

Sec. 702 to 702f. Repealed. Pub. L. 89-554, Sec. 8(a), Sept. 6,

1966, 80 Stat. 648

-MISC1-

Section 702, act June 16, 1933, ch. 90, Sec. 2, 48 Stat. 195, and

sections 702a to 702f, act June 19, 1934, ch. 677, Sec. 1-6, 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.

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15 USC Sec. 703 to 712 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 15 - ECONOMIC RECOVERY

SUBCHAPTER I - GENERALLY

-HEAD-

Sec. 703 to 712. Omitted

-COD-

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, set out

below. Subsequently, sections 303 and 304 of the Act, classified

to sections 711 and 712 of this title, were repealed by Pub. L.

107-217, Sec. 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.

-EXEC-

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.

-MISC6-

NATIONAL EMERGENCY COUNCIL

National 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, Sec. 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 COMMITTEE

National 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,

Sec. 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 USC Sec. 712a 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 15 - ECONOMIC RECOVERY

SUBCHAPTER I - GENERALLY

-HEAD-

Sec. 712a. Limitation of obligations for administrative expenses of

certain agencies; limitation on life of certain agencies

-STATUTE-

(a) Notwithstanding any other provision of law, none of the

establishments or agencies named in subsection (b) of this section

shall, after June 30, 1937, incur any obligations for

administrative expenses, except pursuant to an annual appropriation

specifically therefor, nor shall any such establishment or agency

continue to function after said date unless established by or

pursuant to law: Provided, That nothing contained in this section

shall be construed to extend the period during which any such

establishment or agency heretofore has been authorized by law to

function.

(b) (1., 2. Repealed) 3. Federal Housing Administration; 4.

Federal Surplus Commodities Corporation; 5. Export-Import Bank of

the United States; 6. Second Export-Import Bank of Washington,

District of Columbia; 7. Reconstruction Finance Corporation; 8.

Electric Home and Farm Authority; 9. Commodity Credit Corporation;

10. Federal Emergency Administration of Public Works; (11.

Repealed) 12. Reconstruction Finance Mortgage Company.

-SOURCE-

(June 22, 1936, ch. 689, Sec. 7, 49 Stat. 1647; Pub. L. 87-353,

Sec. 3(l), Oct. 4, 1961, 75 Stat. 774; Pub. L. 90-267, Sec. 1(a),

Mar. 13, 1968, 82 Stat. 47; Pub. L. 101-73, title VII, Sec. 741,

Aug. 9, 1989, 103 Stat. 436.)

-MISC1-

AMENDMENTS

1989 - Subsec. (b). Pub. L. 101-73 struck out ''1. Federal Home

Loan Bank Board; 2. Home Owners' Loan Corporation;'' and ''11.

Federal Savings and Loan Insurance Corporation;''.

1961 - Subsec. (b). Pub. L. 87-353 struck out item 4. Federal

Farm Mortgage Corporation and redesignated former items 5 to 13 as

4 to 12, respectively.

-TRANS-

TRANSFERS OF FUNCTIONS AND CHANGES IN NAMES

Home Owners' Loan Corporation, Federal Savings and Loan Insurance

Corporation, and Federal Home Loan Bank Board consolidated into

National Housing Agency during World War II by Ex. Ord. No. 9070,

Feb. 24, 1942. Subsequently, Home Owners' Loan Corporation, Federal

Savings and Loan Insurance Corporation, and Federal Home Loan Bank

Board consolidated into Housing and Home Finance Agency by Reorg.

Plan No. 3 of 1947, eff. July 27, 1947, 12 F.R. 4981, 61 Stat.

954, which created Home Loan Bank Board as a constituent agency

thereof and transferred to such Board functions of Federal Savings

and Loan Insurance Corporation. Pursuant to act Aug. 11, 1955, ch.

783, title I, Sec. 109(a)(3), 69 Stat. 640, Home Loan Bank Board

made an independent agency (including Federal Savings and Loan

Insurance Corporation) and its name changed to Federal Home Loan

Bank Board. Home Owners' Loan Corporation abolished by act June 30,

1953, ch. 170, Sec. 21, 67 Stat. 126. Federal Home Loan Bank Board

abolished and its functions transferred, see sections 401 to 406 of

Pub. L. 101-73, set out as a note under section 1437 of Title 12,

Banks and Banking.

Federal Housing Administration consolidated into National Housing

Agency during World War II by Ex. Ord. No. 9070, Feb. 24, 1942.

Federal Housing Administration subsequently consolidated into

Housing and Home Finance Agency by Reorg. Plan No. 3 of 1947, eff.

July 27, 1947, 12 F.R. 4981, 61 Stat. 954. Functions, powers, and

duties of the Federal Housing Administration thereafter transferred

to Secretary of Housing and Urban Development. See section 3534(a)

of Title 42, The Public Health and Welfare.

Federal Surplus Commodities Corporation, which was included in

Surplus Marketing Administration by Reorg. Plan No. III of 1940,

Sec. 5, eff. June 30, 1940, 5 F.R. 2108, 54 Stat. 1232,

consolidated into Agricultural Marketing Administration by Ex. Ord.

No. 9069, Feb. 23, 1942. Agricultural Marketing Administration

consolidated into Food Distribution Administration of Department of

Agriculture by Ex. Ord. No. 9280, Dec. 5, 1942. Food Distribution

Administration consolidated into War Food Administration in

Department of Agriculture by Ex. Ord. No. 9322, Mar. 26, 1943, 8

F.R. 3807, as amended by Ex. Ord. No. 9334, Apr. 19, 1943, 8 F.R.

5423. War Food Administration terminated and functions transferred

to Secretary of Agriculture by Ex. Ord. No. 9577, June 29, 1945, 10

F.R. 8087. Functions of Surplus Marketing Administration

transferred to Secretary of Agriculture by Reorg. Plan No. 3 of

1946, Sec. 501, eff. July 16, 1946, 11 F.R. 7875, 60 Stat. 1097.

Export-Import Bank of Washington was set out as one of several

agencies for which Federal Loan Administrator should supervise

administration and be responsible for coordination of functions and

activities by Reorg. Plan No. I of 1939, Sec. 402, eff. July 1,

1939, 4 F.R. 2730, 53 Stat. 1429, set out in the Appendix to Title

5, Government Organization and Employees. Bank terminated by act

July 31, 1945, ch. 341, Sec. 10, 59 Stat. 529, and a new

Export-Import Bank of Washington was created by such act, which is

set out as chapter 6A (Sec. 635 et seq.) of Title 12, Banks and

Banking. ''Export-Import Bank of Washington'' changed to

''Export-Import Bank of the United States'' to conform to such

change in name in Act July 31, 1945, provided for in section 1(a)

of Pub. L. 90-267, Mar. 13, 1968, 82 Stat. 47.

Second Export-Import Bank of Washington, D.C. was established

under Ex. Ord. No. 6638, Mar. 9, 1934. Its commitments were

transferred to Export-Import Bank of Washington (see above) and it

was abolished by Ex. Ord. No. 7365, May 7, 1936, 1 F.R. 372.

Federal Loan Agency's and Federal Loan Administrator's functions

and duties relating to Reconstruction Finance Corporation,

Reconstruction Finance Mortgage Company, Electric Home and Farm

Authority and Export-Import Bank of Washington, and other agencies,

transferred to Department of Commerce, during World War II, see Ex.

Ord. No. 9071, Feb. 24, 1942, 7 F.R. 1531. By act Feb. 24, 1945,

ch. 4, 59 Stat. 5, former sections 1801 to 1805 of Title 12,

Federal Loan Agency was reconstituted an independent establishment

of Federal Government, and was abolished and its property and

functions transferred to Reconstruction Finance Corporation by act

June 30, 1947, ch. 166, title II, Sec. 204, 61 Stat. 208. Section

6(a) of 1957 Reorg. Plan No. 1, 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.

Electric Home and Farm Authority was set out as one of several

agencies for which Federal Loan Administrator should supervise

administration and be responsible for coordination of functions and

activities, by Reorg. Plan No. I of 1939, Sec. 402, eff. July 1,

1939, 4 F.R. 2730, 53 Stat. 1429, set out in the Appendix to Title

5, Government Organization and Employees.

Electric Home and Farm Authority, Inc., was authorized by Ex.

Ord. No. 6514, Dec. 19, 1933. Existence continued until February 1,

1937, by act Mar. 31, 1936, ch. 163, Sec. 1, 49 Stat. 1186;

extended to ''close of business on June 30, 1939'' by act Jan. 26,

1937, ch. 6, Sec. 2, 50 Stat. 5; to ''June 30, 1941'' by act Mar.

4, 1939, ch. 4, 53 Stat. 510 and to Jan. 22, 1947, by act June 10,

1941, ch. 190, Sec. 2, 55 Stat. 248. Said Authority dissolved on

Oct. 13, 1942, by Ex. Ord. No. 9256, Oct. 13, 1942, 7 F.R. 8334,

and for purposes of liquidation and payment of liabilities all

assets, funds, records, contracts, personnel, and property were

transferred to former Reconstruction Finance Corporation.

Commodity Credit Corporation, Federal Farm Mortgage Corporation,

and Farm Credit Administration, and their functions and activities,

together with their respective personnel, records, and property

transferred to Department of Agriculture by Reorg. Plan No. I of

1939, Sec. 401, eff. July 1, 1939, 4 F.R. 2730, 53 Stat. 1429, set

out in the Appendix to Title 5, Government Organization and

Employees. Administration of program of Commodity Credit

Corporation and functions of Federal Surplus Commodities

Corporation transferred to Secretary of Agriculture by Reorg. Plan

No. 3 of 1946, Sec. 501, eff. July 16, 1946, 11 F.R. 7877, 60

Stat. 1100. See also notes under section 713 of this title.

Federal Emergency Administration of Public Works, created by act

June 16, 1933, ch. 90, title II, Sec. 201, 48 Stat. 200,

transferred to Federal Works Agency to be administered as Public

Works Administration by Reorg. Plan No. I of 1939, Sec. 301 and

305, eff. July 1, 1939, 4 F.R. 2729, 2730, 53 Stat. 1426, 1428.

Federal Emergency Administration of Public Works further continued

to June 30, 1940, by Res. of June 21, 1938, ch. 554, title II, Sec.

202, 52 Stat. 817. The act of June 16, 1933, ch. 90, title II,

terminated June 30, 1943, by provisions of act June 27, 1942, ch.

450, Sec. 1, 56 Stat. 410. Ex. Ord. No. 9357, June 30, 1943, 8 F.R.

9041, transferred functions of Public Works Administration to

office of Federal Works Administrator.

For changes affecting other agencies enumerated in subsection (b)

of this section, see Reorg. Plan No. I of 1939, Sec. 301, 305, 401,

402, eff. July 1, 1939, 4 F.R. 2729, 2730, 53 Stat. 1426, 1428,

1429, and Reorg. Plan No. III of 1940, Sec. 5, eff. June 30, 1940,

5 F.R. 2108, 54 Stat. 1232. Reorganization Plans I and III are set

out in the Appendix to Title 5, Government Organization and

Employees.

EXCEPTIONS FROM TRANSFER OF FUNCTIONS

Functions of corporations of Department of Agriculture, boards of

directors and officers of such corporations; Advisory Board of

Commodity Credit Corporation; and Farm Credit Administration or any

agency, officer or entity of, under, or subject to the supervision

of the 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-

APPLICABILITY TO NATIONAL HOUSING AGENCY; TRANSFER OF FUNDS; REPORT

TO CONGRESS

Act May 3, 1945, ch. 106, title I, Sec. 101, 59 Stat. 122,

provided in part: ''Section 7 of the First Deficiency Appropriation

Act, 1936 (this section), shall continue to apply to administrative

expenses of and for the constituent units of the National Housing

Agency mentioned in said section 7 (this section) and shall also

apply to such expenses of said National Housing Agency in

connection with the functions and purposes of said constituent

units, and none of the funds made available by this Act (act May 3,

1945, ch. 106, title I, Sec. 101, 59 Stat. 106) for such

administrative expenses shall be obligated or expended unless and

until an appropriate appropriation account shall have been

established therefor pursuant to an appropriation warrant or a

covering warrant, and all such expenditures shall be accounted for

and audited in accordance with the Budget and Accounting Act, as

amended (see chapters 11 and 35 of Title 31, Money and Finance):

Provided further, That the Administrator may, with the approval of

the President of the United States, transfer to this authorization

or to an authorization of a constituent unit from funds available

for administrative expenses of the constituent units or the Office

of the Administrator such additional sums as represent a

consolidation in the Office of the Administrator or in a

constituent unit of any of the administrative functions of the

National Housing Agency; but no such transfer of funds shall be

made unless the consolidation will result in a reduction in

manpower and a savings in administrative expenses, which savings

shall not be used for administrative expenses but instead shall be

returned to or remain in the funds from which administrative

expenses are drawn under this authorization: Provided further, That

a report of such transfers and the savings effected thereby shall

be submitted to Congress in the annual budget.''

Similar provisions were contained in acts June 26, 1943, ch. 145,

title I, Sec. 101, 57 Stat. 184; June 27, 1944, ch. 286, title I,

Sec. 101, 58 Stat. 375.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 42 section 1406a.

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15 USC Sec. 713 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 15 - ECONOMIC RECOVERY

SUBCHAPTER I - GENERALLY

-HEAD-

Sec. 713. Omitted

-COD-

CODIFICATION

Section, acts Jan. 31, 1935, ch. 2, Sec. 7, 49 Stat. 4; Jan. 26,

1937, ch. 6, Sec. 2(a), 50 Stat. 5; Mar. 4, 1939, ch. 5, Sec. 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).

-MISC3-

REPEALS

Act July 1, 1941, ch. 270, Sec. 1, 55 Stat. 498, formerly

classified to this section, was repealed by Pub. L. 89-554, Sec.

8(a), Sept. 6, 1966, 80 Stat. 651.

Acts July 16, 1943, ch. 241, Sec. 1, 57 Stat. 556; Feb. 28, 1944,

ch. 71, Sec. 1, 58 Stat. 105; Apr. 12, 1945, ch. 54, Sec. 5, 59

Stat. 51; June 30, 1947, ch. 164, 61 Stat. 201, formerly classified

to this section, were repealed by Pub. L. 89-554, Sec. 8(a), Sept.

6, 1966, 80 Stat. 652, 654.

DISSOLUTION OF CORPORATION

Secretary of Agriculture authorized to dissolve the Delaware

corporation under authority of section 714o of this title.

TRANSFER OF ASSETS OF CORPORATION

Assets, funds, liabilities, etc., of Delaware corporation

transferred to newly created Commodity Credit Corporation under

authority of section 714n of this title.

SUBSIDY OPERATIONS

Act July 25, 1946, ch. 671, Sec. 6, 60 Stat. 671, provided that

the last paragraph of section 902(e) of 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 PAYMENTS

Act 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 FEEDS

Act July 25, 1946, ch. 671, Sec. 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, 1947

Act July 25, 1946, ch. 671, Sec. 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 USC Sec. 713a 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 15 - ECONOMIC RECOVERY

SUBCHAPTER I - GENERALLY

-HEAD-

Sec. 713a. Repealed. June 30, 1947, ch. 166, title II, Sec. 206(p),

61 Stat. 208

-MISC1-

Section, act Apr. 10, 1936, ch. 168, 49 Stat. 1191, authorized

increase of capital stock of the Corporation by $97,000,000.

-CITE-

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 15 - ECONOMIC RECOVERY

SUBCHAPTER I - GENERALLY

-HEAD-

Sec. 713a-1, 713a-2. Repealed. Pub. L. 87-155, Sec. 1, Aug. 17,

1961, 75 Stat. 391

-MISC1-

Section 713a-1, acts Mar. 8, 1938, ch. 44, Sec. 1, 52 Stat. 107;

July 1, 1941, ch. 270, Sec. 2, 55 Stat. 498; Apr. 12, 1945, ch. 54,

Sec. 4, 59 Stat. 51; Mar. 20, 1954, ch. 102, Sec. 1(b), 68 Stat.

30, related to annual appraisal of assets of Commodity Credit

Corporation, and to restoration of any capital impairment. See

section 713a-11 of this title for provisions authorizing

appropriations to reimburse the Commodity Credit Corporation for

its net realized yearly losses.

Section 713a-2, act Mar. 8, 1938, ch. 44, Sec. 2, 52 Stat. 107,

related to deposit in Treasury of any capital excess of Commodity

Credit Corporation. See section 713a-12 of this title for

provisions requiring any net realized gain for the year by the

Commodity Credit Corporation to be deposited in the Treasury.

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15 USC Sec. 713a-3 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 15 - ECONOMIC RECOVERY

SUBCHAPTER I - GENERALLY

-HEAD-

Sec. 713a-3. Omitted

-COD-

CODIFICATION

Section, act Mar. 8, 1938, ch. 44, Sec. 3, 52 Stat. 107, referred

to stock of the Delaware corporation.

-CITE-

15 USC Sec. 713a-4 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 15 - ECONOMIC RECOVERY

SUBCHAPTER I - GENERALLY

-HEAD-

Sec. 713a-4. Obligations of Commodity Credit Corporation; issuance;

sale; purchase; redemption; etc.

-STATUTE-

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 Corporation's 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.

-SOURCE-

(Mar. 8, 1938, ch. 44, Sec. 4, 52 Stat. 108; Mar. 4, 1939, ch. 5,

Sec. 1(d), 53 Stat. 511; Aug. 9, 1940, ch. 649, 54 Stat. 782; July

1, 1941, ch. 270, Sec. 3, 55 Stat. 498; July 16, 1943, ch. 241,

Sec. 2, 57 Stat. 566; Apr. 12, 1945, ch. 54, Sec. 1, 59 Stat. 50;

Oct. 31, 1949, ch. 792, title IV, Sec. 410, 63 Stat. 1057; June 28,

1950, ch. 381, Sec. 1, 64 Stat. 261; Mar. 20, 1954, ch. 102, Sec.

1(a), 68 Stat. 30; Aug. 31, 1954, ch. 1172, Sec. 1, 68 Stat. 1047;

Aug. 11, 1955, ch. 782, Sec. 1, 69 Stat. 634; Aug. 1, 1956, ch.

815, Sec. 1(b), 70 Stat. 783; Pub. L. 95-279, title III, Sec.

301(b), May 15, 1978, 92 Stat. 242; Pub. L. 100-202, Sec. 101(k)

(title I, Sec. 101), Dec. 22, 1987, 101 Stat. 1329-322, 1329-336.)

-COD-

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. 97-258, Sec. 4(b), Sept. 13,

1982, 96 Stat. 1067, the first section of which enacted Title 31,

Money and Finance.

-MISC3-

AMENDMENTS

1987 - Pub. L. 100-202 substituted ''$30,000,000,000'' for

''$25,000,000,000''.

1978 - Pub. L. 95-279 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''.

EFFECTIVE DATE OF 1978 AMENDMENT

Section 301(d) of Pub. L. 95-279 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.''

-TRANS-

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.

-MISC5-

DISCHARGE OF INDEBTEDNESS

Section 101 of act May 26, 1947, ch. 82, title I, 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).

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 713a-5, 714e of this

title.

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15 USC Sec. 713a-5 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 15 - ECONOMIC RECOVERY

SUBCHAPTER I - GENERALLY

-HEAD-

Sec. 713a-5. Exemption of Commodity Credit Corporation and its

obligations from taxation

-STATUTE-

Bonds, notes, debentures, and other similar obligations issued by

the Commodity Credit Corporation under the provisions of sections

713a-1 to 713a-5 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.

-SOURCE-

(Mar. 8, 1938, ch. 44, Sec. 5, 52 Stat. 108.)

-REFTEXT-

REFERENCES IN TEXT

Sections 713a-1 to 713a-5, referred to in text, was in the

original ''this Act''. Section 1 and 2 of that act, set out as

sections 713a-1 and 713a-2 of this title, have been repealed and

section 3 of that act, set out as section 713a-3 of this title, has

been omitted.

-TRANS-

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.

-CITE-

15 USC Sec. 713a-6 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 15 - ECONOMIC RECOVERY

SUBCHAPTER I - GENERALLY

-HEAD-

Sec. 713a-6. Sale of surplus agricultural commodities to foreign

governments

-STATUTE-

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.

-SOURCE-

(Aug. 11, 1939, ch. 701, 53 Stat. 1418.)

-TRANS-

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.

-CITE-

15 USC Sec. 713a-7 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 15 - ECONOMIC RECOVERY

SUBCHAPTER I - GENERALLY

-HEAD-

Sec. 713a-7. Exchange of surplus agricultural commodities for

reserve stocks of strategic materials

-STATUTE-

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.

-SOURCE-

(Aug. 11, 1939, ch. 690, 53 Stat. 1407; July 26, 1947, ch. 343,

title II, Sec. 205(a), 61 Stat. 501.)

-COD-

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.

-TRANS-

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.

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, Sec. 213, 61 Stat. 505.

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.

-CITE-

15 USC Sec. 713a-8 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 15 - ECONOMIC RECOVERY

SUBCHAPTER I - GENERALLY

-HEAD-

Sec. 713a-8. Omitted

-COD-

CODIFICATION

Section, acts July 1, 1941, ch. 270, Sec. 4, 55 Stat. 498; Oct.

2, 1942, ch. 578, Sec. 9(a), 56 Stat. 768; Feb. 28, 1944, ch. 71,

Sec. 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, Sec. 3, 6