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7 U.S.C. § 1505 — Management of Corporation
Federal law — U.S. Code and appendices · legal_authorities
**(a) Board of Directors**
(1) **Establishment** — The management of the Corporation shall be vested in a Board of Directors subject to the general supervision of the Secretary.
(2) **Composition** — The Board shall consist of only the following members:
(A) The manager of the Corporation, who shall serve as a nonvoting ex officio member.
(B) The Under Secretary of Agriculture responsible for the Federal crop insurance program.
(C) One additional Under Secretary of Agriculture (as designated by the Secretary).
(D) The Chief Economist of the Department of Agriculture.
(E) One person experienced in the crop insurance business.
(F) One person experienced in reinsurance or the regulation of insurance.
(G) Four active producers who are policy holders, are from different geographic areas of the United States, and represent a cross-section of agricultural commodities grown in the United States, including at least one specialty crop producer.
(3) **Appointment of private sector members** — The members of the Board described in subparagraphs (E), (F), and (G) of paragraph (2)—
(A) shall be appointed by, and hold office at the pleasure of, the Secretary;
(B) shall not be otherwise employed by the Federal Government;
(C) shall be appointed to staggered 4-year terms, as determined by the Secretary; and
(D) shall serve not more than two consecutive terms.
(4) **Chairperson** — The Board shall select a member of the Board to serve as Chairperson.
**(b) Vacancies** Vacancies in the Board so long as there shall be four members in office shall not impair the powers of the Board to execute the functions of the Corporation, and four of the members in office shall constitute a quorum for the transaction of the business of the Board.
**(c) Compensation
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Source file: Laws/federal/codes/united-states-code/title-7/section-1505-management-of-corporation--8a87872842.md
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Source location: Title 7, Chapter 36, § 1505; chapter-036-crop-insurance.md
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**(a) Board of Directors**
(1) **Establishment** — The management of the Corporation shall be vested in a Board of Directors subject to the general supervision of the Secretary.
(2) **Composition** — The Board shall consist of only the following members:
(A) The manager of the Corporation, who shall serve as a nonvoting ex officio member.
(B) The Under Secretary of Agriculture responsible for the Federal crop insurance program.
(C) One additional Under Secretary of Agriculture (as designated by the Secretary).
(D) The Chief Economist of the Department of Agriculture.
(E) One person experienced in the crop insurance business.
(F) One person experienced in reinsurance or the regulation of insurance.
(G) Four active producers who are policy holders, are from different geographic areas of the United States, and represent a cross-section of agricultural commodities grown in the United States, including at least one specialty crop producer.
(3) **Appointment of private sector members** — The members of the Board described in subparagraphs (E), (F), and (G) of paragraph (2)—
(A) shall be appointed by, and hold office at the pleasure of, the Secretary;
(B) shall not be otherwise employed by the Federal Government;
(C) shall be appointed to staggered 4-year terms, as determined by the Secretary; and
(D) shall serve not more than two consecutive terms.
(4) **Chairperson** — The Board shall select a member of the Board to serve as Chairperson.
**(b) Vacancies** Vacancies in the Board so long as there shall be four members in office shall not impair the powers of the Board to execute the functions of the Corporation, and four of the members in office shall constitute a quorum for the transaction of the business of the Board.
**(c) Compensation** The Directors of the Corporation who are employed in the Department shall receive no additional compensation for their services as such Directors but may be allowed necessary traveling and subsistence expenses when engaged in business of the Corporation, outside of the District of Columbia. The Directors of the Corporation who are not employed by the Federal Government shall be paid such compensation for their services as Directors as the Secretary shall determine, but such compensation shall not exceed the daily equivalent of the rate prescribed for grade GS–18 under [section 5332 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5332&num=0&edition=prelim) when actually employed, and actual necessary traveling and subsistence expenses, or a per diem allowance in lieu of subsistence expenses, as authorized by [section 5703 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5703&num=0&edition=prelim) for persons in Government service employed intermittently, when on the business of the Corporation away from their homes or regular places of business.
**(d) Manager of Corporation** The manager of the Corporation shall be its chief executive officer, with such power and authority as may be conferred by the Board. The manager shall be appointed by, and hold office at the pleasure of, the Secretary.
**(e) Expert review of policies, plans of insurance, and related material**
(1) **Review by experts** — The Board shall establish procedures under which any policy or plan of insurance, as well as any related material or modification of such a policy or plan of insurance, to be offered under this subchapter shall be subject to independent reviews by persons experienced as actuaries and in underwriting, as determined by the Board.
(2) **Review of Corporation policies and plans** — Except as provided in paragraph (3), the Board shall contract with at least five persons to each conduct a review of the policy or plan of insurance, of whom—
(A) not more than one person may be employed by the Federal Government; and
(B) at least one person must be designated by approved insurance providers pursuant to procedures determined by the Board.
(3) **Review of private submissions** — If the reviews under paragraph (1) cover a policy or plan of insurance, or any related material or modification of a policy or plan of insurance, submitted under [section 1508(h) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1508/h&num=0&edition=prelim)—
(A) the Board shall contract with at least five persons to each conduct a review of the policy or plan of insurance, of whom—
(i) not more than one person may be employed by the Federal Government; and
(ii) none may be employed by an approved insurance provider; and
(B) each review must be completed and submitted to the Board not later than 30 days prior to the end of the 120-day period described in [section 1508(h)(4)(D) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1508/h/4/D&num=0&edition=prelim).
(4) **Consideration of reviews** — The Board shall include reviews conducted under this subsection as part of the consideration of any policy or plan or insurance, or any related material or modification of a policy or plan of insurance, proposed to be offered under this subchapter.
(5) **Funding of reviews** — Each contract to conduct a review under this subsection shall be funded from amounts made available under [section 1516(b)(2)(A)(ii) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1516/b/2/A/ii&num=0&edition=prelim).
(6) **Relation to other authority** — The contract authority provided in this subsection is in addition to any other contracting authority that may be exercised by the Board under section 1506(l) of this title.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Subscription by United States** The Corporation shall have a capital stock of $500,000,000 subscribed by the United States of America, payment for which shall, with the approval of the Secretary, be subject to call in whole or in part by the Board.
**(b) Appropriations** There is authorized to be appropriated such sums as are necessary for the purpose of subscribing to the capital stock of the Corporation.
**(c) Issuance of stock to Secretary of the Treasury** Receipts for payments by the United States of America for or on account of such stock shall be issued by the Corporation to the Secretary of the Treasury and shall be evidence of the stock ownership by the United States of America.
**(d) Cancellation of receipts; nonliability of Corporation** Within thirty days after September 26, 1980, the Secretary of the Treasury shall cancel, without consideration, receipts for payments for or on account of the stock of the Corporation outstanding on September 26, 1980, and such receipts shall cease to be liabilities of the Corporation.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1504
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Federal law — U.S. Code and appendices · legal_authorities
To carry out the purposes of this subchapter, there is hereby created as an agency of and within the Department a body corporate with the name “Federal Crop Insurance Corporation”. The principal office of the Corporation shall be located in the District of Columbia, but there may be established agencies or branch offices elsewhere in the United States under rules and regulations prescribed by the Board.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1503
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** This section applies to—
(1) positions that are classified above GS–15 pursuant to section 5108; and
(2) scientific or professional positions established under section 3104;
but does not apply to—
(A) any Senior Executive Service position under section 3132; or
(B) any position in the Federal Bureau of Investigation and Drug Enforcement Administration Senior Executive Service under section 3151.
**(b)**
(1) Subject to such regulations as the Office of Personnel Management prescribes, the head of the agency concerned shall fix the rate of basic pay for any position within such agency to which this section applies. A rate fixed under this section shall be—
(A) not less than 120 percent of the minimum rate of basic pay payable for GS–15 of the General Schedule; and
(B) subject to paragraph (3), not greater than the rate of basic pay payable for level III of the Executive Schedule.
The payment of a rate of basic pay under this section shall not be subject to the pay limitation of section 5306(e) or 5373.
(2) Subject to paragraph (1), effective at the beginning of the first applicable pay period commencing on or after the first day of the month in which an adjustment takes effect under section 5303 in the rates of pay under the General Schedule, each rate of pay established under this section for positions within an agency shall be adjusted by such amount as the head of such agency considers appropriate.
(3) In the case of an agency which has a performance appraisal system which, as designed and applied, is certified under section 5307(d) as making meaningful distinctions based on relative performance, paragraph (1)(B) shall apply as if the reference to “level III” were a reference to “level II”.
(4) No employee may suffer a reduction in pay by reaso
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 5376
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose** It is the purpose of this subchapter to promote the national welfare by improving the economic stability of agriculture through a sound system of crop insurance and providing the means for the research and experience helpful in devising and establishing such insurance.
**(b) Definitions** As used in this subchapter:
(1) **Additional coverage** — The term “additional coverage” means a plan of crop insurance coverage providing a level of coverage greater than the level available under catastrophic risk protection.
(2) **Approved insurance provider** — The term “approved insurance provider” means a private insurance provider that has been approved by the Corporation to provide insurance coverage to producers participating in the Federal crop insurance program established under this subchapter.
(3) **Beginning farmer or rancher** — The term “beginning farmer or rancher” means a farmer or rancher who has not actively operated and managed a farm or ranch with a bona fide insurable interest in a crop or livestock as an owner-operator, landlord, tenant, or sharecropper for more than 10 crop years, as determined by the Secretary.
(4) **Board** — The term “Board” means the Board of Directors of the Corporation established under [section 1505(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1505/a&num=0&edition=prelim).
(5) **Corporation** — The term “Corporation” means the Federal Crop Insurance Corporation established under [section 1503 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1503&num=0&edition=prelim).
(6) **Cover crop termination** — The term “cover crop termination” means a practice that historically and under reasonable circumstances results in the terminatio
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1502
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section:
(1) **Agricultural commodity** — The term “agricultural commodity” has the meaning given the term in [section 5602 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section5602&num=0&edition=prelim).
(2) **Geographically disadvantaged farmer or rancher** — The term “geographically disadvantaged farmer or rancher” has the meaning given the term in section 10906(a) of the Farm Security and Rural Investment Act of 2002 ([7 U.S.C. 2204](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2204&num=0&edition=prelim) note; Public Law 107–171).
**(b) Authorization** Subject to the availability of funds under subsection (d), the Secretary may provide geographically disadvantaged farmers or ranchers direct reimbursement payments for activities described in subsection (c).
**(c) Transportation**
(1) **In general** — Subject to paragraphs (2) and (3), the Secretary may provide direct reimbursement payments to a geographically disadvantaged farmer or rancher to transport an agricultural commodity, or inputs used to produce an agricultural commodity, during a fiscal year.
(2) **Proof of eligibility** — To be eligible to receive assistance under paragraph (1), a geographically disadvantaged farmer or rancher shall demonstrate to the Secretary that transportation of the agricultural commodity or inputs occurred over a distance of more than 30 miles, as determined by the Secretary.
(3) **Amount**
(A) *In general* — Subject to paragraph (2), the amount of direct reimbursement payments made to a geographically disadvantaged farmer or rancher under this section for a fiscal year shall equal the product obtained by multiplying—
(i) the amount of costs incurred by the geographically di
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 8701
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Federal law — U.S. Code and appendices · legal_authorities
An employee serving intermittently in the Government service as an expert or consultant and paid on a daily when-actually-employed basis, or serving without pay or at $1 a year, may be allowed travel or transportation expenses, under this subchapter, while away from his home or regular place of business and at the place of employment or service.
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 5703
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Federal law — U.S. Code and appendices · legal_authorities
This subchapter may be cited as the “Federal Crop Insurance Act”. Except as otherwise expressly provided the provisions in titles I to IV, inclusive, shall not apply with respect to this subchapter, and the term “Act” wherever it appears in such titles shall not be construed to include this subchapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1501
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Federal law — U.S. Code and appendices · legal_authorities
**(a)**
(1) The General Schedule, the symbol for which is “GS”, is the basic pay schedule for positions to which this subchapter applies. Each employee to whom this subchapter applies is entitled to basic pay in accordance with the General Schedule.
(2) The General Schedule is a schedule of annual rates of basic pay, consisting of 15 grades, designated “GS–1” through “GS–15”, consecutively, with 10 rates of pay for each such grade. The rates of pay of the General Schedule are adjusted in accordance with section 5303.
**(b)** When payment is made on the basis of an hourly, daily, weekly, or biweekly rate, the rate is computed from the appropriate annual rate of basic pay named by subsection (a) of this section in accordance with the rules prescribed by [section 5504(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5504/b&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 5332
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Federal law — U.S. Code and appendices · legal_authorities
Page 800
TITLE 7—AGRICULTURE
§ 1504a
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1994 AMENDMENT
Amendment by Pub. L. 103–354 effective Oct. 13, 1994,
and applicable to provision of crop insurance under
Federal Crop Insurance Act (7 U.S.C. 1501 et seq.) begin-
ning with 1995 crop year, with such Act, as in effect on
the day before Oct. 13, 1994, to continue to apply with
respect to 1994 crop year, see section 120 of Pub. L.
103–354, set out as a note under section 1502 of this title.
EFFECTIVE DATE OF 1980 AMENDMENT
Pub. L. 96–365, title I, § 112, Sept. 26, 1980, 94 Stat. 1319,
provided that: ‘‘Except as otherwise provided in this
Act, the provisions of this Act amending the Federal
Crop Insurance Act [amending sections 1504, 1505 to
1507, 1508, and 1518 of this title and repealing section
1515 of this title] shall become effective on the date of
enactment of this Act [Sept. 26, 1980].’’
Pub. L. 96–365, title I, § 101(a), Sept. 26, 1980, 94 Stat.
1312, provided that the amendment made by section
101(a) is effective Oct. 1, 1980.
CANCELLATION OF OUTSTANDING RECEIPTS FOR STOCK
IN EXCESS OF $27,000,000
Act Aug. 25, 1949, ch. 512, § 5, 63 Stat. 665, provided
that: ‘‘The Secretary of the Treasury is authorized and
directed to cancel, without consideration, outstanding
receipts for payments for or on account of the stock of
the Corporation in excess of $27,000,000.’’
INSTITUTION OF EXPANDED PROGRAM; PAYMENT OF
COST FOR FISCAL YEAR 1950
Act Aug. 25, 1949, ch. 512, § 11, 63 Stat. 666, provided
that: ‘‘The expanded program authorized herein [sec-
tions 1504, 1505, 1506, 1507, and 1508 of this title] shall be
instituted beginning with the 1950 crop year, the addi-
tional cost for fiscal year 1950 to be financed, pending
the appropriation
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1505
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