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15 U.S.C. § 714n — Transfer of assets of Commodity Credit Corporation, a Delaware corporation
Federal law — U.S. Code and appendices · legal_authorities
The assets, funds, property, and records of Commodity Credit Corporation, a Delaware corporation, are transferred to the Corporation. The rights, privileges, and powers, and the duties and liabilities of Commodity Credit Corporation, a Delaware corporation, in respect to any contract, agreement, loan, account, or other obligation shall become the rights, privileges, and powers, and the duties and liabilities, respectively, of the Corporation. The enforceable claims of or against Commodity Credit Corporation, a Delaware corporation, shall become the claims of or against, and may be enforced by or against, the Corporation: Provided, That nothing in this subchapter shall limit or extend any period of limitation otherwise applicable to such claims against the Corporation.
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Stable record: federal_law:legal_authorities:record_usc_e75f8743404e8c9a7ca6434f
Source file: Laws/federal/codes/united-states-code/title-15/section-714n-transfer-of-assets-of-commodity-credit-corporation-a-delaware-corporatio--2a9ffecf86.md
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Passage SHA-256: c87e42242c46754b904d561a02009f716375f553ec0d0f312f954b09fe091461
Source location: Title 15, Chapter 15, § 714n; chapter-015-economic-recovery.md
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The assets, funds, property, and records of Commodity Credit Corporation, a Delaware corporation, are transferred to the Corporation. The rights, privileges, and powers, and the duties and liabilities of Commodity Credit Corporation, a Delaware corporation, in respect to any contract, agreement, loan, account, or other obligation shall become the rights, privileges, and powers, and the duties and liabilities, respectively, of the Corporation. The enforceable claims of or against Commodity Credit Corporation, a Delaware corporation, shall become the claims of or against, and may be enforced by or against, the Corporation: Provided, That nothing in this subchapter shall limit or extend any period of limitation otherwise applicable to such claims against the Corporation.
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Federal law — U.S. Code and appendices · legal_authorities
**(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: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 712a
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, acts Jan. 31, 1935, ch. 2, § 7, 49 Stat. 4; Jan. 26, 1937, ch. 6, § 2(a), 50 Stat. 5; Mar. 4, 1939, ch. 5, § 1(a), 53 Stat. 510; Dec. 23, 1943, ch. 383, 57 Stat. 643, was omitted as terminated by its own terms on June 30, 1948. It related to the Commodity Credit Corporation, which was recreated as a Federal corporation by [section 714 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section714&num=0&edition=prelim).
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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section714b/k&num=0&edition=prelim).
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
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 713
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Federal law — U.S. Code and appendices · legal_authorities
The Corporation shall have a capital stock of $100,000,000 which shall be subscribed by the United States. Such subscription shall be deemed to be fully paid by the transfer of assets to the Corporation pursuant to [section 714n of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section714n&num=0&edition=prelim). The Corporation shall pay interest to the United States Treasury on the amount of its capital stock, and on the amount of the obligations of the Corporation purchased by the Secretary of the Treasury pursuant to the Act of March 8, 1938 (U.S.C., title 15, sec. 713a–4), as amended, at such rates as may be determined by the Secretary of the Treasury to be appropriate in view of the terms for which such amounts are made available to the Corporation.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 714e
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Federal law — U.S. Code and appendices · legal_authorities
Page 1181
TITLE 15—COMMERCE AND TRADE
§ 714n
curity, for the purpose of influencing in any way
the action of the Corporation, or for the purpose
of obtaining for himself or another, money,
property, or anything of value, under this sub-
chapter, or under any other Act applicable to
the Corporation, shall, upon conviction thereof,
be punished by a fine of not more than $10,000 or
by imprisonment by not more than five years, or
both.
(b) Embezzlement, etc.; false entries; fraudulent
issue of obligations of Corporation
Whoever, being connected in any capacity
with the Corporation or any of its programs, (i)
embezzles,
abstracts,
purloins,
or
willfully
misapplies any money, funds, securities, or
other things of value, whether belonging to the
Corporation or pledged or otherwise entrusted
to it; or (ii) with intent to defraud the Corpora-
tion, or any other body, politic or corporate, or
any individual, or to deceive any officer, audi-
tor, or examiner of the Corporation, makes any
false entry in any book, report, or statement of,
or to, the Corporation, or draws any order, or
issues, puts forth or assigns any note or other
obligation or draft, mortgage, judgment, or de-
cree thereof; or (iii) with intent to defraud the
Corporation, participates or shares in, or re-
ceives directly or indirectly any money, profit,
property, or benefits through any transaction,
loan, commission, contract, or any other act of
the Corporation, shall, upon conviction thereof,
be punished by a fine of not more than $10,000 or
by imprisonment for not more than five years,
or both.
(c) Larceny; conversion of property
Whoever shall willfully steal, conceal, remove,
dispose of, or convert to his own use or to that
of another any property owned or held by, or
mort
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 714n
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