15 U.S.C. § 714c — Specific powers of Corporation

Page 1176 TITLE 15—COMMERCE AND TRADE § 714c 1949—Subsec. (c). Act June 7, 1949, § 5, conferred juris- diction on the district courts ‘‘without regard to the amount in controversy’’, enabled the Corporation and persons having claims against the Corporation to plead set-offs and counterclaims which are barred by the statute of limitations, if, at the time the plaintiff’s cause of action arose, the defendant’s cause of action on which the set-off or counterclaim is based was not barred by the statute of limitations, and provided that certain claims against the United States could be brought in the United States Court of Claims. Subsec. (h). Act June 7, 1949, § 2, enabled the Corpora- tion to acquire items of personal and real property to be used in connection with the care, preservation, stor- age, and handling of agricultural commodities con- trolled by it, and enabled the Corporation to take liens on real property as security for obligations owing to it and to bid in on any execution or foreclosure sale to protect its financial interests in the matter. Statutory Notes and Related Subsidiaries CHANGE OF NAME National Military Establishment changed to Depart- ment of Defense by act Aug. 10, 1949. EFFECTIVE DATE OF 1998 AMENDMENT Pub. L. 105–185, title V, § 521(b), June 23, 1998, 112 Stat. 580, provided that: ‘‘The amendment made by sub- section (a) [amending this section] takes effect on Oc- tober 1, 1997.’’ EFFECTIVE DATE OF 1992 AMENDMENT Amendment by Pub. L. 102–572 effective Oct. 29, 1992, see section 911 of Pub. L. 102–572, set out as a note under section 171 of Title 28, Judiciary and Judicial Procedure. EFFECTIVE DATE OF 1982 AMENDMENT Amendment by Pub. L. 97–164 effective Oct. 1, 1982, see section 402 of Pub. L. 97–164, set out as a note under section 171 of Title 28, Judiciary and Judicial Proce- dure. EFFECTIVE DATE OF 1981 AMENDMENT Amendment by Pub. L. 97–98 effective Dec. 22, 1981, see section 1801 of Pub. L. 97–98, set out as an Effective Date note under section 4301 of Title 7, Agriculture. EFFECTIVE DATE OF 1978 AMENDMENT Amendment by Pub. L. 95–279 effective Oct. 1, 1978, see section 301(d) of Pub. L. 95–279, set out as a note under section 713a–4 of this title. EFFECTIVE AND TERMINATION DATES OF 1977 AMENDMENT Section 1104 of Pub. L. 95–113 provided that the amendment made by that section is effective only with respect to the fiscal years beginning Oct. 1, 1977, and ending Sept. 30, 1981. STORAGE COST ADJUSTMENT FOR FISCAL YEARS 1988 AND 1989 Pub. L. 100–203, title I, § 1106, Dec. 22, 1987, 101 Stat. 1330–5, required the Secretary of Agriculture to reduce expenditures of the Commodity Credit Corporation for commercial storage, transportation, and handling of commodities owned by the Corporation by $230,000,000 from the amount of funds otherwise projected to be ex- pended in fiscal years 1988 and 1989 under the budget base determined under section 901 of title 2. INCREASE IN BORROWING AUTHORITY EFFECTIVE ONLY TO EXTENT PROVIDED IN APPROPRIATION ACTS Pub. L. 95–279, title III, § 301(c), May 15, 1978, 92 Stat. 242, provided that: ‘‘The increase in the borrowing au- thority of the Commodity Credit Corporation made by this section [amending this section and section 713a–4 of this title] shall be effective only to the extent pro- vided in appropriation Acts.’’ Executive Documents DELEGATION OF FUNCTIONS Functions of President under subsec. (h) of this sec- tion delegated to Secretary of Defense, see section 2 of Ex. Ord. No. 12626, Feb. 25, 1988, 53 F.R. 6114, set out as a note under section 98 of Title 50, War and National Defense. EXCEPTIONS FROM TRANSFER OF FUNCTIONS For exception of functions of corporations of Depart- ment of Agriculture from transfer of functions to Sec- retary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title. § 714c. Specific powers of Corporation In the fulfillment of its purposes and in car- rying out its annual budget programs submitted to and approved by the Congress pursuant to chapter 91 of title 31, the Corporation is author- ized to use its general powers only to— (a) Support the prices of agricultural commod- ities (other than tobacco) through loans, pur- chases, payments, and other operations. (b) Make available materials and facilities re- quired in connection with the production and marketing of agricultural commodities (other than tobacco). (c) Procure agricultural commodities (other than tobacco) for sale to other Government agencies, foreign governments, and domestic, foreign, or international relief or rehabilitation agencies, and to meet domestic requirements. (d) Remove and dispose of or aid in the re- moval or disposition of surplus agricultural commodities (other than tobacco). (e) Increase the domestic consumption of agri- cultural commodities (other than tobacco) by expanding or aiding in the expansion of domes- tic markets or by developing or aiding in the de- velopment of new and additional markets, mar- keting facilities, and uses for such commodities. (f) Export or cause to be exported, or aid in the development of foreign markets for, agricul- tural commodities (other than tobacco) (includ- ing fish and fish products, without regard to whether such fish are harvested in aquacultural operations). (g) Carry out conservation or environmental programs authorized by law. (h) Carry out such other operations as the Congress may specifically authorize or provide for. In the Corporation’s purchasing and selling operations with respect to agricultural commod- ities (other than tobacco) (except sales to other Government agencies), and in the warehousing, transporting, processing, or handling of agricul- tural commodities (other than tobacco), the Corporation shall, to the maximum extent prac- ticable consistent with the fulfillment of the Corporation’s purposes and the effective and ef- ficient conduct of its business, utilize the usual and customary channels, facilities, and arrange- ments of trade and commerce (including, at the option of the Corporation, the use of private sec- tor entities). Page 1177 TITLE 15—COMMERCE AND TRADE § 714e (June 29, 1948, ch. 704, § 5, 62 Stat. 1072; Pub. L. 98–623, title IV, § 405(a), Nov. 8, 1984, 98 Stat. 3409; Pub. L. 104–127, title III, § 381(a), Apr. 4, 1996, 110 Stat. 1016; Pub. L. 107–171, title I, § 1609, May 13, 2002, 116 Stat. 218; Pub. L. 108–357, title VI, § 612(d), Oct. 22, 2004, 118 Stat. 1524.) Editorial Notes CODIFICATION ‘‘Chapter 91 of title 31’’ substituted in provision pre- ceding subsec. (a) for ‘‘the Government Corporation Control Act (31 U.S.C., 1940 edition, Supp. V, 841)’’ on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance. AMENDMENTS 2004—Pub. L. 108–357 inserted ‘‘(other than tobacco)’’ after ‘‘agricultural commodities’’ wherever appearing. 2002—Pub. L. 107–171 inserted ‘‘(including, at the op- tion of the Corporation, the use of private sector enti- ties)’’ before period at end of last sentence. 1996—Subsecs. (g), (h). Pub. L. 104–127 added subsec. (g) and redesignated former subsec. (g) as (h). 1984—Subsec. (f). Pub. L. 98–623 inserted ‘‘(including fish and fish products, without regard to whether such fish are harvested in aquacultural operations)’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2004 AMENDMENT Amendment by Pub. L. 108–357 applicable to the 2005 and subsequent crops of tobacco, see section 643 of Pub. L. 108–357, set out as an Effective Date note under sec- tion 518 of Title 7, Agriculture. EFFECTIVE DATE OF 1996 AMENDMENT Pub. L. 104–127, title III, § 381(b), Apr. 4, 1996, 110 Stat. 1016, provided that: ‘‘The amendments made by sub- section (a) [amending this section] shall become effec- tive on January 1, 1997.’’ EFFECTIVE DATE OF 1984 AMENDMENT Pub. L. 98–623, title IV, § 405(d), Nov. 8, 1984, 98 Stat. 3409, provided that: ‘‘For purposes of section 135 of the Omnibus Budget Reconciliation Act of 1982 (7 U.S.C. 612c note) [Pub. L. 97–253], the amendments made by this section [amending this section and sections 1707a and 1732 of Title 7, Agriculture] shall be considered to have taken effect before the date of the enactment of that Act [Sept. 8, 1982].’’ CONTINUATION OF LIABILITY FOR 2004 AND EARLIER CROP YEARS Amendment by sections 611 to 614 of Pub. L. 108–357 not to affect the liability of any person under any pro- vision of law so amended with respect to the 2004 or an earlier crop of tobacco, see section 614 of Pub. L. 108–357, set out as a note under section 515 of Title 7, Agriculture. EXPORT ENHANCEMENT PROGRAM; PROMOTION OF UNITED STATES MEAT EXPORTS Pub. L. 101–220, § 2, Dec. 12, 1989, 103 Stat. 1876, pro- vided that in each of fiscal years 1990, 1991, and 1992, the Commodity Credit Corporation would, in carrying out the export enhancement program established in this section, promote the export of United States meat, in- cluding poultry products, to commissaries on military installations in the European Community, and provided for funding and costs. USE OF COMMODITY CREDIT CORPORATION FOR PUR- CHASE OF AGRICULTURAL PRODUCTS FORMERLY IN- TENDED FOR EXPORT TO SOVIET UNION Pub. L. 96–494, title II, § 206, Dec. 3, 1980, 94 Stat. 2572, provided that: ‘‘Notwithstanding any other provision of law, the Secretary of Agriculture may use, subject to such terms and conditions as the Secretary may deem appropriate, the funds, facilities, and authorities of the Commodity Credit Corporation in purchasing and han- dling agricultural products, other than grains, that— ‘‘(1) were intended to be exported to the Union of Soviet Socialist Republics under contracts entered into prior to January 5, 1980, but ‘‘(2) cannot be exported under such contracts due to the imposition, on January 4, 1980, of restrictions on the export of agricultural products to the Union of Soviet Socialist Republics, in the same manner and under the same conditions as the Secretary purchases and handles grains under simi- lar contracts and subject to the imposition of the same restrictions.’’ Executive Documents EXCEPTIONS FROM TRANSFER OF FUNCTIONS For exception of functions of corporations of Depart- ment of Agriculture from transfer of functions to Sec- retary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title. § 714d. Laws applicable to Corporation The Federal statutes applicable to Commodity Credit Corporation, a Delaware corporation, shall be applicable to the Corporation. Com- modity Credit Corporation, a Delaware corpora- tion, shall cease to be an agency of the United States as provided in section 713(a) of this title. (June 29, 1948, ch. 704, § 6, 62 Stat. 1072.) Editorial Notes REFERENCES IN TEXT Section 713(a) of this title, referred to in text, was omitted from the Code. See Codification note under former section 713 of this title. Executive Documents EXCEPTIONS FROM TRANSFER OF FUNCTIONS For exception of functions of corporations of Depart- ment of Agriculture from transfer of functions to Sec- retary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title. § 714e. Capital stock; amount; interest The Corporation shall have a capital stock of $100,000,000 which shall be subscribed by the United States. Such subscription shall be deemed to be fully paid by the transfer of assets to the Corporation pursuant to section 714n of this title. The Corporation shall pay interest to the United States Treasury on the amount of its capital stock, and on the amount of the obliga- tions of the Corporation purchased by the Sec- retary 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. (June 29, 1948, ch. 704, § 7, 62 Stat. 1072.) Editorial Notes REFERENCES IN TEXT Act of March 8, 1938, referred to in text, is act Mar. 8, 1938, ch. 44, §§ 1–5, 52 Stat. 107, which was classified to