7 U.S.C. § 1741 — Maximum and minimum quantities for

Page 1032 TITLE 7—AGRICULTURE § 1738q 1 See References in Text note below. sold, reduced, or cancelled under this section or sold under section 1738o of this title. (f) Administration The Facility shall notify the Commodity Cred- it Corporation of purchasers and payors the President has determined to be eligible under subsection (c), and shall direct the corporation to carry out the sale, reduction, or cancellation of a qualified debt pursuant to this section. The Commodity Credit Corporation shall make an adjustment in its accounts to reflect such sale, reduction, or cancellation. (g) Appropriations requirement The authorities provided by this section may be exercised only in such amounts and to such extent as is provided in advance in appropria- tions Acts. (h) Deposit of proceeds The proceeds from the sale, reduction, or can- cellation of qualified debt pursuant to this sec- tion shall be deposited in the United States Gov- ernment account or accounts established for the repayment of such debt. (i) Eligible debt swaps As used in this section, the term ‘‘eligible debt swap’’ means a debt-for-development swap or debt-for-nature swap. (July 10, 1954, ch. 469, title VI, § 617, as added Pub. L. 102–532, § 2, Oct. 27, 1992, 106 Stat. 3510.) § 1738q. Notification to congressional committees (a) Notice of negotiations The Secretary of State and the Secretary of the Treasury shall, in every feasible instance, notify the designated congressional committees not less than 15 days prior to any formal nego- tiation for debt relief under this subchapter. (b) Transmittal of text of agreements The Secretary of State shall transmit to the designated congressional committees a copy of the text of any agreement with any foreign gov- ernment which would result in any debt relief under this subchapter no less than 30 days prior to its entry into force, together with a detailed justification of the interest of the United States in the proposed debt relief. (c) Annual report The Secretary of State or the Secretary of the Treasury, as appropriate, shall submit to the designated congressional committees not later than February 1 of each year a consolidated statement of the budgetary implications of all debt relief agreements entered into force under this subchapter during the preceding fiscal year. (d) Designated congressional committees As used in this section, the term ‘‘designated congressional committees’’ means the Com- mittee on Agriculture and the Committee on Foreign Affairs of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate. (July 10, 1954, ch. 469, title VI, § 618, as added Pub. L. 102–532, § 2, Oct. 27, 1992, 106 Stat. 3511.) § 1738r. ‘‘Qualified debt’’ defined As used in sections 1738o, 1738p, and 1738q of this title, the term ‘‘qualified debt’’ means any obligation, or portion of such obligation, of an eligible country to pay for purchases of United States agricultural commodities guaranteed by the Commodity Credit Corporation under export credit guarantee programs authorized pursuant to section 714c(f) of title 15 or section 1707a(b) 1 of this title— (1) in which the Commodity Credit Corpora- tion obtained a legal right or interest, as a re- sult of assignment or subrogation, not later than September 1, 1992; and (2) the payment of which obligation has been, not later than September 1, 1992, re- scheduled in accordance with principles set forth in an Agreed Minute of the Paris Club. Such term includes the obligation to pay any in- terest which was due or accrued not later than September 1, 1992, and unpaid as of the date of a debt sale pursuant to section 1738o of this title or a debt sale, reduction, or cancellation pursu- ant to section 1738p of this title (as the case may be). (July 10, 1954, ch. 469, title VI, § 619, as added Pub. L. 102–532, § 2, Oct. 27, 1992, 106 Stat. 3511.) Editorial Notes REFERENCES IN TEXT Section 1707a of this title, referred to in text, was re- pealed by Pub. L. 101–624, title XV, § 1574, Nov. 28, 1990, 104 Stat. 3702. See section 5621 et seq. of this title. CHAPTER 42—AGRICULTURAL COMMODITY SET-ASIDE Sec. 1741. Maximum and minimum quantities for set- aside; ‘‘commodity set-aside’’ defined. 1742. Determination of commodity value for set- aside. 1743. Reduction of set-aside. 1744. Sale of commodities in set-aside; exemption from pricing limitations. 1745. Computation of carryover. 1746. Records and accounts. 1747. Authorization of appropriations; determina- tion of value of transferred commodity. 1748. Annual reports by agricultural attache´s. 1749. Attache´ educational program. § 1741. Maximum and minimum quantities for set-aside; ‘‘commodity set-aside’’ defined The Commodity Credit Corporation shall, as rapidly as the Secretary of Agriculture shall de- termine to be practicable, set aside within its inventories not more than the following max- imum quantities and not less than the following minimum quantities of agricultural commod- ities or products thereof heretofore or hereafter acquired by it from 1954 and prior years’ crops and production in connection with its price sup- port operations: Commodity Maximum quantity Minimum quantity Wheat (bushels) ...................... 500,000,000 400,000,000 Upland cotton (bales) .............. 4,000,000 3,000,000 Cottonseed oil (pounds) .......... 500,000,000 0 Butter (pounds) ....................... 200,000,000 0 Nonfat dry milk solids (pounds) ............................... 300,000,000 0 Page 1033 TITLE 7—AGRICULTURE § 1743 Commodity Maximum quantity Minimum quantity Cheese (pounds) ...................... 150,000,000 0 Such quantities shall be known as the ‘‘com- modity set-aside’’. (Aug. 28, 1954, ch. 1041, title I, § 101, 68 Stat. 897.) Statutory Notes and Related Subsidiaries SHORT TITLE Act Aug. 28, 1954, enacting sections 397, 1446b and 1446c of this title, this chapter, chapters 43 and 44 of this title, and section 590h–3 of Title 16, Conservation, and amending sections 602, 608c, 608e–1, 1301, 1326–1330, 1332, 1334–1335, 1340, 1344, 1371, 1374, 1421, 1428, 1441, 1446, 1446d of this title and sections 590h and 590o of Title 16, Conservation, is popularly known as the ‘‘Agricultural Act of 1954’’. § 1742. Determination of commodity value for set- aside Quantities of commodities shall not be in- cluded in the commodity set-aside which have an aggregate value in excess of $2,500,000,000. The value of the commodities placed in the com- modity set-aside, for the purpose of this section, shall be the Corporation’s investment in such commodities as of the date they are included in the commodity set-aside, as determined by the Secretary. (Aug. 28, 1954, ch. 1041, title I, § 102, 68 Stat. 897.) § 1743. Reduction of set-aside (a) Such commodity set-aside shall be reduced by disposals made in accordance with the direc- tions of the President as follows: (1) Donation, sale, or other disposition for disaster or other relief purposes outside the United States pursuant to and subject to the limitations of subchapter III of chapter 41 of this title; (2) Sale or barter (including barter for stra- tegic materials) to develop new or expanded markets for American agricultural commod- ities, including but not limited to disposition pursuant to and subject to the limitations of subchapter II of chapter 41 of this title; (3) Donation to school-lunch programs; (4) Transfer to the National Defense Stock- pile established by the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98 et seq.), without reimbursement from funds ap- propriated for the purposes of that Act; (5) Donation, sale, or other disposition for research, experimental, or educational pur- poses; (6) Donation, sale, or other disposition for disaster relief purposes in the United States or to meet any national emergency declared by the President; and (7) Sale for unrestricted use to meet a need for increased supplies at not less than 105 per centum of the parity price in the case of agri- cultural commodities and a price reflecting 105 per centum of the parity price of the agricul- tural commodity in the case of products of ag- ricultural commodities. The President shall prescribe such terms and conditions for the disposal of commodities in the commodity set-aside as he determines will provide adequate safeguards against inter- ference with normal marketings of the supplies of such commodities outside the commodity set- aside. Strategic materials acquired by the Com- modity Credit Corporation under paragraph (2) of this subsection shall be transferred to the Na- tional Defense Stockpile established by the Strategic and Critical Materials Stock Piling Act [50 U.S.C. 98 et seq.], and the Commodity Credit Corporation shall be reimbursed for the value of the commodities bartered for such stra- tegic materials from funds appropriated for pur- poses of that Act. For the purpose of such reim- bursement, the value of any commodity so bartered shall be the lower of the domestic mar- ket price or the Commodity Credit Corpora- tion’s investment therein as of the date of such barter, as determined by the Secretary of Agri- culture. (b) The quantity of any commodity in the commodity set-aside shall be reduced to the ex- tent that the Commodity Credit Corporation in- ventory of such commodity is reduced, by nat- ural or other cause beyond the control of the Corporation, below the quantity then charged to the commodity set-aside. (Aug. 28, 1954, ch. 1041, title I, § 103, 68 Stat. 897; Pub. L. 96–41, § 3(a)(1), July 30, 1979, 93 Stat. 324; Pub. L. 110–246, title III, § 3001(c), June 18, 2008, 122 Stat. 1821.) Editorial Notes REFERENCES IN TEXT The Strategic and Critical Materials Stock Piling Act, referred to in subsec. (a), is act June 7, 1939, ch. 190, as revised generally by Pub. L. 96–41, § 2, July 30, 1979, 93 Stat. 319, which is classified generally to sub- chapter III (§ 98 et seq.) of chapter 5 of Title 50, War and National Defense. For complete classification of this Act to the Code, see section 98 of Title 50 and Tables. AMENDMENTS 1979—Subsec. (a). Pub. L. 96–41 substituted ‘‘the Na- tional Defense Stockpile established by the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98 et seq.)’’ for ‘‘the national stockpile established pursuant to the Act of June 7, 1939, as amended,’’ in par. (4), and in the provisions following par. (7) substituted ‘‘the Na- tional Defense Stockpile established by the Strategic and Critical Materials Stock Piling Act’’ for ‘‘the na- tional stockpile established pursuant to the Act of June 7, 1939, as amended,’’ and ‘‘funds appropriated for the purposes of that Act’’ for ‘‘funds appropriated pur- suant to section 8 of such Act of June 7, 1939’’. Statutory Notes and Related Subsidiaries CHANGE OF NAME Technical change in meaning of reference in original act which appears in subsec. (a)(1) as reference to sub- chapter III of chapter 41 of this title and in subsec. (a)(2) as reference to subchapter II of chapter 41 of this title was directed by section 3001(c) of Pub. L. 110–246, set out as a note under section 1691 of this title. Executive Documents EXECUTIVE ORDER NO. 10601 Ex. Ord. No. 10601, Mar. 21, 1955, 20 F.R. 1761, as amended by Ex. Ord. No. 10773, July 1, 1958, 23 F.R. 5061; Ex. Ord. No. 10782, Sept. 6, 1958, 23 F.R. 6971; Ex. Ord. No. 11051, Sept. 27, 1962, 27 F.R. 9683; Ex. Ord. No. 12148,