15 U.S.C. § 714d — Laws applicable to Corporation

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