15 U.S.C. § 714n — Transfer of assets of Commodity Credit

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 mortgaged or pledged to, the Corporation, or any property mortgaged or pledged as security for any promissory note, or other evidence of in- debtedness, which the Corporation has guaran- teed or is obligated to purchase upon tender, shall, upon conviction thereof, if such property be of an amount or value in excess of $500, be punished by a fine of not more than $10,000 or by imprisonment for not more than five years, or both, and, if such property be of an amount or value of $500 or less, be punished by a fine of not more than $1,000 or by imprisonment for not more than one year, or both. (d) Conspiracy to commit offense Whoever conspires with another to accomplish any of the acts made unlawful by the preceding provisions of this section shall, upon conviction thereof, be subject to the same fine or imprison- ment, or both, as is applicable in the case of conviction for doing such unlawful acts. (e) General statutes applicable All the general penal statutes relating to crimes and offenses against the United States shall apply with respect to the Corporation, its property, money, contracts and agreements, em- ployees, and operations: Provided, That such general penal statutes shall not apply to the ex- tent that they relate to crimes and offenses pun- ishable under subsections (a), (b), (c), and (d) of this section: Provided further, That sections 431 and 432 of title 18 shall not apply to contracts or agreements of a kind which the Corporation may enter into with farmers participating in a program of the Corporation. (f) Use of words ‘‘Commodity Credit Corpora- tion’’ No individual, association, partnership, or cor- poration shall use the words ‘‘Commodity Credit Corporation’’ or any combination of the same, as the name or a part thereof under which he or it shall do or purport to do business. Every indi- vidual, partnership, association, or corporation violating this prohibition shall be guilty of a misdemeanor and shall be punished by a fine of not more than $1,000 or by imprisonment for not more than one year, or both. (June 29, 1948, ch. 704, § 15, 62 Stat. 1074; June 7, 1949, ch. 175, § 6, 63 Stat. 157; Aug. 1, 1956, ch. 815, § 2, 70 Stat. 783.) Editorial Notes CODIFICATION In subsec. (e), ‘‘sections 431 and 432 of title 18’’ sub- stituted for ‘‘sections 114 and 115 of the Act of March 4, 1909, as amended (18 U.S.C., 1940 edition, 204, 205)’’ on authority of act June 25, 1948, ch. 645, 62 Stat. 683, the first section of which enacted Title 18, Crimes and Criminal Procedure. AMENDMENTS 1956—Subsec. (c). Act Aug. 1, 1956, made it an offense to willfully steal or convert property mortgaged or pledged to a lending agency under a program of the Corporation and prescribed punishment not exceeding $1,000 fine or one year imprisonment or both in the case of property of an amount or value of $500 or less. 1949—Subsec. (f). Act June 7, 1949, added subsec. (f). 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. § 714n. Transfer of assets of Commodity Credit Corporation, a Delaware corporation The assets, funds, property, and records of Commodity Credit Corporation, a Delaware cor- poration, are transferred to the Corporation. The rights, privileges, and powers, and the du- ties and liabilities of Commodity Credit Cor- poration, 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, re- spectively, of the Corporation. The enforceable claims of or against Commodity Credit Corpora- tion, 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 pe- riod of limitation otherwise applicable to such claims against the Corporation. (June 29, 1948, ch. 704, § 16, 62 Stat. 1075.) Executive Documents EXCEPTIONS FROM TRANSFER OF FUNCTIONS For exception of functions of corporations of Depart- ment of Agriculture from transfer of functions to Sec- Page 1182 TITLE 15—COMMERCE AND TRADE § 714o 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. § 714o. Dissolution of Delaware corporation The Secretary of Agriculture, representing the United States as the sole owner of the capital stock of Commodity Credit Corporation, a Dela- ware corporation, is authorized and directed to institute or cause to be instituted such pro- ceedings as are required for the dissolution of said Corporation under the laws of the State of Delaware. The costs of such dissolution of said Corporation shall be borne by the Corporation. (June 29, 1948, ch. 704, § 17, 62 Stat. 1075.) 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. § 714p. Release of innocent purchasers of con- verted goods A buyer in the ordinary course of business of fungible goods sold and physically delivered by a warehouseman or other dealer who was regu- larly engaged in the business of buying and sell- ing such goods shall take or be deemed to have taken such goods free of any claim, existing or hereafter arising, by Commodity Credit Corpora- tion, based on the want of authority in the seller to sell such goods, provided the buyer purchased such goods for value in good faith and did not know or have reason to know of any defect in the seller’s authority to sell such goods. To be entitled to relief under this section a buyer must assert as an affirmative defense and estab- lish by a preponderance of the evidence the facts necessary to entitle him to such relief. (June 29, 1948, ch. 704, § 19, as added May 23, 1955, ch. 46, 69 Stat. 65.) CHAPTER 15A—INTERSTATE TRANSPOR- TATION OF PETROLEUM PRODUCTS Sec. 715. Purpose of chapter. 715a. Definitions. 715b. Interstate transportation of contraband oil forbidden. 715c. Suspension of operation of section 715b of this title. 715d. Enforcement of chapter. 715e. Penalties for violation of chapter. 715f. Forfeiture of contraband oil shipped in viola- tion of law; procedure. 715g. Refusal of carrier to accept shipment without certificate of clearance; certificate as justi- fying acceptance of shipment. 715h. Hearings and investigation by boards; ap- pointment of board and employees. 715i. Restraining violations. 715j. ‘‘President’’ as including agencies, officers and employees. 715k. Saving clause. 715l. Repealed. 715m. Cooperation between Secretary of the Inte- rior and Federal and State authorities. Statutory Notes and Related Subsidiaries CONSTRUCTION OF PETROLEUM PIPE LINES Act July 30, 1941, ch. 333, 55 Stat. 610, as amended June 30, 1943, ch. 180, 57 Stat. 270; June 8, 1945, ch. 177, 59 Stat. 233; July 25, 1947, ch. 327, § 1, 61 Stat. 449, re- lated to the construction of pipe lines for the transpor- tation and/or distribution of petroleum or petroleum products moving in interstate commerce, or the exten- sion or completion of any such pipe lines already whol- ly or partly constructed, that might be necessary for national-defense purposes. Section 9 of Act July 30, 1941, provided that neither the President, any depart- ment or agency of the Government nor any person shall exercise any of the powers conferred by sections 2, 3, 4, or 6 of Act July 30, 1941, after June 30, 1946, and in no case shall any pipe line constructed, extended or com- pleted under authority of section 4 be operated or maintained by or under the direction or control of the President or any department or agency of the Govern- ment after the expiration of one year after the termi- nation of the unlimited national emergency proclaimed on May 27, 1941. Joint Res. July 25, 1947, ch. 327, § 3, 61 Stat. 451, provided that in the interpretation of Act July 30, 1941, the date July 25, 1947, shall be deemed to be the date of termination of any state of war thereto- fore declared by Congress and of the national emer- gency proclaimed by the President on May 27, 1941. NATIONAL DEFENSE PIPE LINES AUTHORIZED BY ACT Construction of one or more national defense pipe lines from Port Saint Joe, and other points on the Gulf Coast of Florida to the Saint Johns River, Florida, and a crude-oil pipe line from Yazoo, Mississippi, to Charleston, South Carolina and/or Savannah, Georgia, was authorized by act July 23, 1942, ch. 520, § 1, 56 Stat. 703, as amended June 17, 1943, ch. 127, 57 Stat. 156. Executive Documents NATIONAL DEFENSE PIPE LINES AUTHORIZED BY PRESIDENTIAL PROCLAMATION Construction of a national defense pipe line from Baton Rouge, Louisiana, to Greensboro, North Caro- lina, by the Plantation Pipe Line Company was author- ized by Proc. No. 2505, Aug. 23, 1941, 6 F.R. 4429, 55 Stat. 1670. Construction of a national defense pipe line from South Portland, Maine, through North Troy, Vermont, to Montreal, Canada, by the Portland Pipe Line Com- pany was authorized by Proc. No. 2517, Oct. 1, 1941, 6 F.R. 5081, 55 Stat. 1691. Construction of a national defense pipe line from Port Saint Joe, Florida, to Chattanooga, Tennessee, by the Southeastern Pipe Line Company was authorized by Proc. No. 2508, Sept. 3, 1941, 6 F.R. 4583, 55 Stat. 1672. Construction of a national defense pipe line from El Dorado, Arkansas, to Helena, Arkansas, by the Project Five Pipe Line Corporation, was authorized by Proc. No. 2567, Aug. 28, 1942, 7 F.R. 6839, 56 Stat. 1975. § 715. Purpose of chapter It is declared to be the policy of Congress to protect interstate and foreign commerce from the diversion and obstruction of, and the burden and harmful effect upon, such commerce caused by contraband oil as herein defined, and to en- courage the conservation of deposits of crude oil situated within the United States. (Feb. 22, 1935, ch. 18, § 1, 49 Stat. 30.) Statutory Notes and Related Subsidiaries SHORT TITLE Act Feb. 22, 1935, which is classified to this chapter, is popularly known as the ‘‘Hot Oil Act’’ and also as the ‘‘Connally Hot Oil Act’’.