15 U.S.C. § 714f — Use of funds

Page 1178 TITLE 15—COMMERCE AND TRADE § 714f sections 713a–1 to 713a–5 of this title. Sections 713a–1 and 713a–2 were repealed by Pub. L. 87–155, § 1, Aug. 17, 1961, 75 Stat. 391, and section 713a–3 was omitted from the Code. 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. § 714f. Use of funds The Corporation is authorized to use in the conduct of its business all its funds and other as- sets, including capital and net earnings there- from, and all funds and other assets which have been or may hereafter be transferred or allo- cated to, borrowed by, or otherwise acquired by it. (June 29, 1948, ch. 704, § 8, 62 Stat. 1072.) 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. § 714g. Board of Directors (a) Composition; appointment, tenure and com- pensation; quorum; duties The management of the Corporation shall be vested in a board of directors (hereinafter re- ferred to as the ‘‘Board’’), subject to the general supervision and direction of the Secretary. The Secretary shall be an ex officio director and shall serve as Chairman of the Board. The Board shall consist of seven members (in addition to the Secretary), who shall be appointed by the President. In addition to their duties as mem- bers of the Board, such appointed members shall perform such other duties as may be prescribed by the Secretary. Each appointed member of the Board shall receive compensation at such rate not in excess of the maximum then payable under chapter 51 and subchapter III of chapter 53 of title 5 as may be fixed by the Secretary, ex- cept that any such member who holds another office or position under the Federal Government the compensation for which exceeds such rate may elect to receive compensation at the rate provided for such other office or position in lieu of the compensation provided by this section. A majority of the directors shall constitute a quorum of the Board and action shall be taken only by a majority vote of those present. (b) Advisory board; composition, tenure and compensation; meetings; duties In addition to the Board of Directors there shall be an advisory board reflecting broad agri- cultural and business experience in its member- ship and consisting of five members who shall be appointed by the President, and who shall serve at the pleasure of the President. Not more than three of such members shall belong to the same political party. The advisory board shall meet at the call of the Secretary, who shall require it to meet not less often than once each ninety days; shall survey the general policies of the Corpora- tion, including its policies in connection with the purchase, storage, and sale of commodities, and the operation of lending and price-support programs; and shall advise the Secretary with respect thereto. Members of the advisory board shall receive for their services as members com- pensation of not to exceed $50 per diem when ac- tually engaged in the performance of their du- ties as such, together with their necessary trav- eling expenses while going to and coming from meetings. (June 29, 1948, ch. 704, § 9, 62 Stat. 1072; June 7, 1949, ch. 175, § 3, 63 Stat. 155; Oct. 28, 1949, ch. 782, title XI, § 1106(a), 63 Stat. 972; Pub. L. 94–561, § 4, Oct. 19, 1976, 90 Stat. 2643; Pub. L. 112–166, § 2(a)(3), Aug. 10, 2012, 126 Stat. 1283.) Editorial Notes CODIFICATION In subsec. (a), ‘‘chapter 51 and subchapter III of chap- ter 53 of title 5’’ substituted for ‘‘the Classification Act of 1949, as amended’’ on authority of Pub. L. 89–554, § 7(b), Sept. 6, 1966, 80 Stat. 631, the first section of which enacted Title 5, Government Organization and Employees. AMENDMENTS 2012—Subsec. (a). Pub. L. 112–166 struck out ‘‘by and with the advice and consent of the Senate’’ before pe- riod at end of third sentence. 1976—Subsec. (a). Pub. L. 94–561 increased number of Board of Directors from six to seven members. 1949—Act Oct. 28, 1949, substituted ‘‘Classification Act of 1949’’ for ‘‘Classification Act of 1923’’. Act June 7, 1949, amended section generally by bring- ing the Board under the direct control of the Secretary who will serve as Chairman of the Board, and by adding subsec. (b) to provide for the appointment and duties of an advisory board. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2012 AMENDMENT Amendment by Pub. L. 112–166 effective 60 days after Aug. 10, 2012, and applicable to appointments made on and after that effective date, including any nomination pending in the Senate on that date, see section 6(a) of Pub. L. 112–166, set out as a note under section 113 of Title 6, Domestic Security. EFFECTIVE DATE OF 1976 AMENDMENT Amendment by Pub. L. 94–561 effective Oct. 19, 1976, see section 5 of Pub. L. 94–561, set out as a note under section 5313 of Title 5, Government Organization and Employees. REPEALS Act Oct. 28, 1949, ch. 782, cited as a credit to this sec- tion, was repealed (subject to a savings clause) by Pub. L. 89–554, Sept. 6, 1966, § 8, 80 Stat. 632, 655. TERMINATION OF ADVISORY BOARDS Advisory boards in existence on Jan. 5, 1973, to termi- nate not later than the expiration of the 2-year period following Jan. 5, 1973, unless, in the case of a board es- tablished by the President or an officer of the Federal Government, such board is renewed by appropriate ac- tion prior to the expiration of such 2-year period, or in the case of a board established by the Congress, its du- ration is otherwise provided by law. See sections 1001(2)