15 U.S.C. § 713 — Omitted

Page 1157 TITLE 15—COMMERCE AND TRADE § 713 in manpower and a savings in administrative expenses, which savings shall not be used for administrative ex- penses but instead shall be returned to or remain in the funds from which administrative expenses are drawn under this authorization: Provided further, That a re- port of such transfers and the savings effected thereby shall be submitted to Congress in the annual budget.’’ Similar provisions were contained in acts June 26, 1943, ch. 145, title I, § 101, 57 Stat. 184; June 27, 1944, ch. 286, title I, § 101, 58 Stat. 375. Executive Documents TRANSFERS OF FUNCTIONS AND CHANGES IN NAMES Federal Housing Administration consolidated into National Housing Agency during World War II by Ex. Ord. No. 9070, Feb. 24, 1942. Federal Housing Adminis- tration subsequently consolidated into Housing and Home Finance Agency by Reorg. Plan No. 3 of 1947, eff. July 27, 1947, 12 F.R. 4981, 61 Stat. 954. Functions, pow- ers, and duties of the Federal Housing Administration thereafter transferred to Secretary of Housing and Urban Development. See section 3534(a) of Title 42, The Public Health and Welfare. Federal Surplus Commodities Corporation, which was included in Surplus Marketing Administration by Reorg. Plan No. III of 1940, § 5, eff. June 30, 1940, 5 F.R. 2108, 54 Stat. 1232, consolidated into Agricultural Mar- keting Administration by Ex. Ord. No. 9069, Feb. 23, 1942. Agricultural Marketing Administration consoli- dated into Food Distribution Administration of Depart- ment of Agriculture by Ex. Ord. No. 9280, Dec. 5, 1942. Food Distribution Administration consolidated into War Food Administration in Department of Agriculture by Ex. Ord. No. 9322, Mar. 26, 1943, 8 F.R. 3807, as amend- ed by Ex. Ord. No. 9334, Apr. 19, 1943, 8 F.R. 5423. War Food Administration terminated and functions trans- ferred to Secretary of Agriculture by Ex. Ord. No. 9577, June 29, 1945, 10 F.R. 8087. Functions of Surplus Mar- keting Administration transferred to Secretary of Ag- riculture by Reorg. Plan No. 3 of 1946, § 501, eff. July 16, 1946, 11 F.R. 7875, 60 Stat. 1097. Export-Import Bank of Washington was set out as one of several agencies for which Federal Loan Admin- istrator should supervise administration and be respon- sible for coordination of functions and activities by Reorg. Plan No. I of 1939, § 402, eff. July 1, 1939, 4 F.R. 2730, 53 Stat. 1429, set out in the Appendix to Title 5, Government Organization and Employees. Bank termi- nated by act July 31, 1945, ch. 341, § 10, 59 Stat. 529, and a new Export-Import Bank of Washington was created by such act, which is set out as chapter 6A (§ 635 et seq.) of Title 12, Banks and Banking. ‘‘Export-Import Bank of Washington’’ changed to ‘‘Export-Import Bank of the United States’’ to conform to such change in name in Act July 31, 1945, provided for in section 1(a) of Pub. L. 90–267, Mar. 13, 1968, 82 Stat. 47. Second Export-Import Bank of Washington, D.C. was established under Ex. Ord. No. 6638, Mar. 9, 1934. Its commitments were transferred to Export-Import Bank of Washington (see above) and it was abolished by Ex. Ord. No. 7365, May 7, 1936, 1 F.R. 372. Federal Loan Agency’s and Federal Loan Administra- tor’s functions and duties relating to Reconstruction Finance Corporation, Reconstruction Finance Mort- gage Company, Electric Home and Farm Authority and Export-Import Bank of Washington, and other agen- cies, transferred to Department of Commerce, during World War II, see Ex. Ord. No. 9071, Feb. 24, 1942, 7 F.R. 1531. By act Feb. 24, 1945, ch. 4, 59 Stat. 5, former sec- tions 1801 to 1805 of Title 12, Federal Loan Agency was reconstituted an independent establishment of Federal Government, and was abolished and its property and functions transferred to Reconstruction Finance Cor- poration by act June 30, 1947, ch. 166, title II, § 204, 61 Stat. 208. Section 6(a) of 1957 Reorg. Plan No. 1, eff. June 30, 1957, 22 F.R. 4633, 71 Stat. 647, set out as a note under section 601 of this title, abolished Reconstruction Finance Corporation. Electric Home and Farm Authority was set out as one of several agencies for which Federal Loan Admin- istrator should supervise administration and be respon- sible for coordination of functions and activities, by Reorg. Plan No. I of 1939, § 402, eff. July 1, 1939, 4 F.R. 2730, 53 Stat. 1429, set out in the Appendix to Title 5, Government Organization and Employees. Electric Home and Farm Authority, Inc., was author- ized by Ex. Ord. No. 6514, Dec. 19, 1933. Existence con- tinued until February 1, 1937, by act Mar. 31, 1936, ch. 163, § 1, 49 Stat. 1186; extended to ‘‘close of business on June 30, 1939’’ by act Jan. 26, 1937, ch. 6, § 2, 50 Stat. 5; to ‘‘June 30, 1941’’ by act Mar. 4, 1939, ch. 4, 53 Stat. 510 and to Jan. 22, 1947, by act June 10, 1941, ch. 190, § 2, 55 Stat. 248. Said Authority dissolved on Oct. 13, 1942, by Ex. Ord. No. 9256, Oct. 13, 1942, 7 F.R. 8334, and for pur- poses of liquidation and payment of liabilities all as- sets, funds, records, contracts, personnel, and property were transferred to former Reconstruction Finance Corporation. Commodity Credit Corporation, Federal Farm Mort- gage Corporation, and Farm Credit Administration, and their functions and activities, together with their respective personnel, records, and property transferred to Department of Agriculture by Reorg. Plan No. I of 1939, § 401, eff. July 1, 1939, 4 F.R. 2730, 53 Stat. 1429, set out in the Appendix to Title 5, Government Organiza- tion and Employees. Administration of program of Commodity Credit Corporation and functions of Fed- eral Surplus Commodities Corporation transferred to Secretary of Agriculture by Reorg. Plan No. 3 of 1946, § 501, eff. July 16, 1946, 11 F.R. 7877, 60 Stat. 1100. See also notes under section 713 of this title. Federal Emergency Administration of Public Works, created by act June 16, 1933, ch. 90, title II, § 201, 48 Stat. 200, transferred to Federal Works Agency to be administered as Public Works Administration by Reorg. Plan No. I of 1939, §§ 301 and 305, eff. July 1, 1939, 4 F.R. 2729, 2730, 53 Stat. 1426, 1428. Federal Emergency Administration of Public Works further continued to June 30, 1940, by Res. of June 21, 1938, ch. 554, title II, § 202, 52 Stat. 817. The act of June 16, 1933, ch. 90, title II, terminated June 30, 1943, by provisions of act June 27, 1942, ch. 450, § 1, 56 Stat. 410. Ex. Ord. No. 9357, June 30, 1943, 8 F.R. 9041, transferred functions of Public Works Administration to office of Federal Works Ad- ministrator. For changes affecting other agencies enumerated in subsection (b) of this section, see Reorg. Plan No. I of 1939, §§ 301, 305, 401, 402, eff. July 1, 1939, 4 F.R. 2729, 2730, 53 Stat. 1426, 1428, 1429, and Reorg. Plan No. III of 1940, § 5, eff. June 30, 1940, 5 F.R. 2108, 54 Stat. 1232. Reorga- nization Plans I and III are set out in the Appendix to Title 5, Government Organization and Employees. EXCEPTIONS FROM TRANSFER OF FUNCTIONS Functions of corporations of Department of Agri- culture, boards of directors and officers of such cor- porations; Advisory Board of Commodity Credit Cor- poration; and Farm Credit Administration or any agen- cy, officer or entity of, under, or subject to the super- vision of the Administration excepted from functions of officers, agencies and employees transferred to Sec- retary of Agriculture by Reorg. Plan No. 2 of 1953, § 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out in the Appendix to Title 5, Government Organization and Em- ployees. § 713. Omitted Editorial Notes CODIFICATION Section, acts Jan. 31, 1935, ch. 2, § 7, 49 Stat. 4; Jan. 26, 1937, ch. 6, § 2(a), 50 Stat. 5; Mar. 4, 1939, ch. 5, § 1(a), 53 Stat. 510; Dec. 23, 1943, ch. 383, 57 Stat. 643, was omitted as terminated by its own terms on June 30, 1948. It re- lated to the Commodity Credit Corporation, which was recreated as a Federal corporation by section 714 of this title. Page 1158 TITLE 15—COMMERCE AND TRADE § 713a Subsec. (a), continuing the Commodity Credit Cor- poration, a Delaware corporation, until the close of business on June 30, 1948, authorizing the Corporation to use all its assets (including capital and net earnings therefrom and all moneys allocated to or borrowed by it) in the exercise of its functions as a United States agency, including the making of loans on agricultural commodities, and requiring the Corporation to main- tain complete and accurate books of account and to de- termine the procedures to be followed in the trans- action of corporate business, was superseded by sec- tions 714, 714b(a), (d), (l), and 714f of this title. Initial proviso clause of subsec. (b), ‘‘That the Cor- poration shall continue to have the authority to make final and conclusive settlement and adjustment of any claims by or against the Corporation or the accounts of its fiscal officers’’ was superseded by section 714b(k) of this title. Remainder of section, relating to audit of financial transactions of the Corporation, was superseded by sec- tions 841 to 870 of former Title 31 [see chapter 91 of Title 31, Money and Finance]. See, particularly, sec- tions 846, 850 and 851 of former title 31 [31 U.S.C. 9101(3), 9105 and 9106]. Statutory Notes and Related Subsidiaries REPEALS Act July 1, 1941, ch. 270, § 1, 55 Stat. 498, formerly clas- sified to this section, was repealed by Pub. L. 89–554, § 8(a), Sept. 6, 1966, 80 Stat. 651. Acts July 16, 1943, ch. 241, § 1, 57 Stat. 556; Feb. 28, 1944, ch. 71, § 1, 58 Stat. 105; Apr. 12, 1945, ch. 54, § 5, 59 Stat. 51; June 30, 1947, ch. 164, 61 Stat. 201, formerly classified to this section, were repealed by Pub. L. 89–554, § 8(a), Sept. 6, 1966, 80 Stat. 652, 654. DISSOLUTION OF CORPORATION Secretary of Agriculture authorized to dissolve the Delaware corporation under authority of section 714o of this title. TRANSFER OF ASSETS OF CORPORATION Assets, funds, liabilities, etc., of Delaware corpora- tion transferred to newly created Commodity Credit Corporation under authority of section 714n of this title. SUBSIDY OPERATIONS Act July 25, 1946, ch. 671, § 6, 60 Stat. 671, provided that the last paragraph of section 902(e) of the former Appendix to Title 50, War and National Defense, should not apply to operations of the Commodity Credit Cor- poration and the former Reconstruction Finance Cor- poration for the fiscal year ending June 30, 1947, and placed limitations on certain subsidy payments made during such fiscal year June 30, 1947. INCREASE IN CERTAIN SUBSIDY PAYMENTS Act July 31, 1945, ch. 332, 59 Stat. 506, provided that subsidy payments with respect to livestock, wheat, and butter, shall be increased to certain amounts from time to time by the Secretary of Agriculture. ALLOCATION OF LIVESTOCK AND POULTRY FEEDS Act July 25, 1946, ch. 671, § 15, 60 Stat. 677, directed Secretary of Agriculture to allocate livestock and poul- try feeds through the Commodity Credit Corporation when an emergency condition arises with regard to such feeds. PURCHASES OF WHEAT PRIOR TO APRIL 1, 1947 Act July 25, 1946, ch. 671, § 16, 60 Stat. 677, provided that the Commodity Credit Corporation shall offer to purchase the wheat of producers, subject to certain limitations, which wheat has been required to be sold pursuant to Government order and was delivered to a grain elevator prior to April 1, 1947. § 713a. Repealed. June 30, 1947, ch. 166, title II, § 206(p), 61 Stat. 208 Section, act Apr. 10, 1936, ch. 168, 49 Stat. 1191, au- thorized increase of capital stock of the Corporation by $97,000,000. §§ 713a–1, 713a–2. Repealed. Pub. L. 87–155, § 1, Aug. 17, 1961, 75 Stat. 391 Section 713a–1, acts Mar. 8, 1938, ch. 44, § 1, 52 Stat. 107; July 1, 1941, ch. 270, § 2, 55 Stat. 498; Apr. 12, 1945, ch. 54, § 4, 59 Stat. 51; Mar. 20, 1954, ch. 102, § 1(b), 68 Stat. 30, related to annual appraisal of assets of Com- modity Credit Corporation, and to restoration of any capital impairment. See section 713a–11 of this title for provisions authorizing appropriations to reimburse the Commodity Credit Corporation for its net realized yearly losses. Section 713a–2, act Mar. 8, 1938, ch. 44, § 2, 52 Stat. 107, related to deposit in Treasury of any capital excess of Commodity Credit Corporation. See section 713a–12 of this title for provisions requiring any net realized gain for the year by the Commodity Credit Corporation to be deposited in the Treasury. § 713a–3. Omitted Editorial Notes CODIFICATION Section, act Mar. 8, 1938, ch. 44, § 3, 52 Stat. 107, re- ferred to stock of the Delaware corporation. § 713a–4. Obligations of Commodity Credit Cor- poration; issuance; sale; purchase; redemp- tion; etc. With the approval of the Secretary of the Treasury, the Commodity Credit Corporation is authorized to issue and have outstanding at any one time, bonds, notes, debentures, and other similar obligations in an aggregate amount not exceeding $30,000,000,000. Such obligations shall be in such forms and denominations, shall have such maturities, shall bear such rates of inter- est, shall be subject to such terms and condi- tions, and shall be issued in such manner and sold at such prices as may be prescribed by the Commodity Credit Corporation, with the ap- proval of the Secretary of the Treasury. Such obligations shall be fully and unconditionally guaranteed both as to interest and principal by the United States, and such guaranty shall be expressed on the face thereof, and such obliga- tions shall be lawful investments and may be ac- cepted as security for all fiduciary, trust, and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof. In the event that the Commodity Credit Cor- poration shall be unable to pay upon demand, when due, the principal of, or interest on, such obligations, the Secretary of the Treasury shall pay to the holder the amount thereof which is authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, and thereupon to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such obligations. The Secretary of the Treasury, in his discretion, is authorized to purchase any obligations of the Commodity Credit Corporation issued here- under, and for such purpose the Secretary of the Treasury is authorized to use as a public-debt