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carry out the purposes of this section and sections 603, 609f, and 611b of this title. (Feb. 24, 1938, ch. 32, § 1, 52 Stat. 79.)
ECONOMIC RECOVERY § 712a. Limitation of obligations for administrative expenses of certain agencies; limitation on life of certain agencies.(a) Notwithstanding any other provision of law, none of the establishments or agencies named in subsection (b) of this section shall, after June 30, 1937, incur any obligations for administrative expenses, except pursuant to an annual appropriation specifically therefor, nor shall any such establishment or agency continue to function after said date unless established by or pursuant to law: Provided, That nothing contained herein shall be construed to extend the period during which any such establishment or agency heretofore has been authorized by law to function. (b)
5. Federal Surplus Commodities Corporation; 10. Commodity Credit Corporation;
*. (June 22, 1936, ch. 689, $ 7,49 Stat. 1647.)
COMMODITY CREDIT CORPORATION Ex. Ord. No. 6340—Authorizing the Formation of a Corporation to be
Known as the Commodity Credit Corporation. (October 16, 1933) Whereas, the Congress of the United States has declared that an acute emergency exists by reason of widespread distress and unemployment, disorganization of industry, and the impairment of the agricultural assets supporting the national credit structure, all of which affects the national public interest and welfare; and
Whereas in order to meet the said emergency and to provide the relief necessary to protect the general welfare of the people, the Congress of the United States has enacted the following acts:
1. The Agricultural Adjustment Act, approved May 12, 1933.
21, 1932. And whereas, in order, effectively and efficiently, to carry out the provisions of said acts it is expedient and necessary that a corporation be organized with such powers and functions as may be necessary to accomplish the purposes of said acts.
Now, therefore, under and by virtue of the authority vested in me by the National Industrial Recovery Act of June 16, 1933, it is hereby ordered that an agency, to-wit, a corporation, under the laws of Delaware, be created, said corporation to be named the Commodity Credit Corporation.
The governing body of said corporation shall consist of a board of directors composed of eight members, and the following persons, who have been invited and have given their consent to serve, shall be elected by the incorporators as such directors:
Henry A. Wallace, Secretary of Agriculture.
tion. Oscar Johnston, Director of Finance, Agricultural Adjustment Admin
istration. Henry Morgenthau, Jr., Governor, Farm Credit Administration. Herman Oliphant, General Counsel, Farm Credit Administration. Lynn P. Tally, Assistant to the Directors of the Reconstruction Finance
E. B. Schwulst, Special Assistant to the Directors of the Reconstruc
tion Finance Corporation. Stanley Reed, General Counsel of the Directors of the Reconstruction
Finance Corporation. The office and principal place of business of said corporation outside the State of Delaware shall be in the city of Washington, and branch offices may be established in such places within the United States as the said board of directors shall select and determine by and with the consent of the Secretary of Agriculture and the Governor of the Farm Credit Administration.
The capital stock of such corporation shall consist of 30,000 shares of the par value of $100 each.
The Secretary of Agriculture and the Governor of the Farm Credit Administration are hereby authorized and directed to cause said corporation to be formed, with such articles of certificate of incorporation, and bylaws, which they shall deem requisite and necessary to define the methods by which said corporation shall conduct its business.
The Secretary of Agriculture and the Governor of the Farm Credit Administration are authorized and directed to subscribe for all of said capital stock for the use and benefit of the United States. There is hereby set aside for the purpose of subscribing to the capital stock in said corporation the sum of $3,000,000 out of the appropriation of $100,000,000 authorized by section 220 of the National Industrial Recovery Act and made by the Fourth Deficiency Act, fiscal year 1933, approved June 16, 1933 (Public No. 77, 73d Cong.).
It is hereby further ordered that any outstanding stock standing in the name of the United States shall be voted by the Secretary of Agriculture and the Governor of the Farm Credit Administration jointly, or by such nerson or persons as the said Secretary of Agriculture and the Governor of the Farm Credit Administration shall appoint as their joint agent or agents for that purpose. The board of directors (other than the initial board of directors elected by the incorporators) shall be elected, and any vacancies thereon shall be filled by the Secretary of Agriculture and the Governor of the Farm Credit Administration jointly, subject to the approval of the President of the United States.
COMMODITY CREDIT CORPORATION Commodity Credit Corporation, Federal Farm Mortgage Corporation, and Farm Credit Administration, and their functions and activities, together with their resnective personnel. records, and property were transferred to Denartment of Agriculture bv Reorg. Plan No. I. $ 401, eff. Julv 1. 1939, 4 Fed. Reg. 2730, 53 Stat. 1429, set out in note under section 133t of Title 5, Executive Departments and Government Officers and Employees.
$ 713. Commodity Credit Corporation; continuance of existence, functions, and ownership of stock by United States; audit of transactions; payment of audit expenses; place of audit.—(a) Notwithstanding any other provision of law. Commodity Credit Corporation, a corporation organized under the laws of the State of Delaware as an agency of the United States pursuant to the Executive order of the President of October 16. 1933, shall continue, until the close of business on June 30, 1945, or such earlier date as may be fixed by the President by Executive order, to be an agency of the United States. During the continuance of such agency, the Secretary of Agriculture and the Governor of the Farm Credit Administration are authorized and directed to continue, for the use and benefit of the United States, the present investment in the capital stock of Commodity Credit Corporation, and the corporation is hereby authorized to use all its assets, including capital and net earnings therefrom, and all moneys which have been or may hereafter be allocated to or borrowed by it, in the exercise of its functions as such agency, including the making of loans on agricultural commodities: Provided, however, That the Corporation shall at all times maintain complete and accurate books of account and shall determine the procedures to be followed in the transaction of the corporate business.
(b) The financial transactions of the Corporation beginning with the period from July 1, 1944, shall be audited by the General Accounting Office in accordance with the principles applicable to commercial corporate transactions and under such rules and regulations as may be prescribed by the Comptroller General of the United States: Provided, That the Corporation 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: Provided further, That a report of such audit shall be made to the Congress, together with such recommendations as the Comptroller General may deem advisable, and that each such report shall cover a period of one fiscal year: Provided further, That a copy of each such report shall be furnished the Secretary of the Treasury and that the findings contained therein shall be considered by the Secretary in appraising the assets and liabilities and determining the net worth of the Corporation under sections 713a-1 and 713a-2 of this title: Provided, however, That nothing in this section shall be construed as modifying legislation authorizing the use of funds of the Corporation for administrative expenses and requiring accountability therefor.
(c) The expenses of the audit as provided in this section may be paid up to and including June 30, 1946, from moneys advanced therefor by the Corporation, or from any appropriation or appropriations for the General Accounting Office, and appropriations so used shall be reimbursed promptly by the Corporation as billed by the Comptroller General: Provided, That any such advances or reimbursements shall be considered as nonadministrative expenses of the Corporation. For the purpose of such audit the representatives of the General Accounting Office shall have access to all papers, books, files, accounts, financial records, warehouses, and all other things, property, and places belonging to or under the control of or used or employed by the Corporation and shall be afforded full facilities for verifying transactions with the balances in depositaries and with fiscal agents: Provided further, That the certified financial reports and schedules of the fiscal agents of the Corporation based on commercial audits in the usual course of business may be accepted by the General Accounting Office in its audit of the financial transactions of the Corporation as final and not subject to further audit verification.
(d) Any examination of the corporate records shall be made at the place or places where such records are normally kept in the transaction of the corporate business, and the Corporation shall retain custody of contracts, vouchers, schedules, or other financial or accounting documents, either original or duplicate, relating to its nonadministrative transactions. (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; July 1, 1941, ch. 270,
§ 1, 55 Stat. 498; July 16, 1943, ch. 241, § 1, 57 Stat. 566, eff. June 30, 1943; Dec. 23, 1943, ch. 383, 57 Stat. 643; Feb. 28, 1944, ch. 71, §§ 1, 3, 58 Stat. 105, 106, eff. Feb. 17, 1944.)
AMENDMENTS 1944—Act Feb. 28, 1944, SS 1, 3, cited to text, amended section, by substituting “June 30, 1945,” for “February 17, 1944," and by making the first par. subsec. (a), striking period at the end and inserting colon in lieu thereof, inserting proviso, and adding subsecs. (b), (c), and (d).
1943—Act Dec. 23, 1943, cited to text, substituted “February 17, 1944" for “December 31, 1943."
Act July 16, 1943, cited to text, eff. June 30, 1943, substituted "December 31, 1943”, for "June 30, 1943.”
1941–Act July 1, 1941, cited to text, substituted “June 30, 1943" for "June 30, 1941” in first sentence.
EFFECTIVE DATE Amendment of first sentence of section by section 1 of act Feb. 28, 1944, cited to text, was made effective as of Feb. 17, 1944. Further amendment of section by section 3 of act Feb. 28, 1944, cited to text, effective Feb. 28, 1944.
CROSS REFERENCES Federal reserve banks as depositaries and fiscal agents for corporation, see section 395 of Title 12, Banks and Banking.
The Commodity Credit Corporation was consolidated with other agencies into the Administration of Food Production and Distribution within Department of Agriculture by Ex. Ord. No. 9322, Mar. 26, 1943, set out in note under section 601 of Appendix to Title 50, War.
$ 713a. Same; increase of capital stock.—The Secretary of Agriculture and the Governor of the Farm Credit Administration are hereby authorized and directed to take all necessary steps to increase the capital stock of the Commodity Credit Corporation by $97,000,000; and the Reconstruction Finance Corporation is hereby authorized and directed to acquire $97,000,000 of the nonassessable capital stock of the Commodity Credit Corporation: Provided, That nothing herein shall be construed to increase the amount of notes, bonds, debentures, and other such obligations which the Reconstruction Finance Corporation is authorized and empowered under existing law to issue and to have outstanding at any one time. (Apr. 10, 1936, ch. 168, 49 Stat. 1191.)
8 7132-1. Same; annual appraisal of assets; restoration of capital impairment. As of the 31st of March in each year and as soon as possible thereafter, beginning with March 31, 1938, an appraisal of all the assets and liabilities of the Commodity Credit Corporation for the purpose of determining the net worth of the Commodity Credit Corporation shall be made by the Secretary of the Treasury. The value of assets shall, insofar as possible, be determined on the basis of the cost, including not more than one year of carrying charges, of such assets to the Corporation, or the average market prices of such assets for a period of twelve months ending with March 31 of each year, whichever is less; and a report of any such appraisal shall be submitted to the President as soon as possible after it has been made. In the event that any such appraisal shall establish that the net worth of the Commodity Credit Corporation is less than $100,000,000, the Secretary of the Treasury, on behalf of the United States, shall restore the amount of such capital impairment by a contribution
to the Commodity Credit Corporation in the amount of such impairment. To enable the Secretary of the Treasury to make such payment to the Commodity Credit Corporation, there is hereby authorized to be appropriated annually, commencing with the fiscal year 1938, out of any money in the Treasury not otherwise appropriated, an amount equal to any capital impairment found to exist by virtue of any appraisal as provided herein. (As amended July 1, 1941, ch. 270, § 2, 55 Stat. 498.)
8 713a-2. Same; capital excess; deposit in Treasury for retirement of public debt.-In the event that any appraisal pursuant to section 713a-1 of this title shall establish that the net worth of the Commodity Credit Corporation is in excess of $100,000,000, such excess shall, as soon as practicable after such appraisal, be deposited in the Treasury by the Commodity Credit Corporation and shall be credited to miscellaneous receipts. The Secretary of the Treasury is directed, as soon as practicable, to use any amounts so deposited to retire an equivalent amount of the public debt, which amount shall be in addition to any other amount required to be used for such purpose. (Mar. 8, 1938, ch. 44, § 2, 52 Stat. 107.)
§ 713a-3. Same; transfer to United States of stock held by Secretary of Agriculture, Governor of Farm Credit Administration, and Reconstruction Finance Corporation. The Secretary of Agriculture, the Governor of the Farm Credit Administration, and the Reconstruction Finance Corporation are hereby authorized and directed to transfer to the United States all right, title, and interest in and to the capital stock of the Commodity Credit Corporation which each of them now holds. All rights of the United States arising out of the ownership of such capital stock shall be exercised by the President, or by such officer, officers, agency, or agencies as he shall designate, and in such manner as he shall prescribe. (Mar. 8, 1938, ch. 44, § 3, 52 Stat. 107.)
§ 713a-4. Same; obligations of corporation; issuance; sales; purchase; redemption; 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 $3,000,000,000. Such obligations shall be in such forms and denominations, shall have such maturities, shall bear such rates of interest, shall be subject to such terms and conditions, and shall be issued in such manner and sold at such prices as may be prescribed by the Commodity Credit Corporation, with the approval 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 obligations shall be lawful investments and may be accepted 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 Corporation shall be unable to pay upon demand, when due, the principal of, or interest on, such obligations, the Secretary of the