15 U.S.C. § 714 — Creation and purpose of Corporation

Page 1171 TITLE 15—COMMERCE AND TRADE § 714 for carrying out Public Law 84, Eightieth Con- gress, or from any funds made available by the Congress for interim foreign aid. Funds made available for the purpose of this section may be used for necessary administrative expenses, in- cluding personal services in the District of Co- lumbia and elsewhere, purchase or hire of motor vehicles, temporary or intermittent services of experts or consultants or organizations thereof, including stenographic reporting services, by contract, without regard to the civil service and classification laws (the compensation of any such individual not to exceed $50 per day). Funds made available for the purposes of this section may be allotted for any of the purposes of this section to any department, agency, or inde- pendent establishment of the Government, or transferred to any other agency requested to as- sist in carrying out this section. Funds allotted to any department, agency, or independent es- tablishment of the Government shall be avail- able for obligation and expenditure in accord- ance with the laws governing obligations and ex- penditures of the department, agency, or inde- pendent establishment, or organizational unit thereof concerned, and without regard to section 6101 of title 41 and section 3324(a) and (b) of title 31. (Dec. 30, 1947, ch. 526, § 8, 61 Stat. 947.) Editorial Notes REFERENCES IN TEXT Public Law 84, Eightieth Congress, referred to in sub- sec. (b), is act May 31, 1947, ch. 90, 61 Stat. 125, which was classified generally to chapter 17 (§ 1411 et seq.) of Title 22, Foreign Relations and Intercourse, and was re- pealed by act Aug. 26, 1954, ch. 937, title V, § 542(a)(2), 68 Stat. 861. For complete classification of this Act to the Code, see Tables. Section 6101 of title 41, referred to in subsec. (b), was in the original a reference to section 3709 of the Revised Statutes, which was classified to section 5 of former Title 41, Public Contracts, and was repealed and re- stated in section 6101 of Title 41, Public Contracts, by Pub. L. 111–350, §§ 3, 7(b), Jan. 4, 2011, 124 Stat. 3677, 3855. Section 3324(a) and (b) of title 31, referred to in sub- sec. (b), was in the original a reference to section 3648 of the Revised Statutes, which was classified to section 529 of former Title 31, Money and Finance, and was re- pealed and restated as section 3324(a) and (b) of Title 31, Money and Finance, by Pub. L. 97–258, §§ 1, 5(b), Sept. 13, 1982, 96 Stat. 877, 1068. CODIFICATION Section was formerly classified to section 1918 of the former Appendix to Title 50, War and National Defense, prior to editorial reclassification and renumbering as this section. § 713d–3. Authorizations for appropriations There is authorized to be appropriated such amounts as may be necessary for purposes of carrying out the provisions of this joint resolu- tion. (Dec. 30, 1947, ch. 526, § 9, 61 Stat. 948.) Editorial Notes REFERENCES IN TEXT This joint resolution, referred to in text, means act Dec. 30, 1947, ch. 526, 61 Stat. 945. For complete classi- fication of this Act to the Code, see Tables. CODIFICATION Section was formerly classified to section 1919 of the former Appendix to Title 50, War and National Defense, prior to editorial reclassification and renumbering as this section. SUBCHAPTER II—COMMODITY CREDIT CORPORATION § 714. Creation and purpose of Corporation For the purpose of stabilizing, supporting, and protecting farm income and prices, of assisting in the maintenance of balanced and adequate supplies of agricultural commodities, products thereof, foods, feeds, and fibers (hereinafter col- lectively referred to as ‘‘agricultural commod- ities’’), and of facilitating the orderly distribu- tion of agricultural commodities, there is cre- ated a body corporate to be known as Com- modity Credit Corporation (hereinafter referred to as the ‘‘Corporation’’), which shall be an agency and instrumentality of the United States, within the Department of Agriculture, subject to the general supervision and direction of the Secretary of Agriculture (hereinafter re- ferred to as the ‘‘Secretary’’). (June 29, 1948, ch. 704, § 2, 62 Stat. 1070; June 7, 1949, ch. 175, § 1, 63 Stat. 154.) Editorial Notes AMENDMENTS 1949—Act June 7, 1949, placed the general supervision and direction of the Commodity Credit Corporation in the Secretary of Agriculture. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section 18 of act June 29, 1948, provided that sections 714 to 714o of this title shall take effect as of midnight June 30, 1948. SHORT TITLE Congress in enacting sections 714 to 714p of this title provided by section 1 of act June 29, 1948, that they should be popularly known as the ‘‘Commodity Credit Corporation Charter Act’’. ESTABLISHING QUALITY AS GOAL FOR COMMODITY CREDIT CORPORATION PROGRAMS Pub. L. 101–624, title XXV, § 2517, formerly § 2518, Nov. 28, 1990, 104 Stat. 4078, as renumbered by Pub. L. 104–66, title I, § 1011(h), Dec. 21, 1995, 109 Stat. 710, provided that: ‘‘In carrying out its activities the Commodity Credit Corporation shall, to the extent practicable, pro- vide for program provisions that promote quality in the production and marketing of crops and livestock in the United States.’’ [Pub. L. 104–127, title VII, § 711, Apr. 4, 1996, 110 Stat. 1112, which directed the repeal of section 2517 of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101–624, relating to a study of transportation of fertilizer and agricultural chemicals to farmers, was not executed to provisions set out above, to reflect the probable intent of Congress and the amendment by Pub. L. 104–66, title I, § 1011(h), Dec. 21, 1995, 109 Stat. 710, which repealed section 2517 of Pub. L. 101–624 relat- ing to such study, and renumbered section 2518 of Pub. L. 101–624, set out above, as section 2517 of Pub. L. 101–624.] 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 1172 TITLE 15—COMMERCE AND TRADE § 714a 1 So in original. Should be ‘‘Congress)’’. 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. § 714a. Location of offices The Corporation may establish offices in such place or places as it may deem necessary or de- sirable in the conduct of its business. (June 29, 1948, ch. 704, § 3, 62 Stat. 1070.) 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. § 714b. General powers of Corporation The Corporation— (a) Shall have succession in its corporate name. (b) May adopt, alter, and use a corporate seal, which shall be judicially noticed. (c) May sue and be sued, but no attachment, injunction, garnishment, or other similar proc- ess, mesne or final, shall be issued against the Corporation or its property. The district courts of the United States, including the district courts of any Territory or possession, shall have exclusive original jurisdiction, without regard to the amount in controversy, of all suits brought by or against the Corporation: Provided, That the Corporation may intervene in any court in any suit, action, or proceeding in which it has an interest. Any suit against the Corpora- tion shall be brought in the District of Colum- bia, or in the district wherein the plaintiff re- sides or is engaged in business. No suit by or against the Corporation shall be allowed unless (1) it shall have been brought within six years after the right accrued on which suit is brought, or (2) in the event that the person bringing such suit shall have been under legal disability or be- yond the seas at the time the right accrued, the suit shall have been brought within three years after the disability shall have ceased or within six years after the right accrued on which suit is brought, whichever period is longer. The defend- ant in any suit by or against the Corporation may plead, by way of set-off or counterclaim, any cause of action, whether arising out of the same transaction or not, which would otherwise be barred by such limitation if the claim upon which the defendant’s cause of action is based had not been barred prior to the date that the plaintiff’s cause of action arose: Provided, That the defendant shall not be awarded a judgment on any such set-off or counterclaim for any amount in excess of the amount of the plaintiff’s claim established in the suit. All suits against the Corporation shall be tried by the court with- out a jury. Notwithstanding any other provision of this subchapter, the Federal Tort Claims Act (Public Law 601, Seventy-ninth Congres 1 shall be applicable to the Corporation. Any suit by or against the United States as the real party in interest based upon any claim by or against the Corporation shall be subject to the provisions of subsection (c) to the same extent as though such suit were by or against the Corporation, except that (1) any such suit against the United States based upon any claim of the type enumerated in section 1491 of title 28, may be brought in the United States Court of Federal Claims, and (2) no such suit against the United States may be brought in a district court unless such suit might, without regard to the provisions of this subchapter, be brought in such court. (d) May adopt, amend, and repeal bylaws, rules, and regulations governing the manner in which its business may be conducted and the powers vested in it may be exercised. (e) Shall have all the rights, privileges, and immunities of the United States with respect to the right to priority of payment with respect to debts due from insolvent, deceased, or bankrupt debtors. The Corporation may assert such rights, privileges, and immunities in any suit, action, or proceeding. (f) Shall be entitled to the use of the United States mails in the same manner and upon the same conditions as the executive departments of the Federal Government. (g) May enter into and carry out such con- tracts or agreements as are necessary in the conduct of its business, except that obligations under all such contracts or agreements (other than reimbursable agreements under section 714i of this title) for equipment or services relating to automated data processing, information tech- nologies, or related items (including tele- communications equipment and computer hard- ware and software) may not exceed $170,000,000 in fiscal year 1996 and not more than $188,000,000 in the 6-fiscal year period beginning on October 1, 1996, unless additional amounts for such con- tracts and agreements are provided in advance in appropriation Acts. State and local regu- latory laws or rules shall not be applicable with respect to contracts or agreements of the Cor- poration or the parties thereto to the extent that such contracts or agreements provide that such laws or rules shall not be applicable, or to the extent that such laws or rules are incon- sistent with such contracts or agreements. (h) May contract for the use, in accordance with the usual customs of trade and commerce, of plants and facilities for the physical handling, storage, processing, servicing, and transpor- tation of the agricultural commodities subject to its control. The Corporation shall not have power to acquire real property or any interest therein except that it may (a) rent or lease of- fice space necessary for the conduct of its busi- ness and (b) acquire real property or any inter- est therein for the purpose of providing storage adequate to carry out effectively and efficiently any of the Corporation’s programs, or of secur- ing or discharging obligations owing to the Cor- poration, or of otherwise protecting the finan- cial interests of the Corporation: Provided, That the authority contained in this subsection shall not be utilized by the Corporation for the pur- pose of acquiring real property, or any interest therein, in order to provide storage facilities for any commodity unless the Corporation deter- mines that existing privately owned storage fa- cilities for such commodity in the area con-