12 U.S.C. § 1141j — Miscellaneous provisions

Page 273 TITLE 12—BANKS AND BANKING § 1141j whole or any part of (1) any office, bureau, serv- ice, division, commission, or board in the Execu- tive branch of the Government engaged in sci- entific or extension work, or the furnishing of services, with respect to the marketing of agri- cultural commodities, (2) its functions per- taining to such work or services, and (3) the rec- ords, property, including office equipment, per- sonnel, and unexpended balances of appropria- tion, pertaining to such work or services. (June 15, 1929, ch. 24, § 13, 46 Stat. 17; Ex. Ord. No. 6084, Mar. 27, 1933.) Editorial Notes CODIFICATION Section was formerly classified to section 533 of Title 7, Agriculture. Statutory Notes and Related Subsidiaries CHANGE OF NAME ‘‘Administration’’ substituted in text for ‘‘board’’ pursuant to Ex. Ord. No. 6084, set out preceding section 2241 of this title. TRANSFER OF FUNCTIONS Establishment of Farm Credit Administration as an independent agency, composition of Farm Credit Ad- ministration, appointment of Governor of Farm Credit Administration, and duties thereof, including duty to perform functions, etc., of Farm Credit Administration, see section 2241 et seq. of this title. Executive Documents EXCEPTIONS FROM TRANSFER OF FUNCTIONS Functions of Farm Credit Administration or any agency, officer, or entity of, under, or subject to super- vision of said 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. § 1141i. Repealed. Pub. L. 115–334, title V, § 5411(57), Dec. 20, 2018, 132 Stat. 4685 Section, act June 15, 1929, ch. 24, § 14, 46 Stat. 18; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 30, 1954, ch. 1076, § 1(30), 68 Stat. 968; Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814, related to finality of certain vouchers approved for expenditures and examination of financial trans- actions. Section was formerly classified to section 534 of Title 7, Agriculture. § 1141j. Miscellaneous provisions (a) ‘‘Cooperative association’’ defined As used in this chapter, the term ‘‘cooperative association’’ means any association in which farmers act together in processing, preparing for market, handling, and/or marketing the farm products of persons so engaged, and also means any association in which farmers act together in purchasing, testing, grading, processing, distrib- uting, and/or furnishing farm supplies and/or farm business services: Provided, however, That such associations are operated for the mutual benefit of the members thereof as such pro- ducers or purchasers and conform to one or both of the following requirements: First. That no member of the association is al- lowed more than one vote because of the amount of stock or membership capital he may own therein; and Second. That the association does not pay dividends on stock or membership capital in ex- cess of 8 per centum per annum. And in any case to the following: Third. That the association shall not deal in farm products, farm supplies, and farm business services with or for nonmembers in an amount greater in value than the total amount of such business transacted by it with or for members. All business transacted by any cooperative asso- ciation for or on behalf of the United States or any agency or instrumentality thereof shall be disregarded in determining the volume of mem- ber and nonmember business transacted by such association. (b) Speculation prohibited It shall be unlawful for the governor, or any officer or employee of the Farm Credit Adminis- tration to speculate directly or indirectly, in any agricultural commodity or product thereof, or in contracts relating thereto, or in the stock or membership interests of any association or corporation engaged in handling, processing, or disposing of any such commodity or product. Any person violating this subdivision shall upon conviction thereof be fined not more than $10,000, or imprisoned not more than ten years, or both. (c) Confidential information; disclosure prohib- ited It shall be unlawful (1) for any cooperative as- sociation, stabilization corporation, clearing- house association, or commodity committee, or (2) for any director, officer, employee, or mem- ber or person acting on behalf of any such asso- ciation, corporation, or committee, to which or to whom information has been imparted in con- fidence by the administration, to disclose such information in violation of any regulation of the administration. Any such association, corpora- tion, or committee, or director, officer, em- ployee, or member thereof, violating this sub- division, shall be fined not more than $5,000, or imprisoned not more than five years, or both. (d) Separability clause If any provision of this chapter is declared un- constitutional, or the applicability thereof to any person, circumstance, commodity, or class of transactions with respect to any commodity is held invalid, the validity of the remainder of the chapter and the applicability of such provi- sion to other persons, circumstances, commod- ities, and classes of transactions shall not be af- fected thereby. (e) Citation of chapter This chapter may be cited as the ‘‘Agricul- tural Marketing Act.’’ (f) ‘‘Agricultural commodity’’ defined As used in this chapter, the term ‘‘agricultural commodity’’ includes, in addition to other agri- cultural commodities, crude gum (oleoresin) from a living tree, and the following products as processed by the original producer of the crude gum (oleoresin) from which derived: Gum spirits Page 274 TITLE 12—BANKS AND BANKING § 1148 of turpentine and gum rosin, as defined in sec- tion 92 of title 7. (June 15, 1929, ch. 24, § 15, 46 Stat. 18; Mar. 4, 1931, ch. 520, § 3, 46 Stat. 1550; Ex. Ord. No. 6084, Mar. 27, 1933; June 16, 1933, ch. 98, title V, § 55, 48 Stat. 266; June 3, 1935, ch. 164, § 12, 49 Stat. 317; Pub. L. 110–234, title I, § 1610, May 22, 2008, 122 Stat. 1018; Pub. L. 110–246, § 4(a), title I, § 1610, June 18, 2008, 122 Stat. 1664, 1746.) Editorial Notes CODIFICATION Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246. Section was formerly classified to section 535 of Title 7, Agriculture. AMENDMENTS 2008—Subsecs. (d) to (g). Pub. L. 110–246, § 1610, redes- ignated subsecs. (e) to (g) as (d) to (f), respectively, and struck out former subsec. (d) which read as follows: ‘‘The inclusion in any governmental report, bulletin, or other such publication hereafter issued or published of any prediction with respect to cotton prices is prohib- ited. Any officer or employee of the United States who authorizes or is responsible for the inclusion in any such report, bulletin, or other publication of any such prediction, or who knowingly causes the issuance or publication of any such report, bulletin, or other publi- cation containing any such prediction, shall, upon con- viction thereof, be fined not less than $500 or more than $5,000, or imprisoned for not more than five years, or both: Provided, That this subdivision shall not apply to the Governor of the Farm Credit Administration when engaged in the performance of his duties herein pro- vided.’’ 1935—Subsec. (a). Act June 3, 1935, amended definition of cooperative association and inserted second sentence in par. ‘‘Third’’. 1933—Subsec. (a). Act June 16, 1933, among other changes, inserted proviso and all subsequent thereto. 1931—Subsec. (g). Act Mar. 4, 1931, added subsec. (g). Statutory Notes and Related Subsidiaries CHANGE OF NAME ‘‘The Governor’’ and ‘‘Farm Credit Administration’’ substituted in text for ‘‘any member’’ and ‘‘board’’, re- spectively, and ‘‘Governor of the Farm Credit Adminis- tration’’ substituted for ‘‘members of the board’’, pur- suant to Ex. Ord. No. 6084, set out preceding section 2241 of this title. EFFECTIVE DATE OF 2008 AMENDMENT Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture. TRANSFER OF FUNCTIONS Establishment of Farm Credit Administration as an independent agency, composition of Farm Credit Ad- ministration, appointment of Governor of Farm Credit Administration, and duties thereof, including duty to perform functions, etc., of Farm Credit Administration, see section 2241 et seq of this title. Executive Documents EXCEPTIONS FROM TRANSFER OF FUNCTIONS Functions of Farm Credit Administration or any agency, officer, or entity of, under, or subject to super- vision of said 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. CHAPTER 7B—REGIONAL AGRICULTURAL CREDIT CORPORATIONS Sec. 1148 to 1148d. Repealed. § 1148. Repealed. Pub. L. 115–334, title V, § 5411(59), Dec. 20, 2018, 132 Stat. 4685 Section, act July 21, 1932, ch. 520, § 201(e), 47 Stat. 713; Aug. 19, 1937, ch. 704, § 5(a), 50 Stat. 704; June 30, 1947, ch. 166, title II, § 206, 61 Stat. 208, authorized the cre- ation of regional agricultural credit corporations with- in the farm credit districts. § 1148a. Repealed. Pub. L. 92–181, title V, § 5.26(a), Dec. 10, 1971, 85 Stat. 624 Section, acts June 16, 1933, ch. 98, title VIII, § 84, 48 Stat. 273; June 30, 1947, ch. 166, title II, § 206, 61 Stat. 208, provided for reduction of capital of regional agri- cultural credit corporations by Farm Credit Adminis- tration. See section 2252 of this title. §§ 1148a–1 to 1148a–3. Repealed. Pub. L. 87–128, title III, § 341(a), Aug. 8, 1961, 75 Stat. 318 Section 1148a–1, acts Apr. 6, 1949, ch. 49, § 1, 63 Stat. 43; Aug. 5, 1950, ch. 592, § 1(a), 64 Stat. 414, provided for transfer of functions of Regional Agricultural Credit Corporation, Washington, D.C., to Secretary of Agri- culture to make disaster loans, abolished such corpora- tion, provided for transfer of assets, funds, rights, li- abilities, use of revolving, transfer of personnel and delegation of authority by Secretary of Agriculture. Section 1148a–2, acts Apr. 6, 1949, ch. 49, § 2, 63 Stat. 44; July 14, 1953, ch. 192, § 1, 67 Stat. 149; July 7, 1955, ch. 278, §§ 1, 2, 69 Stat. 263; July 15, 1955, ch. 373, 69 Stat. 366; July 11, 1958, Pub. L. 85–516, 72 Stat. 357; July 26, 1961, Pub. L. 87–106, 75 Stat. 220, authorized the Secretary of Agriculture to make loans to farmers and stockmen, prescribed the rates of interest and terms and condi- tions of the loans, provided for economic disaster loans and rates of interest and terms thereof, special live- stock loans, the effective period of such loans, security, rate of interest, terms and conditions of such loans and local loan committees, emergency assistance in fur- nishing feed and seed, utilization of Agriculture De- partment agencies, utilization of revolving fund and transfer of funds into the revolving fund. Section 1148a–3, act Apr. 6, 1949, ch. 49, § 3(a), 63 Stat. 44, provided that no suit or other judicial proceeding instituted by or against the Regional Agricultural Credit Corporation shall abate by reason of sections 1148a–1 and 1148a–2 of this title and permitted substi- tution of the Secretary as a party in place of the Cor- poration within six months after Apr. 16, 1949. For subject matter of former sections 1148a–1 to 1148a–3 of this title see section 1921 et seq. of Title 7, Agriculture. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal effective one hundred and twenty days after Aug. 8, 1961, or such earlier date as the provisions of chapter 50 of Title 7, Agriculture, are made effective by regulations of Secretary of Agriculture, except that re- peal of section 1148a–2(c) of this title shall not be effec- tive prior to Jan. 1, 1962, see section 341(a) of Pub. L. 87–128, set out as a note under section 1921 of Title 7. Repeal effective Oct. 15, 1961, by former section 300.1 of Title 6, Code of Federal Regulations, see Effective Date note set out under section 1921 of Title 7.