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CITE

    15 USC Sec. 714                                             01/05/2009

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 15 - ECONOMIC RECOVERY
    SUBCHAPTER II - COMMODITY CREDIT CORPORATION

HEAD

    Sec. 714. Creation and purpose of Corporation

STATUTE

      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 collectively referred to as
    "agricultural commodities"), and of facilitating the orderly
    distribution of agricultural commodities, there is created a body
    corporate to be known as Commodity 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 referred to as the
    "Secretary").

SOURCE

    (June 29, 1948, ch. 704, Sec. 2, 62 Stat. 1070; June 7, 1949, ch.
    175, Sec. 1, 63 Stat. 154.)

AMENDMENTS

      1949 - Act June 7, 1949, placed the general supervision and
    direction of the Commodity Credit Corporation in the Secretary of
    Agriculture.
                              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".

EXCEPTIONS FROM TRANSFER OF FUNCTIONS

      For exception of functions of corporations of Department of
    Agriculture from transfer of functions to Secretary of Agriculture
    by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of
    Functions note set out under section 712a of this title.

ESTABLISHING QUALITY AS GOAL FOR COMMODITY CREDIT CORPORATION PROGRAMS

      Pub. L. 101-624, title XXV, Sec. 2517, formerly Sec. 2518, Nov.
    28, 1990, 104 Stat. 4078, as renumbered by Pub. L. 104-66, title I,
    Sec. 1011(h), Dec. 21, 1995, 109 Stat. 710, provided that: "In
    carrying out its activities the Commodity Credit Corporation shall,
    to the extent practicable, provide 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, Sec. 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, Sec. 1011(h), Dec. 21, 1995,
    109 Stat. 710, which repealed section 2517 of Pub. L. 101-624
    relating to such study, and renumbered section 2518 of Pub. L. 101-
    624, set out above, as section 2517 of Pub. L. 101-624.]
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