Page:United States Statutes at Large Volume 52.djvu/113

 72 Title V-Crop in- surance. Short title; ap- plication of other pro- visions. Declaration of pur- pose. Federal Crop Insur- ance Corporation; cre- ation, principal, etc., offices. Capital stock. Amount, subscrip- tion, etc. Post,p. 747 . Stock impairment restoration. Sum authorized for purchase of stock. Limitation on ap- propriations to be made. 49 Stat. 1151 . 16 IT. S. C., Supp. hi1, § 500o. Receipts for U. S. payments. Management of Corporation. Board of Directors. Composition, ap- pointment. Vacancies, quorum, etc. PUBLIC LAWS-CH. 30-FEB. 16, 1938 TITLE V-CROP INSURANCE [52 STAT. SHORT TITLE AND APPLICATION OF OTHER PROVISIONS SEC. 501. This title may be cited as the "Federal Crop Insurance Act". Except as otherwise expressly provided the provisions in titles I to IV, inclusive, shall not apply with respect to this title, and the term "Act" wherever it appears in such titles shall not be con- strued to include this title. DECLARATION OF PURPOSE SEC. 502. It is the purpose of this title to promote the national welfare by alleviating the economic distress caused by wheat-crop failures due to drought and other causes, by maintaining the purchas- ing power of farmers, and by providing for stable supplies of wheat for domestic consumption and the orderly flow thereof in interstate commerce. SEC. 503. To carry out the purposes of this title, there is hereby created as an agency of and within the Department of Agriculture a body corporate with the name "Federal Crop Insurance Corpora- tion" (herein called the Corporation). The principal office of the Corporation shall be located in the District of Columbia, but there may be established agencies or branch offices elsewhere in the United States under rules and regulations prescribed by the Board of Directors. CAPITAL STOCK SEC. 504. (a) The Corporation shall have a capital stock of $100,000,000 subscribed by the United States of America, payment for which shall, with the approval of the Secretary of Agriculture be subject to call in whole or in part by the Board of Directors of the Corporation. Any impairment of the capital stock described in this subsection shall be restored only out of operating profits of the Corporation. (b) There is hereby authorized to be appropriated not more than $100,000,000 for the purpose of subscribing to said stock. No part of such sum shall be available prior to July 1, 1938. The appropriation for such purpose for the fiscal year ending June 30, 1939, shall not exceed $20,000,000 and shall be made only out of the unexpended balances for the fiscal year ending June 30 1938, of the sums appro- priated pursuant to section 15 of the Soil Conservation and Domestic Allotment Act, as amended. (c) Receipts for payments by the United States of America for or on account of such stock shall be issued by the Corporation to the Secretary of the Treasury and shall be evidence of the stock owner- ship by the United States of America. MANAGEMENT OF CORPORATION SEC. 505. (a) The management of the Corporation shall be vested in a Board of Directors (hereinafter called the "Board") subject to the general supervision of the Secretary of Agriculture. The Board shall consist of three persons employed in the Department of Agriculture who shall be appointed by and hold office at the pleasure of the Secretary of Agriculture. (b) Vacancies in the Board so long as there shall be two members in office shall not impair the powers of the Board to execute the functions of the Corporation, and two of the members in office shall constitute a quorum for the transaction of the business of the Board.

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