Page:United States Statutes at Large Volume 59 Part 1.djvu/69

 59 STAT.] 79TH CONG. , 1ST SESS.-CH. 54 -APR. 12, 1945 than the United States average parity price for corn; (5) sales of com- modities which have substantially deteriorated in quality or of non- basic perishable commodities where there is danger of loss or waste through spoilage; or (6) sales for the purpose of establishing claims against persons who have committed fraud, misrepresentation, or other wrongful acts with respect to the commodity. The method that is now Parity price deter- used for the purposes of Commodity Credit Corporation loans for inatforcotton determining the parity price or its equivalent for seven-eighths-inch Middling cotton at the average location used in fixing the base loan rate for cotton shall also be used for determining the parity price for seven-eighths-inch Middling cotton at such average location for the purposes of this section. SEC. 3. The last paragraph of section 2 (e) of the Emergency Price CCCsubsidyopera- Control Act of 1942, as amended by the Stabilization Extension Act of 58 Stat. 635. 1944, shall not apply to the operations of the Commodity Credit Corpo- Iva0 .. . supp). ration for the fiscal year ending June 30, 1946: Provided, That the Payments and making of subsidy payments and the buying of commodities for resale Post, p.5e. at a loss, by the Commodity Credit Corporation, shall be limited as follows: Obligations for making such payments and absorbing such losses may be incurred and paid by the Commodity Credit Corporation (a) in such amounts as may be necessary (1) to complete operations with respect to 1944 and prior year crop programs and (2) to fulfill obligations incurred prior to July 1, 1945, with respect to 1945 and prior fiscal year noncrop programs; and (b) in amounts which do not involve subsidy payments or losses in excess of (1) $568,000,000 for operations during the fiscal year ending June 30, 1946, with respect to the dairy production payment program, (2) $120,000,000 for operations during the fiscal year ending June 30, 1946, with respect to other non- crop programs, including the feed-wheat program, and (3) $225,000,000 with respect to the 1945 crop program operations: Provided,That not ofInterUasngeabts t to exceed 10 percentum of each amount specified in clauses (b) (1), (2), and (3) shall be available interchangeably for the operations described in such clauses but in no case shall the total subsidy payments and losses absorbed under any one of such clauses be increased by more than 10 per centum: Provided further, That in carrying out the dairy Butterfatpayment. production payment program, beginning April 1, 1945, the rate of payment per pound of butterfat delivered shall not be less than 25 per centum of the national weighted average rate of payment per one hundred pounds of whole milk delivered. SEC. 4. The first two sentences of section 1 of the Act approved March Iv5jui3sa-, supp 8, 1938 (52 Stat. 107), as amended, are amended to read as follows: "As of the 30th of June in each year and as soon as possible there- nnual appraisal of after, beginning with June 30, 1945, an appraisal of all of the assets and it. 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 be determined on the basis of the cost of such assets to the Commodity Credit Corporation, or insofar as practicable, the average market price of such assets during the last month of the fiscal year covered by the appraisal, whichever is the lower, and a report of any such appraisal Report to the rei- shall be submitted to the President as soon as possible after it has been made." SEC. 5. The first sentence of subsection (a) of section 7 of the Act Continuance of approved January 31, 1935 (49 Stat. 4), as amended, is amended by stat. 105 . 15 U.S. C., Supp. striking out "June 30, 1945" and inserting in lieu thereof "June 30, iv, 73s (a). 1947". Approved April 12, 1945. 51

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