Page:United States Statutes at Large Volume 62 Part 1.djvu/1102

 PUBLIC LAWS-CH. 704-JUNE 29, 1948 the conservation or disposal of commodities owned or controlled by the Corporation and shall be conducted in collaboration with research agencies of the Department of Agriculture. toagietl om SEC. 5. SPECIFIC POWERs.- In the fulfillment of its purposes and in modities. carrying out its annual budget programs submitted to and approved by the Congress pursuant to the Government Corporation Control Act 59s tt. 841, (31 U. S. C ., 1940 edition, Supp. V, 841), the Corporation is authorized 846-852, 856859, 86 to use its general powers only to- Post, p.I2s. (a) Support the prices of agricultural commodities through loans, purchases, payments, and other operations. (b) Make available materials and facilities required in connection with the production and marketing of agricultural commodities. (c) Procure agricultural commodities for sale to other Government agencies, foreign governments, and domestic, foreign, or international relief or rehabilitation agencies, and to meet domestic requirements. (d) Remove and dispose of or aid in the removal or disposition of surplus agricultural commodities. (e) Increase the domestic consumption of agricultural commodities by expanding or aiding in the expansion of domestic markets or by developing or aiding in the development of new and additional markets, marketing facilities, and uses for such commodities. (f) Export or cause to be exported, or aid in the development of foreign markets for, agricultural commodities. (g) Carry out such other operations as the Congress may specifically authorize or provide for. In the Corporation's purchasing and selling operations with respect to agricultural commodities (except sales to other Government agencies), and in the warehousing, transporting, processing, or han- dling of agricultural commodities, the Corporation shall, to the maxi- mum extent practicable consistent with the fulfillment of the Corporation's purposes and the effective and efficient conduct of its business, utilize the usual and customary channels, facilities, and arrangements of trade and conmerce. SEC. 6. EXISTING STATUTES APPLICABLE TO TIE CORPORATION.-T he Federal statutes applicable to Commodity Credit Corporation, a Dela- ware corporation, shall be applicable to the Corporation. Commodity Credit Corporation, a Delaware corporation, shall cease to be an Stat. agency of the United States as provided in section 7 (a) of the Act 45 U.S., spp. , o January 31, 1935, as amended (15 U. S . C ., 1940 edition, Supp. V, 1713 (a). 713 (a) ). SECo. 7. CAPITAL SToo--The Corporation shall have a capital stock of $100,000,000 which shall be subscribed by the United States. Such subscription shall be deemed to be fully paid by the transfer of assets Oest.x?*. to the Corporation pursuant to section 16 of this Act. The Corpora- tion shall pay interest to the United States Treasury on the amount of its capital stock, and on the amount of the obligations of the Corpo- ration purchased by the Secretary of the Treasury pursuant to the 52 Stt. C .08pp. Act of March 8, 1938 (U. S . C., title 15, sec. 713a-4), as amended, at §713s-4no.te such rates as may be determined by the Secretary of the Treasury to be appropriate in view of the terms for which such amounts are made available to the Corporation. SEC. 8. FumDs.- The Corporation is authorized to use in the conduct of its business all its funds and other assets, including capital and net earnings therefrom, and all funds and other assets which have been or may hereafter be transferred or allocated to, borrowed by, or other- wise acquired by it. SEC. 9. DtIRE ORS.-The management of the Corporation shall be vested in a Board of Directors (hereinafter referred to as the "Board"). The Board shall consist of five members. The Secretary 1072 [62 STAT.

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