Page:United States Statutes at Large Volume 63 Part 1.djvu/193

 81ST CONG., 1ST SESS.-CH. 175-JUNE 7, 1949 to acquire personal property necessary to the conduct of its business but shall not have power to acquire real property or any interest therein except that it may (a) rent or lease office space necessary for the conduct of its business and (b) acquire real property or any interest therein for the purpose of providing storage adequate to carry out effectively and efficiently any of the Corporation's programs, or of securing or discharging obligations owing to the Corporation, or of otherwise protecting the financial interests of the Corporation: Provided,That the authority contained in this subsection (h) shall not be utilized by the Corporation for the purpose of acquiring real prop- erty, or any interest therein, in order to provide storage facilities for any commodity unless the Corporation determines that existing pri- vately owned storage facilities for such commodity in the area concerned are not adequate: Providedfurther, That no refrigerated cold storage facilities shall be constructed or purchased except with funds specifi- cally provided by Congress for that purpose: And provided further, That nothing contained in this subsection (h) shall limit the duty of the Corporation, to the maximum extent practicable consistent with the fulfillment of the Corporation's purposes and the effective and efficient conduct of its business, to utilize the usual and customary channels, facilities, and arrangements of trade and commerce in the warehousing of commodities: And provided further,That to encourage the storage of grain on farms, where it can be stored at the lowest cost, the Corporation shall make loans to grain growers needing storage facili- ties when such growers shall apply to the Corporation for financin the construction or purchase of suitable storage, and these loans shal be deducted from the proceeds of price support loans or purchase agree- ments made between the Corporation and the growers. Notwith- standing any other provision of law, the Commodity Credit Corpora- tion is authorized, upon terms and conditions prescribed or approved by the Secretary of Agriculture, to accept strategic and critical materials produced abroad in exchange for agricultural commodities acquired by the Corporation. Insofar as practicable, in effecting such exchange of goods, normal commercial trade channels shall be utilized and priority shall be given to commodities easily storable and those which serve as prime incentive goods to stimulate production of critical and strategic materials. The determination of the quantities and qualities of such materials which are desirable for stock piling and the determination of which materials are strategic and critical shall be made in the manner prescribed by section 2 of the Strategic and Critical Materials Stock Piling Act (60 Stat. 596). Strategic and critical materials acquired by Commodity Credit Corporation in exchange for agricul- tural commodities shall, to the extent approved by the Munitions Board of the National Military Establishment, be transferred to the stock pile provided for by the Strategic and Critical Materials Stock Piling Act; and when transferred to the stock pile the Commodity Credit Corporation shall be reimbursed for the strategic and critical materials so transferred to the stock pile from the funds made available for the purpose of the Strategic and Critical Materials Stock Piling Act, in an amount equal to the fair market value, as determined by the Secretary of the Treasury, of the material transferred to the stock pile. Nothing contained herein shall limit the authority of the Commodity Credit Corporation to acquire, hold, or dispose of such quantity of strategic and critical materials as it deems advisable in carrying out its functions and protecting its assets." SEC. 3. Section 9 of the said Commodity Credit Corporation Charter Act is amended to read as follows: "SEc. 9. DIREcroRs, ADVisoRY BOARD: (a) The management of the Corporation shall be vested in a board of directors (hereinafter referred Acquisition of prop- erty. Storage facilities. Storage of grain. Strategic and criti- ical materials pro- duced abroad. 60 U.S. C.. 9a. 62 Stat. 1072. 15 U. S. C., Supp. n, s n4g. Board of Directors. 155 63 STAT.]

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