Page:United States Statutes at Large Volume 68 Part 1.djvu/929

 68STAT.]

PUBLIC LAW 6 9 0 - A U G. 28, 1954

P u b l i c Law 690

897 C H A P T E R 1041

AN ACT To provide for greater stability in agriculture; to augment the marketing and disposal of agricultural products; and for other purposes.

Be it enacted by the Senate and House of Representatives United /States of America in Congress assembled,

of the

August 28, 1954 [H. R. 9680]

"Agri c u l t u r a l Act of 1954. "

TITLE I — S E T A S I D E OF A G R I C U L T U R A L COMMODITIES SEC. 101. The Commodity Credit Corporation shall, as rapidly as the asi'di°""°**"^ °*** Secretary of Agriculture shall determine to be practicable, set aside within its inventories not more than the following maximum quantities and not less than the following minimum quantities of agricultural commodities or products thereof heretofore or hereafter acquired by it from 1964 and prior years' crops and production in connection with its price support operations: Maximum quantity

Commodity

Wheat (bushels) Upland cotton (bales) Cottonseed oil (pounds) Butter (pounds) Nonfat dry milk solids (pounds) Cheese (pounds)

500, 000, 000 4,000,000 500,000,000 200,000,000 300, 000, 000 ,._ 150,000,000

Minimum quantity

400, 000, 000 3,000,000 0 0 0 0

Such quantities shall be knowni as the "commodity set-aside". Co SEC. 12. Quantities of commodities shall not be included in the com- vaVue.m m o d i t y modity set-aside which have an aggregate value in excess of $2,500,000,000. The value of the commodities placed in the commodity set-aside, for the purpose of this section, shall be the Corporation's investment in such commodities as of the date they are included in the commodity set-aside, as determined by the Secretary. SEC. 103. (a) Such commodity set-aside shall be reduced by dis- Reduction^ posals made in accordance with the directions of the President as follows: (1) Donation, sale, or other disposition for disaster or other relief purposes outside the United States pursuant to and subject to the limitations of title II of the Agricultural Trade Development and Assistance Act of 1954; ^"'«' P- '^SV. (2) Sale or barter (including barter for strategic materials) to develop new or expanded markets for American agricultural commodities, including but not limited to disposition pursuant to and subject to the limitations of title I of the Agricultural Trade Development and Assistance Act of 1954; Ante, p. 455. (3) Donation to school-lunch programs; (4) Transfer to the national stockpile established pursuant to the Act of June 7, 1939, as amended (50 U.S.C. 98-98h), without reim- Stat. sgll *^^' ^" bursement from funds appropriated for the purposes of that Act; (5) Donation, sale, or other disposition for research, experimental, or educational purposes; (6) Donation, sale, or other disposition for disaster relief purposes in the United States or to meet any national emergency declared by the President; and (7) Sale for unrestricted use to meet a need for increased supplies at not less than 105 per centum of the parity price in the case of agricultural commodities and a price reflecting 105 per centum of the parity price of the agricultural commodity in the case of products of agricultural commodities. The President shall prescribe such terms and conditions for the dis- Terms and c o n posal of commodities in the commodity set-aside as he determines will

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