9 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,10 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: Provided," That, notwithstanding any other provision of law. where a grain storage facility owned by the Corporation is not needed by the Corporation and, upon being offered for sale no person offers to pay the minimum price set by the Corporation for such facility for use in connection with storage or handling of agricultural commodities, then the Corporation may, without declaring such facility to be excess property, sell it by bids at not less than such minimum price to any public or private nonprofit agency or organization for use for the purposes of such agency or organization. This provision shall apply also to facilities which on the effective date of this Act have been declared excess to the needs of the Commodity Credit Corporation but have not been claimed by any other Government agency, or surplus to the needs of the Government but not disposed pursuant to the provisions of the Federal Property and Administrative Services Act of 1949, as amended. (15 U.S.C. 714b (h).) (i) May borrow money subject to any provision of law applicable to the Corporation: Provided, That the total of all money borrowed by the Corporation, other than trust deposits and advances received on sales, shall not at any time exceed in the aggregate $25.000,000,000,12 The Corporation shall at all times reserve a sufficient amout of its authorized borrowing power which, together with other funds available to the Corporation, will enable it to purchase, in accordance with its contracts with lending agencies, notes, or other obligations evidencing loans made by such agencies under the Corporation's programs. (15 U.S.C. 714b(i).) (i) Shall determine the character of and the necessity for its obligations and expenditures and the manner in which they shall be incurred, allowed, and paid. (15 U.S.C. 714b(j).) (k) Shall have authority to make final and conclusive settlement and adjustment of any claims by or against the Corporation or the accounts of its fiscal officers. (15 U.S.C. 714b(k).) (1) May make such loans and advances of its funds as are necessary in the conduct of its business. (15 U.S.C. 714b (1).) "National Military Establishment" was succeeded by the Department of Defense under the Act of August 10, 1949. 63 Stat. 578. 591. 10 This function was transferred to the Administrator of General Services, by section 102 (a) of the Act of June 30, 1949, 63 Stat. 377. 380. 40 U.S.C. 752(a). This proviso and the last sentence of this section were added by the Act of November 5. 1966, 80 Stat. 1307. 13 Borrowing power increased from $4.750,000,000 to $6.750.000.000 by the Act of June 28, 1950, 64 Stat. 261 to $8.500,000,000 by the Act of March 20, 1954, 68 Stat. 30: to $10,000,000,000 by the Act of August 1, 1954. 68 Stat. 1047: to $12,000,000,000 bv the Act of August 11. 1955, 69 Stat. 634: and to $14.500.000.000 by the Act of August 1. 1956. 70 Stat. 783; and to $25.000.000.000 by Sec. 301 of the Emergency Agricultural Act of 1978, P.L. 95--279, 91 Stat. May 15. 1978, effective October 1, 1978. (m) Shall have such powers as may be necessary or appropriate for the exercise of the powers specifically vested in the Corporation, and all such incidental powers as are customary in corporations generally; but any research financed by the Corporation shall relate to 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. (15 U.S.C. 714b (m).) SEC. 5. SPECIFIC POWERS.-In the fulfillment of its purposes and in carrying out its annual budget programs submitted to and approved by the Congress pursuant to the Government Corporation Control Act (31 U.S.C. 841-871), the Corporation is authorized to use its general powers only to (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 require ments. (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 handling of agricultural commodities, the Corporation shall, to the maximum 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 commerce.18 (15 U.S.C. 714c.) SEC. 6. EXISTING STATUTES APPLICABLE TO THE CORPORATION.-The Federal statutes applicable to Commodity Credit Corporation, a Delaware corporation, shall be applicable to the Corporation. Commodity. Credit Corporation, a Delaware corporation, shall cease to be an agency of the United States as provided in section 7(a) of the Act of January 31, 1935, as amended (15 U.S.C., 1940 edition, Supp. V, 713(a)). (15 U.S.C. 714d.) SEC. 7. CAPITAL STOCK.-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 to the Corporation pursuant to section 16 of this Act. The Corpo 18 For similar policy statement with regard to Commodity Credit Corporation's operattions, see p. 359, Food and Agriculture Act of 1962, section 402, 7 U.S.C. 713a. For rice of the 1959 and 1960 crops, the level of support shall be not less than 75 per centum of the parity price. For rice of the 1961 crop the level of support shall be not less than 70 per centum of the parity price. For the 1962 and subsequent crops of rice the level of support shall be not less than 65 per centum of the parity price. (7 U.S.C. 1441(a).) 4 (b) For cotton and peanuts, if the supply percentage as of the beginning of the marketing year is: The level of support shall be not less than the following percentage of the parity price: Not more than 108---. More than 108 but not more than 110.. (7 U.S.C. 1441(b).) 90 89 88 87 86 85 84 83 82 81 80 79 78 77 76 75 (c) For tobacco, if marketing quotas are in effect, the level of support shall be 90 per centum of the parity price. (7 U.S.C. 1441(c).) (d) Notwithstanding the foregoing provisions of this section (1) [Applicable only to 1950 crops.] (3) the level of price support to cooperators for any crop of a basic agricultural commodity, except tobacco, for which marketing quotas have been disapproved by producers shall be 50 per centum of the parity price of such commodity; and no price support shall be made available for any crop of tobacco for which marketing quotas have been disapproved by producers; (5) price support may be made available to noncooperators at such levels, not in excess of the level of price support to cooperators, as the Secretary determines will facilitate the effective operation of the program. (6) [Applicable only to 1955 crops.®] (7) Where a State is designated under section 335 (e) of the Agricultural Adjustment Act of 1938, as amended, as outside the This paragraph was added by section 302 of the Agricultural Act of 1958, 72 Stat. 994, effective beginning with the 1959 crop. See section 103 of this Act for cotton and section 106 for tobacco. Subsection (4) was repealed, effective with the 1959 crop, by section 201 of the Agricultural Act of 1958, 72 Stat. 993. Prior to amendment by the Agricultural Act of 1954, 68 Stat. 899, paragraph (6) applied to 1953 and 1954 crops. Paragraph (7) added by subsection 201(b) of the Agricultural Act of 1954, 68 Stat. commercial wheat-producing area for any crop of wheat, the level of price support for wheat to cooperators in such State for such crop of wheat shall be 75 per centum of the level of price support to cooperators in the commercial wheat-producing area. (7 U.S.C. 1441(d).) (e) 8*** 9 (f) The provisions of this Act relating to price support for cotton shall apply severally to (1) American upland cotton and (2) extra long staple cotton described in subsection (a) and ginned as required by subsection (e) of section 347 of the Agricultural Adjustment Act of 1938, as amended, except that, notwithstanding any other provision of this Act, price support shall be made available to cooperators for the 1968 and each subsequent crop of extra long staple cotton, if producers have not disapproved marketing quotas therefor, through loans at a level which is not less than 50 per centum or more than 100 per centum in excess of the loan level established for Strict Low Middling one and one-sixteenth inch upland cotton of such crop at average location in the United States (except that such loan level extra long staple cotton shall in no event be less than 35 cents per pound) and, in addition, through price-support payments at a rate which, together with the loan level established for such crop, shall be not less than 65 per centum or more than 90 per centum of the parity price for extra long staple cotton as of the month in which the payment rate provided for by this subsection is announced. Such payment with respect to any farm shall be made on the quantity of extra long staple cotton, determined in accordance with regulations prescribed by the Secretary, equal to either (1) for a farm on which the acreage planted to such cotton does not exceed an acreage determined by multiplying the farm acreage allotment by the price-support payment factor established by the Secretary for each crop, the actual production of such cotton on the farm, or (2) for a farm on which the acreage planted to such cotton exceeds an acreage determined by multiplying the farm acreage allotment by the price-support payment factor but does not exceed the farm acreage allotment, the actual production of such cotton on the farm attributable to the number of acres determined by multiplying the farm acreage allotment by such price-support payment factor. The Secretary shall establish the pricesupport payment factor for each such corp of extra long staple cotton by dividing the 1966 national acreage allotment for such cotton by the national acreage allotment proclaimed for such crop, except that such factor shall not be more than one. The Secretary shall provide for the sharing of price-support payments under this subsection among producers on a farm on the basis of their respective shares in the crop of extra long staple cotton produced on the farm, or the proceeds therefrom. The provisions of subsection 8(g) of the Soil Conservation and Domestic Allotment Act, as amended (relating to assignment of payment), shall also apply to payments under this subsection. The Commodity Credit Corporation is authorized to utilize its capital funds and other assets for the purpose of making the payments authorized 8 Repealed by the Act of February 20, 1960, 74 Stat. 7. Subsection (f) added by the Act of July 17, 1952, 66 Stat. 758, 759. The first sentence was amended by section 202 of the Agricultural Act of 1954, the Act of April 25, 1957. 71 Stat. 27, the Act of July 2, 1958, 72 Stat. 296, the Act of August 11, 1968, 82 Stat. 702, and Sec. 607 of the Food and Agriculture Act of 1977, 91 Stat. 940. ator 30 nser |