Source: http://www.law.cornell.edu/uscode/text/7/1504?quicktabs_8=1
Timestamp: 2013-05-22 13:51:18
Document Index: 461192391

Matched Legal Cases: ['§ 1504', '§ 1504', '§ 1504', '§ 504', '§ 4', '§ 1', '§ 101', '§ 102', '§ 102', '§ 102', '§ 101', '§ 101', '§ 4', '§ 6']

7 USC § 1504 - Capital stock of Corporation | Title 7 - Agriculture | U.S. Code | LII / Legal Information Institute
USC › Title 7 › Chapter 36 › Subchapter I › § 1504	prevnext
7 USC § 1504 - Capital stock of Corporation
Subscription by United States The Corporation shall have a capital stock of $500,000,000 subscribed by the United States of America, payment for which shall, with the approval of the Secretary, be subject to call in whole or in part by the Board.
Appropriations There is authorized to be appropriated such sums as are necessary for the purpose of subscribing to the capital stock of the Corporation.
Issuance of stock to Secretary of the Treasury Receipts for payments by the United States of America for or on account of such stock shall be issued by the Corporation to the Secretary of the Treasury and shall be evidence of the stock ownership by the United States of America.
Cancellation of receipts; nonliability of Corporation Within thirty days after September 26, 1980, the Secretary of the Treasury shall cancel, without consideration, receipts for payments for or on account of the stock of the Corporation outstanding on September 26, 1980, and such receipts shall cease to be liabilities of the Corporation.
(Feb. 16, 1938, ch. 30, title V, § 504,52 Stat. 72; Aug. 25, 1949, ch. 512, §§ 4, 6,63 Stat. 665; Pub. L. 95–47, June 16, 1977, 91 Stat. 228; Pub. L. 95–181, § 1,Nov. 15, 1977, 91 Stat. 1373; Pub. L. 96–365, title I, § 101,Sept. 26, 1980, 94 Stat. 1312; Pub. L. 103–354, title I, § 102(b)(2), (4)(C),Oct. 13, 1994, 108 Stat. 3180, 3181.)
1994—Subsec. (a). Pub. L. 103–354, § 102(b)(2)(A), (4)(C), struck out “of Agriculture” after “Secretary” and “of Directors of the Corporation” after “Board”.
Subsec. (d). Pub. L. 103–354, § 102(b)(2)(B), struck out “Federal Crop Insurance” before “Corporation outstanding”.
1980—Subsec. (a). Pub. L. 96–365, § 101(a), substituted “$500,000,000” for “$200,000,000”.
Subsec. (d). Pub. L. 96–365, § 101(b), added subsec. (d).
1977—Subsec. (a). Pub. L. 95–181substituted “$200,000,000” for “$150,000,000”.
Pub. L. 95–47substituted “$150,000,000” for “$100,000,000”.
1949—Subsec. (a). Act Aug. 25, 1949, § 4, struck out second sentence relating to restoration of impairment of capital stock.
Subsec. (b). Act Aug. 25, 1949, § 6, authorized appropriations for subscribing to corporation’s capital stock in order to offset losses suffered prior to time program was placed on an experimental basis in 1947.
Section 112 ofPub. L. 96–365provided that: “Except as otherwise provided in this Act, the provisions of this Act amending the Federal Crop Insurance Act [amending sections 1504, 1505 to 1507, 1508, and 1518 of this title and repealing section 1515 of this title] shall become effective on the date of enactment of this Act [Sept. 26, 1980].”
Section 101(a) ofPub. L. 96–365provided that the amendment made by that section is effective Oct. 1, 1980.
Section 5 of act Aug. 25, 1949, provided that: “The Secretary of the Treasury is authorized and directed to cancel, without consideration, outstanding receipts for payments for or on account of the stock of the Corporation in excess of $27,000,000.”
Section 11 of act Aug. 25, 1949, provided that: “The expanded program authorized herein [sections 1504, 1505, 1506, 1507, and 1508 of this title] shall be instituted beginning with the 1950 crop year, the additional cost for fiscal year 1950 to be financed, pending the appropriation of supplemental funds, from any appropriation available for operating and administrative expenses of the Corporation for such fiscal year.”