Source: https://www.law.cornell.edu/uscode/text/15/714b
Timestamp: 2015-10-05 01:25:43
Document Index: 672533306

Matched Legal Cases: ['§ 714', '§\u202f921', '§\u202f2', '§\u202f98', '§\u202f5', '§\u202f6', '§\u202f161', '§\u202f161', '§\u202f1761', '§\u202f1167', '§\u202f5', '§\u202f2', '§\u202f521', '§\u202f1106', '§\u202f301', 'art 15', 'art 29', 'art 707', 'art 718', 'art 780', 'art 1401', 'art 1402', 'art 1403', 'art 1404', 'art 1405', 'art 1407', 'art 1409', 'art 1412', 'art 1421', 'art 1423', 'art 1424', 'art 1425', 'art 1427', 'art 1429', 'art 1430', 'art 1435', 'art 1436', 'art 1437', 'art 1455', 'art 1466', 'art 1493', 'art 1499']

15 U.S. Code § 714b - General powers of Corporation | US Law | LII / Legal Information Institute
General powers of CorporationThe Corporation—
May sue and be sued, but no attachment, injunction, garnishment, or other similar process, mesne or final, shall be issued against the Corporation or its property. The district courts of the United States, including the district courts of any Territory or possession, shall have exclusive original jurisdiction, without regard to the amount in controversy, of all suits brought by or against the Corporation: Provided, That the Corporation may intervene in any court in any suit, action, or proceeding in which it has an interest. Any suit against the Corporation shall be brought in the District of Columbia, or in the district wherein the plaintiff resides or is engaged in business. No suit by or against the Corporation shall be allowed unless (1) it shall have been brought within six years after the right accrued on which suit is brought, or (2) in the event that the person bringing such suit shall have been under legal disability or beyond the seas at the time the right accrued, the suit shall have been brought within three years after the disability shall have ceased or within six years after the right accrued on which suit is brought, whichever period is longer. The defendant in any suit by or against the Corporation may plead, by way of set-off or counterclaim, any cause of action, whether arising out of the same transaction or not, which would otherwise be barred by such limitation if the claim upon which the defendant’s cause of action is based had not been barred prior to the date that the plaintiff’s cause of action arose: Provided, That the defendant shall not be awarded a judgment on any such set-off or counterclaim for any amount in excess of the amount of the plaintiff’s claim established in the suit. All suits against the Corporation shall be tried by the court without a jury. Notwithstanding any other provision of this subchapter, the Federal Tort Claims Act (Public Law 601, Seventy-ninth Congres [1] shall be applicable to the Corporation. Any suit by or against the United States as the real party in interest based upon any claim by or against the Corporation shall be subject to the provisions of subsection (c) of this section to the same extent as though such suit were by or against the Corporation, except that (1) any such suit against the United States based upon any claim of the type enumerated in section 1491 of title 28, may be brought in the United States Court of Federal Claims, and (2) no such suit against the United States may be brought in a district court unless such suit might, without regard to the provisions of this subchapter, be brought in such court.
[1]  So in original. Should be “Congress)”.
The Federal Tort Claims Act, referred to in subsec. (c), is title IV of act Aug. 2, 1946, ch. 753, 60 Stat. 842, which was classified principally to chapter 20 (§§ 921, 922, 931–934, 941–946) of former Title 28, Judicial Code and Judiciary. Title IV of act Aug. 2, 1946, was substantially repealed and reenacted as sections 1346(b) and 2671 et seq. of Title 28, Judiciary and Judicial Procedure, by act June 25, 1948, ch. 646, 62 Stat. 992, the first section of which enacted Title 28. The Federal Tort Claims Act is also commonly used to refer to chapter 171 of Title 28, Judiciary and Judicial Procedure. For complete classification of title IV to the Code, see Tables. For distribution of former sections of Title 28 into the revised Title 28, see Table at the beginning of Title 28.
The Strategic and Critical Materials Stock Piling Act, referred to in subsec. (h), is act June 7, 1939, ch. 190, as revised generally by Pub. L. 96–41, § 2, July 30, 1979, 93 Stat. 319, which is classified generally to subchapter III (§ 98 et seq.) of chapter 5 of Title 50, War and National Defense. For complete classification of this Act to the Code, see section 98 of Title 50 and Tables.
In subsec. (h), “Pub. L. 107–217, § 5(c), Aug. 21, 2002, 116 Stat. 1303, which Act enacted Title 40, Public Buildings, Property, and Works, and Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts.chapters 1 to 11 of title 40and division C (except sections 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41” substituted for “the Federal Property and Administrative Services Act of 1949, as amended” on authority of Amendment by Pub. L. 95–113, which directed the Corporation to make secured storage facility loans of not to exceed $50,000, later increased to $100,000, to growers of dry or high moisture grain, soybeans, rice, and high moisture forage and silage during the period Oct. 1, 1977, to Sept. 30, 1981, was omitted from the Code as terminated. See Effective and Termination Dates of 1977 Amendment note set out below.
1996—Subsec. (g). Pub. L. 104–127, § 161(b)(1)(A), inserted before period at end of first sentence “, except that obligations under all such contracts or agreements (other than reimbursable agreements under section 714i of this title) for equipment or services relating to automated data processing, information technologies, or related items (including telecommunications equipment and computer hardware and software) may not exceed $170,000,000 in fiscal year 1996 and not more than $275,000,000 in the 6-fiscal year period beginning on October 1, 1996, unless additional amounts for such contracts and agreements are provided in advance in appropriation Acts”.
Subsec. (h). Pub. L. 104–127, § 161(b)(1)(B), in second sentence, struck out “shall have power to acquire personal property necessary to the conduct of its business but” after “The Corporation”.
1985—Subsec. (h). Pub. L. 99–198, § 1761, inserted an additional proviso reading as follows: “That any contract entered into by the Corporation for the use of a storage facility shall provide at least that (1) the rental rate charged for an extended term in excess of one year shall be at an annual rate less than that which is charged for a one-year contract, (2) any obligation of the Corporation to pay for the use of any space in a facility shall be relieved to the extent that the Corporation does not use the space and payment is made by another person for the use of such space, and (3) if the Corporation determines that it no longer needs the space reserved in the facility, the Corporation may be relieved, for the remaining term of the contract, of its obligations to an extent and in a manner that will provide significant savings to the Corporation while permitting the owner of the facility reasonable time to lease such space to another person:”.
Pub. L. 99–198, § 1167(b), in sentence beginning “Notwithstanding any other provision of law” substituted “Commodity Credit Corporation shall, to the maximum extent practicable, in consultation with the Secretary of State, and upon terms and conditions prescribed or approved by the Secretary of Agriculture, accept strategic and critical materials” for “Commodity Credit Corporation is authorized, upon terms and conditions prescribed or approved by the Secretary of Agriculture, to accept strategic and critical materials”; in sentence beginning “Insofar as practicable” substituted “the Secretary shall: (1) use normal commercial trade channels; (2) take action to avoid displacing usual marketings of United States agricultural commodities and the products thereof; (3) take reasonable precautions to prevent the resale or transshipment to other countries, or use for other than domestic use in the importing country, of agricultural commodities used for such exchange; and (4) give priority” for “normal commercial trade channels shall be utilized and priority shall be given”; inserted sentence reading “The Corporation may solicit bids from, and utilize, private trading firms to effect such exchange of goods.”; in sentence beginning “Strategic and critical materials” substituted “in the same fiscal year such materials are transferred” for “when transferred”; and inserted sentence beginning “If the volume of petroleum products” and sentence beginning “the terms and conditions” relating to acquisition of petroleum products for placement in the Strategic Petroleum Reserve and terms and conditions of each exchange.
1981—Subsec. (h). Pub. L. 97–98 inserted “, except that the Secretary shall make such loans in areas in which the Secretary determines that there is a deficiency of such storage”, and inserted provision authorizing the Secretary to make loans to grain growers needing storage facilities for the storage of grain on farms in areas where the Secretary determines that there is a deficiency of such storage and also inserted provision that, to encourage the alleviation of natural resource conservation problems that reduce the productive capacity of the Nation’s land and water resources or that cause degradation of environmental quality, the Corporation may, beginning December 22, 1981, make loans to any agricultural producer for those natural resource conservation and environmental enhancement measures that are recommended by the applicable county and State committees established under section 590h(b) of title 16 and are included in the producer’s conservation plan approved by the local soil and water conservation district, that such loans shall be for a period not to exceed ten years at a rate of interest based upon the rate of interest charged the Corporation by the United States Treasury, that the Corporation may make loans to any one producer in any fiscal year in an amount not to exceed $25,000, that loans up to $10,000 in amount may be unsecured and loans in excess of $10,000 shall be secured, that the total of such unsecured and secured loans made in each fiscal year shall not exceed $200,000,000, and that the authority to make such loans be effective only to the extent and in such amounts as may be provided for in prior appropriation Acts.
1949—Subsec. (c). Act June 7, 1949, § 5, conferred jurisdiction on the district courts “without regard to the amount in controversy”, enabled the Corporation and persons having claims against the Corporation to plead set-offs and counterclaims which are barred by the statute of limitations, if, at the time the plaintiff’s cause of action arose, the defendant’s cause of action on which the set-off or counterclaim is based was not barred by the statute of limitations, and provided that certain claims against the United States could be brought in the United States Court of Claims.
Subsec. (h). Act June 7, 1949, § 2, enabled the Corporation to acquire items of personal and real property to be used in connection with the care, preservation, storage, and handling of agricultural commodities controlled by it, and enabled the Corporation to take liens on real property as security for obligations owing to it and to bid in on any execution or foreclosure sale to protect its financial interests in the matter.
Pub. L. 105–185, title V, § 521(b), June 23, 1998, 112 Stat. 580, provided that: “The amendment made by subsection (a) [amending this section] takes effect on October 1, 1997.”
Pub. L. 100–203, title I, § 1106, Dec. 22, 1987, 101 Stat. 1330–5, required the Secretary of Agriculture to reduce expenditures of the Commodity Credit Corporation for commercial storage, transportation, and handling of commodities owned by the Corporation by $230,000,000 from the amount of funds otherwise projected to be expended in fiscal years 1988 and 1989 under the budget base determined under section 901 of title 2.
Pub. L. 95–279, title III, § 301(c), May 15, 1978, 92 Stat. 242, provided that: “The increase in the borrowing authority of the Commodity Credit Corporation made by this section [amending this section and section 713a–4 of this title] shall be effective only to the extent provided in appropriation Acts.”
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.7 CFR - Agriculture7 CFR Part 15 - NONDISCRIMINATION7 CFR Part 29 - TOBACCO INSPECTION7 CFR Part 707 - PAYMENTS DUE PERSONS WHO HAVE DIED, DISAPPEARED, OR HAVE BEEN DECLARED INCOMPETENT7 CFR Part 718 - PROVISIONS APPLICABLE TO MULTIPLE PROGRAMS7 CFR Part 780 - APPEAL REGULATIONS7 CFR Part 1401 - COMMODITY CERTIFICATES, IN KIND PAYMENTS, AND OTHER FORMS OF PAYMENT7 CFR Part 1402 - POLICY FOR CERTAIN COMMODITIES AVAILABLE FOR SALE7 CFR Part 1403 - DEBT SETTLEMENT POLICIES AND PROCEDURES7 CFR Part 1404 - ASSIGNMENT OF PAYMENTS7 CFR Part 1405 - LOANS, PURCHASES, AND OTHER OPERATIONS7 CFR Part 1407 - DEBARMENT AND SUSPENSION7 CFR Part 1409 - MEETINGS OF THE BOARD OF DIRECTORS OF COMMODITY CREDIT CORPORATION7 CFR Part 1412 - DIRECT AND COUNTER-CYCLICAL PROGRAM AND AVERAGE CROP REVENUE ELECTION PROGRAM FOR THE 2008 AND SUBSEQUENT CROP YEARS7 CFR Part 1421 - GRAINS AND SIMILARLY HANDLED COMMODITIES—MARKETING ASSISTANCE LOANS AND LOAN DEFICIENCY PAYMENTS FOR 2008 THROUGH 20127 CFR Part 1423 - COMMODITY CREDIT CORPORATION APPROVED WAREHOUSES7 CFR Part 1424 - BIOENERGY PROGRAM7 CFR Part 1425 - COOPERATIVE MARKETING ASSOCIATIONS7 CFR Part 1427 - COTTON7 CFR Part 1429 - ASPARAGUS REVENUE MARKET LOSS ASSISTANCE PAYMENT PROGRAM7 CFR Part 1430 - DAIRY PRODUCTS7 CFR Part 1435 - SUGAR PROGRAM7 CFR Part 1436 - FARM STORAGE FACILITY LOAN PROGRAM REGULATIONS7 CFR Part 1437 - NONINSURED CROP DISASTER ASSISTANCE PROGRAM7 CFR Part 1455 - VOLUNTARY PUBLIC ACCESS AND HABITAT INCENTIVE PROGRAM7 CFR Part 1466 - ENVIRONMENTAL QUALITY INCENTIVES PROGRAM7 CFR Part 1493 - CCC EXPORT CREDIT GUARANTEE PROGRAMS7 CFR Part 1499 - FOOD FOR PROGRESS PROGRAM