§ 714. — Creation and purpose of Corporation.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC714]
TITLE 15--COMMERCE AND TRADE
CHAPTER 15--ECONOMIC RECOVERY
SUBCHAPTER II--COMMODITY CREDIT CORPORATION
Sec. 714. Creation and purpose of Corporation
For the purpose of stabilizing, supporting, and protecting farm
income and prices, of assisting in the maintenance of balanced and
adequate supplies of agricultural commodities, products thereof, foods,
feeds, and fibers (hereinafter collectively referred to as
``agricultural commodities''), and of facilitating the orderly
distribution of agricultural commodities, there is created a body
corporate to be known as Commodity Credit Corporation (hereinafter
referred to as the ``Corporation''), which shall be an agency and
instrumentality of the United States, within the Department of
Agriculture, subject to the general supervision and direction of the
Secretary of Agriculture (hereinafter referred to as the ``Secretary'').
(June 29, 1948, ch. 704, Sec. 2, 62 Stat. 1070; June 7, 1949, ch. 175,
Sec. 1, 63 Stat. 154.)
Amendments
1949--Act June 7, 1949, placed the general supervision and direction
of the Commodity Credit Corporation in the Secretary of Agriculture.
Effective Date
Section 18 of act June 29, 1948, provided that sections 714 to 714o
of this title shall take effect as of midnight June 30, 1948.
Short Title
Congress in enacting sections 714 to 714p of this title provided by
section 1 of act June 29, 1948, that they should be popularly known as
the ``Commodity Credit Corporation Charter Act''.
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of
Agriculture from transfer of functions to Secretary of Agriculture by
Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions
note set out under section 712a of this title.
Establishing Quality as Goal for Commodity Credit Corporation Programs
Pub. L. 101-624, title XXV, Sec. 2517, formerly Sec. 2518, Nov. 28,
1990, 104 Stat. 4078, as renumbered by Pub. L. 104-66, title I,
Sec. 1011(h), Dec. 21, 1995, 109 Stat. 710, provided that: ``In carrying
out its activities the Commodity Credit Corporation shall, to the extent
practicable, provide for program provisions that promote quality in the
production and marketing of crops and livestock in the United States.''
[Pub. L. 104-127, title VII, Sec. 711, Apr. 4, 1996, 110 Stat. 1112,
which directed the repeal of section 2517 of the Food, Agriculture,
Conservation, and Trade Act of 1990, Pub. L. 101-624, relating to a
study of transportation of fertilizer and agricultural chemicals to
farmers, was not executed to provisions set out above, to reflect the
probable intent of Congress and the amendment by Pub. L. 104-66, title
I, Sec. 1011(h), Dec. 21, 1995, 109 Stat. 710, which repealed section
2517 of Pub. L. 101-624 relating to such study, and renumbered section
2518 of Pub. L. 101-624, set out above, as section 2517 of Pub. L. 101-
624.]
