§ 1032. — Transfer of rights and duties of Reconstruction Finance Corporation arising out of rehabilitation and farm tenancy loans to Secretary of the Treasury.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC1032]
TITLE 7--AGRICULTURE
CHAPTER 33--FARM TENANCY
SUBCHAPTER IV--GENERAL PROVISIONS
Sec. 1032. Transfer of rights and duties of Reconstruction
Finance Corporation arising out of rehabilitation and farm
tenancy loans to Secretary of the Treasury
All rights, interests, obligations, and duties of the Reconstruction
Finance Corporation arising out of loans made or authorized to be made
to the Secretary of Agriculture for the purpose of making rural
rehabilitation and farm tenancy loans in accordance with the Department
of Agriculture Appropriation Act of 1947 and prior appropriations and
loans under the Farmers Home Administration Act of 1946 are, as of the
close of June 30, 1947, vested in the Secretary of the Treasury; the
Reconstruction Finance Corporation is authorized and directed to
transfer, as of the close of June 30, 1947, to the Secretary of the
Treasury and the Secretary of the Treasury is authorized and directed to
receive all loans outstanding on that date, plus accrued unpaid
interest, theretofore made to the Secretary under the provisions of the
Acts named above, and all notes and other evidences thereof and all
obligations constituting the security therefor. The Secretary of the
Treasury shall cancel notes of the Reconstruction Finance Corporation,
and sums due and unpaid upon or in connection with such notes at the
time of such cancellation, in an amount equal to the unpaid principal of
the loans so transferred, plus accrued unpaid interest through June 30,
1947. Subsequent to June 30, 1947, the Reconstruction Finance
Corporation shall make no further loans or advances to the Secretary and
the Secretary of the Treasury is authorized and directed, in lieu of the
Reconstruction Finance Corporation, to lend or advance to the Secretary,
in accordance with the provisions of said Acts to any unobligated or
unadvanced balances of the sums which the Reconstruction Finance
Corporation has theretofore been authorized and directed to lend to the
Secretary. For the purpose of making such loans or advances, the
Secretary of the Treasury is authorized to use as a public-debt
transaction the proceeds from the sale of any securities issued under
chapter 31 of title 31, and the purposes for which securities may be
issued under that chapter are extended to include such loans or advances
to the Secretary of Agriculture. Repayments to the Secretary of Treasury
on such loans or advances shall be treated as a public-debt transaction
of the United States.
(July 30, 1947, ch. 356, title I, Sec. 1, 61 Stat. 545.)
References in Text
The Department of Agriculture Appropriation Act of 1947, referred to
in text, is act June 22, 1946, ch. 445, 60 Stat. 270, as amended. For
complete classification of this Act to the Code, see Tables.
The Farmers Home Administration Act of 1946, referred to in text, is
act Aug. 14, 1946, ch. 964, 60 Stat. 1062, as amended. For complete
classification of this Act to the Code, see Tables.
Codification
``Chapter 31 of title 31'' and ``that chapter'' substituted in text
for ``the Second Liberty Bond Act, as amended'' and ``that Act'',
respectively, on authority of Pub. L. 97-258, Sec. 4(b), Sept. 13, 1982,
96 Stat. 1067, the first section of which enacted Title 31, Money and
Finance.
Section was not enacted as part of the Bankhead-Jones Farm Tenant
Act which constitutes a major part of this chapter.
Abolition of Reconstruction Finance Corporation
Section 6(a) of 1957 Reorg. Plan No. 1, eff. June 30, 1957, 22 F.R.
4633, 71 Stat. 647, set out in the Appendix to Title 5, Government
Organization and Employees, abolished Reconstruction Finance
Corporation.
