Secretary with respect thereto. Members of the advisory board shall receive for their services as members compensation of not to exceed $50 per diem when actually engaged in the performance of their duties as such, together with their necessary traveling expenses while going to and coming from meetings. (15 U.S.C. 714g(b).)

SEC. 10.17 PERSONNEL OF CORPORATION.-The Secretary shall appoint such officers and employees as may be necessary for the conduct of business of the Corporation, define their authority and duties, delegate to them such of the powers vested in the Corporation as he may determine.21 With the exception of experts, appointments shall be made pursuant to the civil service laws and the Classification Act of 1923, as amended (5 U.S.C., 1946 edition, 661).22 (15 U.S.C. 714h.)

SEC. 11. COOPERATION WITH OTHER GOVERNMENT AGENCIES.-The Corporation may, with the consent of the agency concerned, accept and utilize, on a compensated or uncompensated basis, the officers, employees, services, facilities, and information of any agency of the Federal Government, including any bureau, office, administration, or other agency of the Department of Agriculture, and of any State, the District of Columbia, any Territory or possession, or any political subdivision thereof. The Corporation may allot to any bureau, office, administration, or other agency of the Department of Agriculture or transfer to such other agencies as it may request to assist it in the conduct of its business any of the funds available to it for administrative expenses. The personnel and facilities of the Corporation may, with the consent of the Corporation, be utilized on a reimbursable basis by any agency of the Federal Government, including any bureau, office, administration, or other agency of the Department of Agriculture, in the performance of any part or all of the functions of such agency. (15 U.S.C. 714i.) SEC. 12. UTILIZATION OF ASSOCIATIONS AND TRADE FACILITIES.The Corporation may, in the conduct of its business, utilize on a contract or fee basis, committees or associations of producers, producerowned and producer-controlled cooperative associations, and trade facilities. (15 U.S.C. 714j.)

SEC. 13. RECORDS; ANNUAL REPORT.-The Corporation shall at all times maintain complete and accurate books of account and shall file annually with the Secretary of Agriculture a complete report as to the business of the Corporation, a copy of which shall be forwarded by the Secretary of Agriculture to the President for transmission to the Congress. (15 U.S.Č.714k.)

SEC. 14. INTEREST OF MEMBERS OF THE CONGRESS.-The provisions of section 1 of the Act of February 27, 1877, as amended (41 U.S.C., 1940 edition, 22), shall apply to all contracts or agreements of the Corporation, except contracts or agreements of a kind which the Corporation may enter into with farmers participating in a program of the Corporation. (15 U.S.C. 7141.)

SEC. 15. CRIMES AND OFFENSES.

21 Prior to amendment by the Act of June 6, 1972, P.L. 92-310, 86 Stat. 206, this sentence continued: require that such of them as he may designate be bonded and fix the penalties therefor." The amendment also deleted the second sentence of section 10 which contained the following language: "The Corporation may pay the premium of any bond or bonds." 22 See footnote 19.

FALSE STATEMENTS; OVERVALUATION OF SECURITIES

(a) Whoever makes any statement knowing it to be false, or whoever willfully overvalues any security, for the purpose of influencing in any way the action of the Corporation, or for the purpose of obtaining for himself or another, money, property, or anything of value, under this Act, or under any other Act applicable to the Corporation, shall, upon conviction thereof, be punished by a fine of not more than $10,000 or by imprisonment for not more than five years, or both. (15 U.S.C. 714m(a).)

EMBEZZLEMENT, AND SO FORTH; FALSE ENTRIES; FRAUDULENT ISSUE
OF OBLIGATIONS OF CORPORATION

(b) Whoever, being connected in any capacity with the Corporation or any of its programs, (i) embezzles, abstracts, purloins, or willfully misapplies any money, funds, securities, or other things of value, whether belonging to the Corporation or pledged, or otherwise entrusted to it; or (ii) with intent to defraud the Corporation or any other body, politic or corporate, or any individual, or to deceive any officer, auditor, or examiner of the Corporation, makes any false entry in any book, report, or statement of, or to, the Corporation, or draws any order, or issues, puts forth or assigns any note or other obligation or draft, mortgage, judgment, or decree thereof; or (iii) with intent to defraud the Corporation, participates or shares in, or receives directly or indirectly any money, profit, property, or benefits through any transaction, loan, commission, contract, or any other act of the Corporation, shall, upon conviction thereof, be punished by a fine of not more than $10,000 or by imprisonment for not more than five years, or both. (15 U.S.C. 714m(b).)

LARCENY; CONVERSION OF PROPERTY

(c) Whoever shall willfully steal, conceal, remove, dispose of, or convert to his own use or to that of another any property owned or held by, or mortgaged or pledged to, the Corporation, or any property mortgaged or pledged as security for any promissory note, or other evidence of indebtedness, which the Corporation has guaranteed or is obligated to purchase upon tender, shall, upon conviction thereof, if such property be of any amount or value in excess of $500, be punished by a fine of not more than $10,000 or by imprisonment for not more than five years, or both, and, if such property be of an amount or value of $500 or less, be punished by a fine of not more than $1,000 or by imprisonment for not more than one year, or both.23 (15 U.S.C. 714m(c).)

CONSPIRACY TO COMMIT OFFENSE

(d) Whoever conspires with another to accomplish any of the acts made unlawful by the preceding provisions of this section shall, upon conviction thereof, be subject to the same fine or imprisonment, or both, as is applicable in the case of conviction for doing such unlawful acts. (15 U.S.C. 714m(d).)

23 Substituted for original provisions of this subsection by the Act of August 1, 1956, P.L. 84-864, 70 Stat. 783.

GENERAL STATUTES APPLICABLE

(e) All the general penal statutes relating to crimes and offenses against the United States shall apply with respect to the Corporation, its property, money, contracts and agreements, employees, and operations: Provided, That such general penal statutes shall not apply to the extent that they relate to crimes and offenses punishable under subsections (a), (b), (c), and (d) of this section: Provided further, That sections 114 and 115 of the Act of March 4, 1909, as amended (18 U.S.C., 1940 edition, 204, 205),24 shall not apply to contracts or agreements of a kind which the Corporation may enter into with farmers participating in a program of the Corporation. (15 U.S.C. 714m(e).)

USE OF WORDS "COMMODITY CREDIT CORPORATION"

(f)25 No individual, association, partnership, or corporation shall use the words "Commodity Credit Corporation" or any combination of the same, as the name or a part thereof under which he or it shall do or purport to do business. Every individual, partnership, association, or corporation violating this prohibition shall be guilty of a misdemeanor and shall be punished by a fine of not more than $1,000 or by imprisonment for not more than one year, or both. (15 U.S.C. 714m(f).)

SEC. 16. TRANSFER OF ASSETS OF COMMODITY CREDIT CORPORATION, A DELAWARE CORPORATION.-The assets, funds, property, and records of Commodity Credit Corporation, a Delaware corporation, are hereby transferred to the Corporation. The rights, privileges, and powers, and the duties and liabilities of Commodity Credit Corporation, a Delaware corporation, in respect to any contract, agreement, loan, account, or other obligation shall become the rights, privileges, and powers, and the duties and liabilities, respectively, of the Corporation. The enforceable claims of or against Commodity Credit Corporation, a Delaware corporation, shall become the claims of or against, and may be enforced by or against, the Corporation: Provided, That nothing in this Act shall limit or extend any period of limitation otherwise applicable to such claims against the Corporation. (15 U.S.C. 714n.)

SEC. 17. DISSOLUTION OF DELAWARE CORPORATION.-The Secretary of Agriculture, representing the United States as the sole owner of the capital stock of Commodity Credit Corporation, a Delaware corporation, is hereby authorized and directed to institute or cause to be instituted such proceedings as are required for the dissolution of said Corporation under the laws of the State of Delaware.26The costs of such dissolution of said Corporation shall be borne by the Corporation. (15 U.S.C. 7140.)

SEC. 18. EFFECTIVE DATE.-This Act shall take effect as of midnight June 30, 1948. (15 U.S.C. 714 note.)

SEC. 19.27 RELEASE OF INNOCENT PURCHASERS OF CONVERTED GOODS.-A buyer in the ordinary course of business of fungible goods heretofore or hereafter sold and physically delivered by a warehouseman or other dealer who was regularly engaged in the business of

24 The Act of March 4, 1909, as amended, was repealed and superseded by the Act of June 25, 1948, P.L. 80-772, 62 Stat. 683 et seq. Sections 204 and 205 were superseded by sections 431 and 482 of title 18, U.S.C.

25 Subsection (f) added by the Act of June 7, 1949, P.L. 81-85, 86, 63 Stat. 154, 157.

26 The Delaware corporation was dissolved under the laws of the State of Delaware, effective 9 a.m., September 15, 1948.

27 Section 19 added by the Act of May 23, 1955, P.L. 84-43, 69 Stat. 65.

buying and selling such goods shall take or be deemed to have taken such goods free of any claim, existing or hereafter arising, by Commodity Credit Corporation, based on the want of authority in the seller to sell such goods, provided the buyer purchased such goods for value in good faith and did not know or have reason to know of any defect in the seller's authority to sell such goods. To be entitled to relief under this section a buyer must assert as an affirmative defense and establish by a preponderance of the evidence the facts necessary to entitle him to such relief. (15 U.S.C. 714p.)

EXPLANATORY NOTE

Price support directly to producers was first made available in 1933 by loans to cotton and corn producers by the Commodity Credit Corporation. In the Agricultural Adjustment Act of 1938 (section 302), the Congress enacted the first comprehensive legislation dealing with price support. Additional legislation thereafter included:

The Act of April 3, 1941 (P.L. 77-27, 55 Stat. 90; 7 U.S.C. 1359) (providing for loans on peanuts).

The Act of May 26, 1941, as amended (P.L.77-74, 55 Stat. 203; P.L.77-374, 55 Stat. 860; 7 U.S.C. 1330, 1340) (providing for loans on basic commodities through the 1946 crop).

Section 4 of the Act of July 1, 1941, as amended (P.L. 77-147, 55 Stat. 498; P.L. 77-729, 56 Stat. 768; 15 U.S.C. 713a-8) (the so-called "Steagall amendment," which provided that, if the Secretary of Agriculture issued an announcement requesting the expansion of production of a nonbasic agricultural commodity, he should provide price support on such commodity for two years after World War II).

Section 8 of the Stabilization Act of 1942, as amended (P.L.77-729, 56 Stat. 767; P.L. 78-383, 58 Stat. 643; P.L.78-457; 58 Stat. 784; 50 U.S.C. App.968 (1946 ed.)) (providing for loans on basic commodities for two years after World War II).

The Act of July 28, 1945 (P.L. 79-163, 59 Stat. 506; 7 U.S.C. 1312 note) (providing for loans on tobacco).

The Act of August 5, 1947, as amended (P.L. 80-360, 61 Stat. 769; P.L. 80-897, 62 Stat. 1248; 15 U.S.C. 713a-8 note) (providing for price support on wool).

Much of this legislation expired with the termination of the wartime emergency and was succeeded by the Agriculture Act of 1948 (62 Stat. 1247). The Agricultural Act of 1949 superseded or repealed prior legislation, effective for the 1950 and subsequent crop years. The Agricultural Act of 1954 (P.L. 83-690, 68 Stat. 897), the Agricultural Act of 1956 (P.L. 84-540, 70 Stat. 188), and the Agricultural Act of 1958 (P.L. 85-835, 72 Stat. 988) made significant changes in the 1949 Act which have been incorporated therein in this compilation.

The Agricultural Act of 1961 (P.L. 87-128, 75 Stat. 294) and the Food and Agriculture Act of 1962 (P.L. 87-703, 76 Stat. 605) made significant changes with respect to wheat and feed grains. The Act of April 11, 1964 (P.L. 88-297, 78 Stat. 173) made important changes with respect to cotton and wheat, and the Act of May 20, 1963 (P.L. 88-26, 77 Stat. 44) made certain changes with respect to feed grains.

The Food and Agriculture Act of 1965 (P.L. 89-321, 79 Stat. 1187) made changes in the price support program for wool and the 1966 through 1969 crops of cotton, feed grains and wheat. The final year of the period was extended from 1969 to 1970 by the Act of October 11, 1968 (P.L. 90-559, 82 Stat. 996).

The Agricultural Act of 1970 (P.L. 91-524, 84 Stat. 1375, November 30, 1970) provided for loans, purchases, and payments for the 1971, 1972, and 1973 crops of wheat and feed grains and loans and payments for cotton of such crop years and provided specific support levels for