7 U.S.C. § 1504 | Capital stock of Corporation

(a)

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.

(b)

Appropriations

There is authorized to be appropriated such sums as are necessary for the purpose of subscribing to the capital stock of the Corporation.

(c)

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.

(d)

Cancellation of receipts; nonliability of Corporation

September 26, 1980September 26, 1980Within thirty days after , the Secretary of the Treasury shall cancel, without consideration, receipts for payments for or on account of the stock of the Corporation outstanding on , and such receipts shall cease to be liabilities of the Corporation.

Feb. 16, 1938, ch. 30 52 Stat. 72 Aug. 25, 1949, ch. 512 63 Stat. 665 Pub. L. 95–47June 16, 197791 Stat. 228 Pub. L. 95–181, § 1Nov. 15, 197791 Stat. 1373 Pub. L. 96–365, title I, § 101Sept. 26, 198094 Stat. 1312 Pub. L. 103–354, title I, § 102(b)(2)Oct. 13, 1994108 Stat. 3180(, title V, § 504, ; , §§ 4, 6, ; , , ; , , ; , , ; , (4)(C), , , 3181.)

Editorial Notes

Amendments

Pub. L. 103–354, § 102(b)(2)(A)1994—Subsec. (a). , (4)(C), struck out “of Agriculture” after “Secretary” and “of Directors of the Corporation” after “Board”.

Pub. L. 103–354, § 102(b)(2)(B)Subsec. (d). , struck out “Federal Crop Insurance” before “Corporation outstanding”.

Pub. L. 96–365, § 101(a)1980—Subsec. (a). , substituted “$500,000,000” for “$200,000,000”.

Pub. L. 96–365, § 101(b)Subsec. (d). , added subsec. (d).

Pub. L. 95–1811977—Subsec. (a). substituted “$200,000,000” for “$150,000,000”.

Pub. L. 95–47 substituted “$150,000,000” for “$100,000,000”.

Aug. 25, 19491949—Subsec. (a). Act , § 4, struck out second sentence relating to restoration of impairment of capital stock.

Aug. 25, 1949Subsec. (b). Act , § 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.

Statutory Notes and Related Subsidiaries

Effective Date of 1994 Amendment

Pub. L. 103–354Oct. 13, 19947 U.S.C. 1501Oct. 13, 1994section 120 of Pub. L. 103–354 section 1502 of this titleAmendment by effective , and applicable to provision of crop insurance under Federal Crop Insurance Act ( et seq.) beginning with 1995 crop year, with such Act, as in effect on the day before , to continue to apply with respect to 1994 crop year, see , set out as a note under .

Effective Date of 1980 Amendment

Pub. L. 96–365, title I, § 112Sept. 26, 198094 Stat. 1319

section 1515 of this titleSept. 26, 1980“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 ] shall become effective on the date of enactment of this Act [].”

, , , provided that:

Pub. L. 96–365, title I, § 101(a)Sept. 26, 198094 Stat. 1312Oct. 1, 1980, , , provided that the amendment made by section 101(a) is effective .

Cancellation of Outstanding Receipts for Stock in Excess of $27,000,000

Act Aug. 25, 1949, ch. 512, § 5 63 Stat. 665

“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.”

, , provided that:

Institution of Expanded Program; Payment of Cost for Fiscal Year 1950

Act Aug. 25, 1949, ch. 512, § 11 63 Stat. 666

“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.”

, , provided that:

Executive Documents

Transfer of Functions

July 16, 194660 Stat. 1100 section 1503 of this titleAdministration of program of Federal Crop Insurance Corporation transferred to Secretary of Agriculture by 1946 Reorg. Plan No. 3, § 501, eff. , 11 F.R. 7877, . See note set out under .

section 1503 of this titleWartime consolidation of Federal Crop Insurance Corporation into Agricultural Conservation and Adjustment Administration, see note set out under .