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been paid by the manager, cotton pool: Provided, That the date May 1, 1938, appearing in sections 1401-1407 of this title as amended, shall not be applicable. (June 16, 1938, ch. 464, title I, 52 Stat. 747; Apr. 5, 1939, ch. 44, 53 Stat. 572.)

CODIFICATION This section is not a part of the Agricultural Adjustment Act of 1938.

§ 1404b. Same; death, incompetence, or disappearance of payee. -In case any person who is entitled to payment on a participation trust certificate, Form C-5-1, dies, becomes incompetent, or disappears before receiving such payment or before application for such payment is executed, the Secretary of Agriculture shall provide by regulations, without regard to any other provisions of law, for such payment to such person as he may determine to be fairly and reasonably entitled thereto. (June 16, 1938, ch. 464, title I, 52 Stat. 747.)

This section is not a part of the Agricultural Adjustment Act of 1938.

§ 1405. Continuance of 1933 cotton producers pool; funds for payment of expenses.-The Secretary is authorized to continue in existence the 1933 cotton producers pool so long as may be required to effectuate the purposes of sections 1401-1407 of this title. All expense incident to the accomplishment of purposes of sections 1401-1407 of this title may be paid from funds hereby authorized to be appropriated, for which purpose the fund hereby authorized to be appropriated shall be deemed as supplemental to such funds as are now to the credit of the Secretary, reserved for the purpose of defraying operating expenses of the pool. (Feb. 16, 1938, 3 p. m., ch. 30, title IV, § 405, 52 Stat. 71.)

§ 1406. Prohibition of purchase of certificates after expiration of time limit.-After expiration of the time limit herein established, the certificates then remaining outstanding and not theretofore tendered to the manager, cotton pool, for purchase, shall not be purchased and no obligation on account thereof shall exist. (Feb. 16, 1938, 3 p. m., ch. 30, title IV, § 406, 52 Stat. 71.)

CROSS REFERENCE Delegation of regulatory functions of Secretary of Agriculture, see section 516a et seq. of Title 5, Executive Departments and Government Officers and Employees.

8 1407. Purchase from assignee of certificates; prices.—Nothing in sections 1401-1407 of this title shall be construed to authorize the manager, cotton pool, to pay the assignee or any holder of such cotton pool participation trust certificates, form C-5-1, transferred subsequent to May 1, 1937, as shown by the records of the Department of Agriculture, more than the purchase price paid by the assignee or holder of such certificate or certificates with interest at the rate of 4 per centum per annum from the date of purchase, provided the amount paid such assignee shall not exceed $1 per bale. Before making payment to any assignee, whose certificates were transferred subsequent to May 1, 1937, such assignee shall file with the manager, cotton pool, an affidavit showing the amount paid by him for such certificate and the date

of such payment, and the manager, cotton pool, is authorized to make payment to such assignee based upon the facts stated in said affidavit as aforesaid. (Feb. 16, 1938, 3 p. m., ch. 30, title IV, § 407, 52 Stat. 71; Apr. 7, 1938, ch. 107, § 15, 52 Stat. 204.)

Chapter 36.—CROP INSURANCE

$ 1501. Short title; application of other laws.--This chapter may be cited as the "Federal Crop Insurance Act". Except as otherwise expressly provided the provisions in sections 590h and 5900 of Title 16, as amended by Act Feb. 16, 1938, ch. 30, SS 101104, 52 Stat. 31-35, and sections 1291-1407 of this title, inclusive, shall not apply with respect to this chapter, and the term “chapter” wherever it appears in such sections shall not be construed to include this chapter. (Feb. 16, 1938, 3 p. m., ch. 30 title V, § 501, 52 Stat. 72.)

§ 1502. Declaration of purpose. It is the purpose of this chapter to promote the national welfare by alleviating the economic distress caused by crop failures due to drought and other causes, by maintaing the purchasing power of farmers, and by providing for stable supplies of agricultural commodities for domestic consumption and the orderly flow thereof in interstate commerce. (Feb. 16, 1938, ch. 30, title V, $ 502, 52 Stat. 72; June 21, 1941, ch. 214, § 1, 55 Stat. 255.)

AMENDMENTS 1941- Act June 21, 1941, cited to text, substituted "crop” for “wheatcrop" and "agricultural commodities” for “wheat”.

§ 1503. Federal Crop Insurance Corporation; creation; offices.To carry out the purposes of this chapter, there is hereby created as an agency of and within the Department of Agriculture a body corporate with the name "Federal Crop Insurance Corporation” herein called the Corporation). The principal office of the Corporation shall be located in the District of Columbia, but there may be established agencies or branch offices elsewhere in the United States under rules and regulations prescribed by the Board of Directors. (Feb. 16, 1938, 3 p. m., ch. 30, title V, § 503, 52 Stat. 72.)

TRANSFER OF FUNCTIONS Federal Crop Insurance Corporation consolidated with other agencies into Agricultural Conservation and Adjustment Administration for duration of war, see Ex. Ord. No. 9069, set out in note under section 601 of Appendix to Title 50, War.

$ 1504. Capital stock of Corporation; subscription by United States; appropriation.—(a) The Corporation shall have a capital stock of $100,000,000 subscribed by the United States of America, payment for which shall, with the approval of the Secretary of Agriculture, be subject to call in whole or in part by the Board of Directors of the Corporation.

Any impairment of the capital stock described in this subsection shall be restored only out of operating profits of the Corporation.

(b) There is hereby authorized to be appropriated not more than $100,000,000 for the purpose of subscribing to said stock.

No part of such sum shall be available prior to July 1, 1938. The appropriation for such purpose for the fiscal year ending June 30, 1939, shall not exceed $20,000,000 and shall be made only out of the unexpended balances for the fiscal year ending June 30, 1938, of the sums appropriated pursuant to section 5900 of Title 16.

(c) 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. (Feb. 16, 1938, 3 p. m., ch. 30, title V, $ 504, 52 Stat. 72.)

§ 1504a. Capitalization of Corporation.—The payment for capital stock in the Federal Crop Insurance Corporation shall be effected by transfer of funds on the books of the Treasury Department to the credit of the Corporation. (June 27, 1940, ch. 437, title I, 54 Stat. 640.) This section is not part of the “Federal Crop Insurance Act.”

1505. Board of directors, compensation; manager of Corporation.-(a) The management of the Corporation shall be vested in a Board of Directors (hereinafter called the "Board") subject to the general supervision of the Secretary of Agriculture. The Board shall consist of three persons employed in the Department of Agriculture who shall be appointed by and hold office at the pleasure of the Secretary of Agriculture.

(b) Vacancies in the Board so long as there shall be two members in office shall not impair the powers of the Board to execute the functions of the Corporation, and two of the members in office shall constitute a quorum for the transaction of the business of the Board.

(c) The Directors of the Corporation appointed as hereinbefore provided shall receive no additional compensation for their services as such directors but may be allowed actual necessary traveling and subsistence expenses when engaged in business of the Corporation outside of the District of Columbia.

(d) The Board shall select, subject to the approval of the Secretary of Agriculture, a manager, who shall be the executive officer of the Corporation with such power and authority as may be conferred upon him by the Board. (Feb. 16, 1938, 3 p. m., ch. 30, title V, 8 505, 52 Stat. 72.)

§ 1506. General powers of Corporation.—The Corporation(a) shall have succession in its corporate name;

(b) may adopt, alter, and use a corporate seal, which shall be judicially noticed;

(c) may make contracts and purchase or lease and hold such real and personal property as it deems necessary or convenient in the transaction of its business, and may dispose of such property held by it upon such terms as it deems appropriate;

(d) subject to the provisions of section 1508 (c) of this title, may sue and be sued in its corporate name in any court of competent jurisdiction, State or Federal: Provided, That no attachment, injunction, garnishment, or other similar process, mesne or final, shall be issued against the Corporation or its property ;

(e) may adopt, amend, and repeal bylaws, rules, and regulations governing the manner in which its business may be conducted and the powers granted to it by law may be exercised and enjoyed;

(f) shall be entitled to the free use of the United States mails in the same manner as the other executive agencies of the Government;

(g) with the consent of any board, commission, independent establishment, or executive department of the Government, including any field service thereof, may avail itself of the use of information, services, facilities, officials, and employees thereof in carrying out the provisions of this chapter;

(h) may conduct researches, surveys, and investigations relating to crop insurance, and preparatory to the application of the chapter to other basic commodities when so provided by law, shall assemble data relative to field corn, for the purpose of establishing a satisfactory actuarial basis for such commodity.

(i) shall determine the character and necessity for its expenditures under this subchapter and the manner in which they shall be incurred, allowed, and paid, without regard to the provisions of any other laws governing the expenditure of public funds and such determinations shall be final and conclusive upon all other officers of the Government; and

(j) shall have such powers as may be necessary or appropriate for the exercise of the powers herein specifically conferred upon the Corporation and all such incidental powers as are customary in corporations generally. (Feb. 16, 1938, 3 p. m., ch. 30, title V, § 506, 52 Stat. 73; June 21, 1941, ch. 214, § 2, 55 Stat. 255.)

AMENDMENTS 1941–Subsec. (h) was amended by act June 21, 1941, cited to text, which substituted for "for wheat and other agricultural commodities" the words "and preparatory to the application of the chapter to other basic commodities when so provided by law, shall assemble data relative to field corn, for the purpose of establishing a satisfactory actuarial basis for such commodity":

TRANSFER OF FUNCTIONS Wartime consolidation of Federal Crop Insurance Corporation into Agricultural Conservation and Adjustment Administration, see note under section 1503 of this title.

$ 1507. Personnel of corporation—(a) Appointment; civil service exemption; compensation; bonds.—The Secretary shall appoint such officers and employees as may be necessary for the transaction of the business of the Corporation, which appointments may be made without regard to the civil-service laws and regulations, fix their compensation in accordance with the provisions of sections 661-663, 664-673, 674 of title 5, as amended, define their authority and duties, delegate to them such of the powers vested in the Corporation as he may determine, require bond of such of them as he may designate, and fix the penalties and pay the premiums of such bonds. The appointment of officials and the selection of employees by the Secretary shall be made only on the basis of merit and efficiency.

(b) Application of workmen's compensation law.-Insofar as applicable, the benefits of section 751-791, 792, 793 of Title 5, as

amended, shall extend to persons giving employment under the provisions of this chapter, including the employees of the committees and associations referred to in subsection (c) of this section and the members of such committees.

(c) Utilization of associations of producers; payment of expenses.—The Board may establish or utilize committeees or associations of producers in the administration of this chapter and make payments to such committees or associations to cover the estimated administrative expenses to be incurred by them in cooperating in carrying out this chapter and may provide that all or part of such estimated expenses may be included in the insurance premiums provided for in this chapter.

(d) Allotment of funds to Federal and State agencies.--The Secretary of Agriculture may allot to bureaus and offices of the Department of Agriculture or transfer to such other agencies of the State and Federal Governments as he may request to assist in carrying out this chapter any funds made available pursuant to the provisions of section 1516 of this title.

(e) Utilization of producer cooperative associations.-- In carrying out the provisions of this chapter the Board may, in its discretion, utilize producer-owned and producer-controlled cooperative associations. (Feb. 16, 1938, 3 p. m., ch. 30, title V, 8 507, 52 Stat. 73.)

1508. Wheat crop insurance.To carry out the purposes of this chapter the Corporation is authorized and empowered

(a) Insurance against loss authorized; terms and conditions. (1) Commencing with the wheat, cotton, and flax crops planted for harvest in 1945, to insure, upon such terms and conditions as it may determine, producers of wheat, cotton, and flax against loss in yields due to unavoidable causes, including drought, flood, hail, wind, frost, winter-kill, lightning, fire, excessive rain, snow, wild-life, hurricane, tornado, insect infestation, plant disease, and such other unavoidable causes as may be determined by the Board. Such insurance shall cover a percentage to be determined by the Board not in excess of 75 per centum of the recorded or appraised average yield of such commodities on the insured farm for a representative period subject to such adjustments as the Board may prescribe to the end that the average yields fixed for farms in the same area, which are subject to the same conditions, may be fair and just. Such insurance shall not cover losses due to the neglect or malfeasance of the producer, or to the failure of the producer to reseed to the same crop in areas and under circumstances where it is customary to so reseed, or to the failure of the producer to follow established good farming practices. Insurance shall not be provided in any county unless written applications therefor are filed covering at least fifty farms or onethird of the farms normally producing the agricultural commodities authorized to be insured, except that insurance may be provided for producers on farms situated in a local producing area bordering on a county with a crop-insurance program. The Board may limit insurance in any county or area, or on any farm, on the basis of the insurance risk involved.

650673°-46-33

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