7 U.S. Code § 603 - Government owned cotton; transfer to Secretary of Agriculture; powers of Secretary

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The Farm Credit Administration and all departments and other agencies of the Government, not including the Federal intermediate credit banks are directed—
(a) To sell to the Secretary of Agriculture at such price as may be agreed upon, not in excess of the market price, all cotton now owned by them.
(b) To take such action and to make such settlements as are necessary in order to acquire full legal title to all cotton on which money has been loaned or advanced by any department or agency of the United States, including futures contracts for cotton or which is held as collateral for loans or advances and to make final settlement of such loans and advances as follows:
(1) In making such settlements with regard to cotton, including operations to which such cotton is related, such cotton shall be taken over by all such departments or agencies other than the Secretary of Agriculture at a price or sum equal to the amounts directly or indirectly loaned or advanced thereon and outstanding, including loans by the Government, department or agency and any loans senior thereto, plus any sums required to adjust advances to growers to 90 per centum of the value of their cotton at the date of its delivery in the first instance as collateral to the department or agency involved, such sums to be computed by subtracting the total amount already advanced to growers on account of pools of which such cotton was a part, from 90 per centum of the value of the cotton to be taken over as of the time of such delivery as collateral, plus unpaid accrued carrying charges and operating costs on such cotton, less, however, any existing assets of the borrower derived from net income, earnings, or profits arising from such cotton, and from operations to which such cotton is related; all as determined by the department or agency making the settlement.
(2) The Secretary of Agriculture shall make settlements with respect to cotton held as collateral for loans or advances made by him on such terms as in his judgment may be deemed advisable, and to carry out the provisions of this section, is authorized to indemnify or furnish bonds to warehousemen for lost warehouse receipts and to pay the premiums on such bonds.
When full legal title to the cotton referred to in this subsection has been acquired, it shall be sold to the Secretary of Agriculture for the purposes of this section, in the same manner as provided in subsection (a) of this section.
(c) The Secretary of Agriculture is authorized to purchase the cotton specified in subsections (a) and (b) of this section.

Source

(May 12, 1933, ch. 25, title I, § 3,48 Stat. 32; 1933 Ex. Ord. No. 6084, Mar. 27, 1933.)
Change of Name

Ex. Ord. No. 6084, set out as a note preceding section 2241 of Title 12, Banks and Banking, changed the name of “Federal Farm Board” to “Farm Credit Administration”.
Transfer of Functions

Ex. Ord. No. 9322, Mar. 26, 1943, 8 F.R. 3807, as amended by Ex. Ord. No. 9334, Apr. 19, 1943, 8 F.R. 5423, removed Farm Credit Administration from Food Production Administration of Department of Agriculture and returned it to its former status as a separate agency of Department.
Ex. Ord. No. 9280, Dec. 5, 1942, 7 F.R. 10179, made Farm Credit Administration a part of Food Production Administration of Department of Agriculture.
Farm Credit Administration transferred to Department of Agriculture by 1939 Reorg. Plan No. 1, § 401,4 F.R. 2727, 53 Stat. 1423, set out in the Appendix to Title 5, Government Organization and Employees.
Exceptions From Transfer of Functions

Functions of Corporations of Department of Agriculture, boards of directors and officers of such corporations; Advisory Board of Commodity Credit Corporation; and Farm Credit Administration or any agency, officer or entity of, under, or subject to supervision of said Administration excepted from functions of officers, agencies, and employees transferred to Secretary of Agriculture by 1953 Reorg. Plan No. 2, § 1, effective June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out as a note under section 2201 of this title.
Farm Credit Administration

Establishment of Farm Credit Administration as independent agency, and other changes in status, functions, etc., see section 2241 et seq., of Title 12, Banks and Banking.

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


7 CFR - Agriculture

7 CFR Part 900 - GENERAL REGULATIONS

7 CFR Part 905 - ORANGES, GRAPEFRUIT, TANGERINES, AND TANGELOS GROWN IN FLORIDA

7 CFR Part 906 - ORANGES AND GRAPEFRUIT GROWN IN LOWER RIO GRANDE VALLEY IN TEXAS

7 CFR Part 915 - AVOCADOS GROWN IN SOUTH FLORIDA

7 CFR Part 917 - FRESH PEARS AND PEACHES GROWN IN CALIFORNIA

7 CFR Part 920 - KIWIFRUIT GROWN IN CALIFORNIA

7 CFR Part 922 - APRICOTS GROWN IN DESIGNATED COUNTIES IN WASHINGTON

7 CFR Part 923 - SWEET CHERRIES GROWN IN DESIGNATED COUNTIES IN WASHINGTON

7 CFR Part 925 - GRAPES GROWN IN A DESIGNATED AREA OF SOUTHEASTERN CALIFORNIA

7 CFR Part 926 - DATA COLLECTION, REPORTING AND RECORDKEEPING REQUIREMENTS APPLICABLE TO CRANBERRIES NOT SUBJECT TO THE CRANBERRY MARKETING ORDER

7 CFR Part 927 - PEARS GROWN IN OREGON AND WASHINGTON

7 CFR Part 929 - CRANBERRIES GROWN IN STATES OF MASSACHUSETTS, RHODE ISLAND, CONNECTICUT, NEW JERSEY, WISCONSIN, MICHIGAN, MINNESOTA, OREGON, WASHINGTON, AND LONG ISLAND IN THE STATE OF NEW YORK

7 CFR Part 930 - TART CHERRIES GROWN IN THE STATES OF MICHIGAN, NEW YORK, PENNSYLVANIA, OREGON, UTAH, WASHINGTON, AND WISCONSIN

7 CFR Part 932 - OLIVES GROWN IN CALIFORNIA

7 CFR Part 944 - FRUITS; IMPORT REGULATIONS

7 CFR Part 945 - IRISH POTATOES GROWN IN CERTAIN DESIGNATED COUNTIES IN IDAHO, AND MALHEUR COUNTY, OREGON

7 CFR Part 946 - IRISH POTATOES GROWN IN WASHINGTON

7 CFR Part 947 - IRISH POTATOES GROWN IN MODOC AND SISKIYOU COUNTIES, CALIF., AND IN ALL COUNTIES IN OREGON, EXCEPT MALHEUR COUNTY

7 CFR Part 948 - IRISH POTATOES GROWN IN COLORADO

7 CFR Part 953 - IRISH POTATOES GROWN IN SOUTHEASTERN STATES

7 CFR Part 955 - VIDALIA ONIONS GROWN IN GEORGIA

7 CFR Part 956 - SWEET ONIONS GROWN IN THE WALLA WALLA VALLEY OF SOUTHEAST WASHINGTON AND NORTHEAST OREGON

7 CFR Part 958 - ONIONS GROWN IN CERTAIN DESIGNATED COUNTIES IN IDAHO, AND MALHEUR COUNTY, OREGON

7 CFR Part 959 - ONIONS GROWN IN SOUTH TEXAS

7 CFR Part 966 - TOMATOES GROWN IN FLORIDA

7 CFR Part 980 - VEGETABLES; IMPORT REGULATIONS

7 CFR Part 981 - ALMONDS GROWN IN CALIFORNIA

7 CFR Part 982 - HAZELNUTS GROWN IN OREGON AND WASHINGTON

7 CFR Part 983 - PISTACHIOS GROWN IN CALIFORNIA, ARIZONA, AND NEW MEXICO

7 CFR Part 984 - WALNUTS GROWN IN CALIFORNIA

7 CFR Part 985 - MARKETING ORDER REGULATING THE HANDLING OF SPEARMINT OIL PRODUCED IN THE FAR WEST

7 CFR Part 987 - DOMESTIC DATES PRODUCED OR PACKED IN RIVERSIDE COUNTY, CALIFORNIA

7 CFR Part 989 - RAISINS PRODUCED FROM GRAPES GROWN IN CALIFORNIA

7 CFR Part 993 - DRIED PRUNES PRODUCED IN CALIFORNIA

7 CFR Part 999 - SPECIALTY CROPS; IMPORT REGULATIONS

7 CFR Part 1000 - GENERAL PROVISIONS OF FEDERAL MILK MARKETING ORDERS

7 CFR Part 1001 - MILK IN THE NORTHEAST MARKETING AREA

7 CFR Part 1005 - MILK IN THE APPALACHIAN MARKETING AREA

7 CFR Part 1006 - MILK IN THE FLORIDA MARKETING AREA

7 CFR Part 1007 - MILK IN THE SOUTHEAST MARKETING AREA

7 CFR Part 1030 - MILK IN THE UPPER MIDWEST MARKETING AREA

7 CFR Part 1032 - MILK IN THE CENTRAL MARKETING AREA

7 CFR Part 1033 - MILK IN THE MIDEAST MARKETING AREA

7 CFR Part 1046

7 CFR Part 1124 - MILK IN THE PACIFIC NORTHWEST MARKETING AREA

7 CFR Part 1126 - MILK IN THE SOUTHWEST MARKETING AREA

7 CFR Part 1131 - MILK IN THE ARIZONA MARKETING AREA

7 CFR Part 1135 - MILK IN THE WESTERN MARKETING AREA

 

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