
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC713a-4]

 
                      TITLE 15--COMMERCE AND TRADE
 
                      CHAPTER 15--ECONOMIC RECOVERY
 
                         SUBCHAPTER I--GENERALLY
 
Sec. 713a-4. Obligations of Commodity Credit Corporation; 
        issuance; sale; purchase; redemption; etc.
        
    With the approval of the Secretary of the Treasury, the Commodity 
Credit Corporation is authorized to issue and have outstanding at any 
one time, bonds, notes, debentures, and other similar obligations in an 
aggregate amount not exceeding $30,000,000,000. Such obligations shall 
be in such forms and denominations, shall have such maturities, shall 
bear such rates of interest, shall be subject to such terms and 
conditions, and shall be issued in such manner and sold at such prices 
as may be prescribed by the Commodity Credit Corporation, with the 
approval of the Secretary of the Treasury. Such obligations shall be 
fully and unconditionally guaranteed both as to interest and principal 
by the United States, and such guaranty shall be expressed on the face 
thereof, and such obligations shall be lawful investments and may be 
accepted as security for all fiduciary, trust, and public funds the 
investment or deposit of which shall be under the authority or control 
of the United States or any officer or officers thereof. In the event 
that the Commodity Credit Corporation shall be unable to pay upon 
demand, when due, the principal of, or interest on, such obligations, 
the Secretary of the Treasury shall pay to the holder the amount thereof 
which is authorized to be appropriated, out of any money in the Treasury 
not otherwise appropriated, and thereupon to the extent of the amount so 
paid the Secretary of the Treasury shall succeed to all the rights of 
the holders of such obligations. The Secretary of the Treasury, in his 
discretion, is authorized to purchase any obligations of the Commodity 
Credit Corporation issued hereunder, and for such purpose the Secretary 
of the Treasury is authorized to use as a public-debt transaction the 
proceeds from the sale of any securities hereafter issued under chapter 
31 of title 31 and the purposes for which securities may be issued under 
such chapter are extended to include any purchases of the Commodity 
Credit Corporation's obligations hereunder. The Secretary of the 
Treasury may at any time sell any of the obligations of the Commodity 
Credit Corporation acquired by him under this section. All redemptions, 
purchases, and sales by the Secretary of the Treasury of the obligations 
of the Commodity Credit Corporation shall be treated as public-debt 
transactions of the United States. No such obligations shall be issued 
in excess of the assets of the Commodity Credit Corporation, including 
the assets to be obtained from the proceeds of such obligations, but a 
failure to comply with this provision shall not invalidate the 
obligations or the guaranty of the same: Provided, That this sentence 
shall not limit the authority of the Corporation to issue obligations 
for the purpose of carrying out its annual budget programs submitted to 
and approved by the Congress pursuant to chapter 91 of title 31. The 
Commodity Credit Corporation shall have power to purchase such 
obligations in the open market at any time and at any price.

(Mar. 8, 1938, ch. 44, Sec. 4, 52 Stat. 108; Mar. 4, 1939, ch. 5, 
Sec. 1(d), 53 Stat. 511; Aug. 9, 1940, ch. 649, 54 Stat. 782; July 1, 
1941, ch. 270, Sec. 3, 55 Stat. 498; July 16, 1943, ch. 241, Sec. 2, 57 
Stat. 566; Apr. 12, 1945, ch. 54, Sec. 1, 59 Stat. 50; Oct. 31, 1949, 
ch. 792, title IV, Sec. 410, 63 Stat. 1057; June 28, 1950, ch. 381, 
Sec. 1, 64 Stat. 261; Mar. 20, 1954, ch. 102, Sec. 1(a), 68 Stat. 30; 
Aug. 31, 1954, ch. 1172, Sec. 1, 68 Stat. 1047; Aug. 11, 1955, ch. 782, 
Sec. 1, 69 Stat. 634; Aug. 1, 1956, ch. 815, Sec. 1(b), 70 Stat. 783; 
Pub. L. 95-279, title III, Sec. 301(b), May 15, 1978, 92 Stat. 242; Pub. 
L. 100-202, Sec. 101(k) [title I, Sec. 101], Dec. 22, 1987, 101 Stat. 
1329-322, 1329-336.)

                          Codification

    ``Chapter 31 of title 31'' and ``such chapter'' substituted in text 
for ``the Second Liberty Bond Act, as amended'' and ``such Act, as 
amended,'', and ``chapter 91 of title 31'' substituted for ``the 
Government Corporation Control Act (31 U.S.C., 1946 edition, sec. 841)'' 
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.


                               Amendments

    1987--Pub. L. 100-202 substituted ``$30,000,000,000'' for 
``$25,000,000,000''.
    1978--Pub. L. 95-279 substituted ``$25,000,000,000'' for 
``$14,500,000,000''.
    1956--Act Aug. 1, 1956, substituted ``$14,500,000,000'' for 
``$12,000,000,000''.
    1955--Act Aug. 11, 1955, substituted ``$12,000,000,000 for 
``$10,000,000,000''.
    1954--Act Aug. 31, 1954, substituted ``$10,000,000,000'' for 
``$8,500,000,000''.
    Act Mar. 20, 1954, substituted ``$8,500,000,000'' for 
``$6,750,000,000''.
    1950--Act June 28, 1950, substituted ``$6,750,000,000'' for 
``$4,750,000,000''.
    1949--Act Oct. 31, 1949, inserted proviso in next to last sentence.
    1945--Act Apr. 12, 1945, substituted ``$4,750,000,000'' for 
``$3,000,000,000''.
    1943--Act July 16, 1943, substituted ``$3,000,000,000'' for 
``$2,650,000,000''.
    1941--Act July 1, 1941, substituted ``$2,650,000,000'' for 
``$1,400,000,000''.
    1940--Act Aug. 9, 1940, substituted ``$1,400,000,000 for 
``$900,000,000''.
    1939--Act Mar. 4, 1939, substituted $900,000,000'' for 
``$500,000,000''.


                    Effective Date of 1978 Amendment

    Section 301(d) of Pub. L. 95-279 provided that: ``The provisions of 
this section [amending this section and section 714b of this title and 
enacting provision set out as a note under section 714b of this title] 
shall become effective October 1, 1978.''

                  Exceptions From Transfer of Functions

    For exception of functions of corporations of Department of 
Agriculture from transfer of functions to Secretary of Agriculture by 
Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions 
note set out under section 712a of this title.


                        Discharge of Indebtedness

    Section 101 of act May 26, 1947, ch. 82, title I, 61 Stat. 109, 
provided in part that on the date of enactment of that Act [May 26, 
1947] the Secretary of the Treasury was authorized and directed to 
discharge $641,832,080.64 of the indebtedness of the Commodity Credit 
Corporation to the Secretary of the Treasury by canceling notes in such 
amount issued by the Corporation to the Secretary of the Treasury 
pursuant to section 4 of the Act of March 8, 1938, as amended [this 
section].

                  Section Referred to in Other Sections

    This section is referred to in sections 713a-5, 714e of this title.
