
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 7USC1032]

 
                          TITLE 7--AGRICULTURE
 
                        CHAPTER 33--FARM TENANCY
 
                    SUBCHAPTER IV--GENERAL PROVISIONS
 
Sec. 1032. Transfer of rights and duties of Reconstruction 
        Finance Corporation arising out of rehabilitation and farm 
        tenancy loans to Secretary of the Treasury
        
    All rights, interests, obligations, and duties of the Reconstruction 
Finance Corporation arising out of loans made or authorized to be made 
to the Secretary of Agriculture for the purpose of making rural 
rehabilitation and farm tenancy loans in accordance with the Department 
of Agriculture Appropriation Act of 1947 and prior appropriations and 
loans under the Farmers Home Administration Act of 1946 are, as of the 
close of June 30, 1947, vested in the Secretary of the Treasury; the 
Reconstruction Finance Corporation is authorized and directed to 
transfer, as of the close of June 30, 1947, to the Secretary of the 
Treasury and the Secretary of the Treasury is authorized and directed to 
receive all loans outstanding on that date, plus accrued unpaid 
interest, theretofore made to the Secretary under the provisions of the 
Acts named above, and all notes and other evidences thereof and all 
obligations constituting the security therefor. The Secretary of the 
Treasury shall cancel notes of the Reconstruction Finance Corporation, 
and sums due and unpaid upon or in connection with such notes at the 
time of such cancellation, in an amount equal to the unpaid principal of 
the loans so transferred, plus accrued unpaid interest through June 30, 
1947. Subsequent to June 30, 1947, the Reconstruction Finance 
Corporation shall make no further loans or advances to the Secretary and 
the Secretary of the Treasury is authorized and directed, in lieu of the 
Reconstruction Finance Corporation, to lend or advance to the Secretary, 
in accordance with the provisions of said Acts to any unobligated or 
unadvanced balances of the sums which the Reconstruction Finance 
Corporation has theretofore been authorized and directed to lend to the 
Secretary. For the purpose of making such loans or advances, the 
Secretary of the Treasury is authorized to use as a public-debt 
transaction the proceeds from the sale of any securities issued under 
chapter 31 of title 31, and the purposes for which securities may be 
issued under that chapter are extended to include such loans or advances 
to the Secretary of Agriculture. Repayments to the Secretary of Treasury 
on such loans or advances shall be treated as a public-debt transaction 
of the United States.

(July 30, 1947, ch. 356, title I, Sec. 1, 61 Stat. 545.)

                       References in Text

    The Department of Agriculture Appropriation Act of 1947, referred to 
in text, is act June 22, 1946, ch. 445, 60 Stat. 270, as amended. For 
complete classification of this Act to the Code, see Tables.
    The Farmers Home Administration Act of 1946, referred to in text, is 
act Aug. 14, 1946, ch. 964, 60 Stat. 1062, as amended. For complete 
classification of this Act to the Code, see Tables.

                          Codification

    ``Chapter 31 of title 31'' and ``that chapter'' substituted in text 
for ``the Second Liberty Bond Act, as amended'' and ``that Act'', 
respectively, 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.
    Section was not enacted as part of the Bankhead-Jones Farm Tenant 
Act which constitutes a major part of this chapter.

             Abolition of Reconstruction Finance Corporation

    Section 6(a) of 1957 Reorg. Plan No. 1, eff. June 30, 1957, 22 F.R. 
4633, 71 Stat. 647, set out in the Appendix to Title 5, Government 
Organization and Employees, abolished Reconstruction Finance 
Corporation.
