Title 7 — Agriculture
Chapter 36 — Crop Insurance
§ 1504. Capital stock of Corporation
Statutory text
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.
Appropriations
There is authorized to be appropriated such sums as are necessary for the purpose of subscribing to the capital stock of the Corporation.
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.
Cancellation of receipts; nonliability of Corporation
Within 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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Agricultural Adjustment Act of 1938
Pub. L. 75–30 · 52 Stat. 31
Enacted · 7 U.S.C. § 1504
Feb. 16, 1938, ch. 30, title V, § 504, 52 Stat. 72
Source evidence
Code source credit
Feb. 16, 1938, ch. 30, title V, § 504, 52 Stat. 72Public Law not identified
Struck · 7 U.S.C. § 1504(a)
Subsec. (a). Act Aug. 25, 1949, § 4, struck out second sentence relating to restoration of impairment of capital stock
Unresolved: No Public Law or Statutes at Large citation in the Code source.
Source evidence
Code amendment note
Subsec. (a). Act Aug. 25, 1949, § 4, struck out second sentence relating to restoration of impairment of capital stock.Public Law not identified
Changed · 7 U.S.C. § 1504(b)
Subsec. (b). Act Aug. 25, 1949, § 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
Unresolved: No Public Law or Statutes at Large citation in the Code source.
Source evidence
Code amendment note
Subsec. (b). Act Aug. 25, 1949, § 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.Pub. L. 95–47 · 91 Stat. 228
Substituted · 7 U.S.C. § 1504(a)
Pub. L. 95–47 substituted “$150,000,000” for “$100,000,000”
Target inherited from the preceding amendment note.
Source evidence
Code amendment note
Pub. L. 95–47 substituted “$150,000,000” for “$100,000,000”.Pub. L. 95–181 § 1 · 91 Stat. 1373
Substituted · 7 U.S.C. § 1504(a)
Pub. L. 95–181 substituted “$200,000,000” for “$150,000,000”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 95–181 substituted “$200,000,000” for “$150,000,000”.Federal Crop Insurance Act of 1980
Pub. L. 96–365 § 101(a) · 94 Stat. 1312
Substituted · 7 U.S.C. § 1504(a)
Pub. L. 96–365, § 101(a), substituted “$500,000,000” for “$200,000,000”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 96–365, § 101(a), substituted “$500,000,000” for “$200,000,000”.Enacted provision · exact public law section
(a) Effective October 1, 1980, section 504(a) of the Federal Crop Insurance Act is amended by striking out “$200,000,000” and inserting in lieu thereof “$500,000,000”.Federal Crop Insurance Act of 1980
Pub. L. 96–365 § 101(b) · 94 Stat. 1312
Added · 7 U.S.C. § 1504(d)
Pub. L. 96–365, § 101(b), added subsec. (d)
Source evidence
Code amendment note
Subsec. (d). Pub. L. 96–365, § 101(b), added subsec. (d).Enacted provision · exact public law section
(b) Section 504 of the Federal Crop Insurance Act is amended by adding after subsection (c) a new subsection (d) as follows: “(d) Within thirty days after the date of enactment of the Federal Crop Insurance Act of 1980, the Secretary of the Treasury shall cancel, without consideration, receipts for payments for or on account of the stock of the Federal Crop Insurance Corporation outstanding on such date of enactment and such receipts shall cease to be liabilities of the Corporation.”.Federal Crop Insurance Reform and Department of Agriculture Reorganization Act of 1994
Pub. L. 103–354 § 102(b)(2)(A) · 108 Stat. 3178
Struck · 7 U.S.C. § 1504(a)
Pub. L. 103–354, § 102(b)(2)(A), (4)(C), struck out “of Agriculture” after “Secretary” and “of Directors of the Corporation” after “Board”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 103–354, § 102(b)(2)(A), (4)(C), struck out “of Agriculture” after “Secretary” and “of Directors of the Corporation” after “Board”.Enacted provision · exact public law section
(A) in subsection (a), by striking “Board of Directors of the Corporation” and inserting “Board”; andEffective date note
Amendment by Pub. L. 103–354 effective Oct. 13, 1994, and applicable to provision of crop insurance under Federal Crop Insurance Act (7 U.S.C. 1501 et seq.) beginning with 1995 crop year, with such Act, as in effect on the day before Oct. 13, 1994, to continue to apply with respect to 1994 crop year, see section 120 of Pub. L. 103–354, set out as a note under section 1502 of this title.Federal Crop Insurance Reform and Department of Agriculture Reorganization Act of 1994
Pub. L. 103–354 § 102(b)(2)(B) · 108 Stat. 3178
Struck · 7 U.S.C. § 1504(d)
Pub. L. 103–354, § 102(b)(2)(B), struck out “Federal Crop Insurance” before “Corporation outstanding”
Source evidence
Code amendment note
Subsec. (d). Pub. L. 103–354, § 102(b)(2)(B), struck out “Federal Crop Insurance” before “Corporation outstanding”.Enacted provision · exact public law section
(B) in subsection (d), by striking “Federal Crop Insurance Corporation” and inserting “Corporation”.Effective date note
Amendment by Pub. L. 103–354 effective Oct. 13, 1994, and applicable to provision of crop insurance under Federal Crop Insurance Act (7 U.S.C. 1501 et seq.) beginning with 1995 crop year, with such Act, as in effect on the day before Oct. 13, 1994, to continue to apply with respect to 1994 crop year, see section 120 of Pub. L. 103–354, set out as a note under section 1502 of this title.
4 of 9 references resolved to an enrolled provision · 3 partial · 2 unresolved
Editorial Notes
Amendments1949–1994 · 4 rounds
1994
Subsec. (a). Pub. L. 103–354, § 102(b)(2)(A), (4)(C), struck out “of Agriculture” after “Secretary” and “of Directors of the Corporation” after “Board”.
Subsec. (d). Pub. L. 103–354, § 102(b)(2)(B), struck out “Federal Crop Insurance” before “Corporation outstanding”.
1980
Subsec. (a). Pub. L. 96–365, § 101(a), substituted “$500,000,000” for “$200,000,000”.
Subsec. (d). Pub. L. 96–365, § 101(b), added subsec. (d).
1977
Subsec. (a). Pub. L. 95–181 substituted “$200,000,000” for “$150,000,000”.
Pub. L. 95–47 substituted “$150,000,000” for “$100,000,000”.
1949
Subsec. (a). Act , § 4, struck out second sentence relating to restoration of impairment of capital stock.
Subsec. (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
Amendment by Pub. L. 103–354 effective , and applicable to provision of crop insurance under Federal Crop Insurance Act (7 U.S.C. 1501 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 section 120 of Pub. L. 103–354, set out as a note under section 1502 of this title.
Effective Date of 1980 Amendment
Pub. L. 96–365, title I, § 112, , 94 Stat. 1319, provided that: “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 section 1515 of this title] shall become effective on the date of enactment of this Act [].”
Pub. L. 96–365, title I, § 101(a), , 94 Stat. 1312, 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, provided that: “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.”
Institution of Expanded Program; Payment of Cost for Fiscal Year 1950
Act Aug. 25, 1949, ch. 512, § 11, 63 Stat. 666, provided that: “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.”
Executive Documents
Transfer of Functions
Administration of program of Federal Crop Insurance Corporation transferred to Secretary of Agriculture by 1946 Reorg. Plan No. 3, § 501, eff. , 11 F.R. 7877, 60 Stat. 1100. See note set out under section 1503 of this title.
Wartime consolidation of Federal Crop Insurance Corporation into Agricultural Conservation and Adjustment Administration, see note set out under section 1503 of this title.
Credits
1938–1994 · 6 acts
- 1938Feb. 16, 1938, ch. 30, title V, § 504, 52 Stat. 72
- 1949Aug. 25, 1949, ch. 512, §§ 4, 6, 63 Stat. 665
- 1977Pub. L. 95–47, , 91 Stat. 228
- 1977Pub. L. 95–181, § 1, , 91 Stat. 1373
- 1980Pub. L. 96–365, title I, § 101, , 94 Stat. 1312
- 1994Pub. L. 103–354, title I, § 102(b)(2), (4)(C), , 108 Stat. 3180, 3181.
Show as published
(Feb. 16, 1938, ch. 30, title V, § 504, 52 Stat. 72; Aug. 25, 1949, ch. 512, §§ 4, 6, 63 Stat. 665; Pub. L. 95–47, , 91 Stat. 228; Pub. L. 95–181, § 1, , 91 Stat. 1373; Pub. L. 96–365, title I, § 101, , 94 Stat. 1312; Pub. L. 103–354, title I, § 102(b)(2), (4)(C), , 108 Stat. 3180, 3181.)