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7 U.S.C. § 1504 — Capital stock of Corporation

submitted 88 years ago by ch. 30 to r/title-7-AGRICULTURE · 173 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Corporation has $500 million in capital stock subscribed by the United States. The Board may call for payment with the Secretary’s approval, and Treasury receipts show the United States’ ownership.

(a) Subscription by United States. The Corporation has $500,000,000 of capital stock subscribed by the United States. With the Secretary’s approval, the Board may call for all or part of the payment. (b) Appropriations. Congress may appropriate the money needed to subscribe to the Corporation’s stock. (c) Issuance of stock to Secretary of the Treasury. The Corporation must issue the Secretary of the Treasury receipts for United States payments for or on the stock. The receipts prove United States ownership. (d) Cancellation of receipts; nonliability. Within 30 days after September 26, 1980, the Secretary must cancel without payment the receipts for stock payments outstanding on that date. Those receipts then stop being Corporation liabilities.
the actual law source: uscode.house.gov ↗public domain
(a) 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.

(b) Appropriations

There is authorized to be appropriated such sums as are necessary for the purpose of subscribing to the capital stock of the Corporation.

(c) 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.

(d) Cancellation of receipts; nonliability of Corporation

Within thirty days after September 26, 1980, the Secretary of the Treasury shall cancel, without consideration, receipts for payments for or on account of the stock of the Corporation outstanding on September 26, 1980, and such receipts shall cease to be liabilities of the Corporation.

Source credit: (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, June 16, 1977, 91 Stat. 228; Pub. L. 95–181, § 1, Nov. 15, 1977, 91 Stat. 1373; Pub. L. 96–365, title I, § 101, Sept. 26, 1980, 94 Stat. 1312; Pub. L. 103–354, title I, § 102(b)(2), (4)(C), Oct. 13, 1994, 108 Stat. 3180, 3181.)

history & why it existsrecord from the source credit
  • 1938Enacted · Act of Feb. 16, 1938, ch. 30 · 52 Stat. 72
  • 1949Amended · Act of Aug. 25, 1949, ch. 512 · 63 Stat. 665
  • 1977Amended · Pub. L. 95-47 · 91 Stat. 228
  • 1977Amended · Pub. L. 95-181 · 91 Stat. 1373
  • 1980Amended · Pub. L. 96-365 · 94 Stat. 1312
  • 1994Amended · Pub. L. 103-354 · 108 Stat. 3180, 3181

A history note hasn’t been published yet. The record shows enactment by ch. 30 on 1938-02-16.

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