12 U.S.C. § 1141 — Declaration of policy; effective merchan-

Page 271 TITLE 12—BANKS AND BANKING § 1141 preparation, and issuance of such debentures, and con- solidated debentures of central and regional banks for cooperatives. See section 2153 of this title. SUBCHAPTER VI—PROVISIONS COMMON TO PRODUCTION CREDIT ASSOCIATIONS, AND REGIONAL AND CENTRAL BANKS FOR COOPERATIVES §§ 1138 to 1138c. Repealed. Pub. L. 92–181, title V, § 5.26(a), Dec. 10, 1971, 85 Stat. 624 Section 1138, acts June 16, 1933, ch. 98, title VI, § 60, 48 Stat. 266; Aug. 19, 1937, ch. 704, § 5(a), 50 Stat. 704; July 26, 1956, ch. 741, title I, § 105(l), 70 Stat. 666, set out gen- eral corporate powers common to banks for coopera- tives and production credit associations. See sections 2093 and 2122 of this title. Section 1138a, acts June 16, 1933, ch. 98, title VI, § 61, 48 Stat. 267; July 26, 1956, ch. 741, title I, § 105(m), 70 Stat. 666, provided for examination of parts of farm credit system by examiners of Farm Credit Administra- tion. See section 2254 of this title. Section 1138b, acts June 16, 1933, ch. 98, title VI, § 62, 48 Stat. 267; Jan. 31, 1934, ch. 7, § 11, 48 Stat. 347; July 26, 1956, ch. 741, title I, § 105(n), 70 Stat. 666; Oct. 4, 1961, Pub. L. 87–353, § 3(j), 75 Stat. 774, gave designated parts of farm credit system authority to act as fiscal agents of United States. Section 1138c, acts June 16, 1933, ch. 98, title VI, § 63, 48 Stat. 267, Aug. 11, 1955, ch. 785, title II, § 205, 69 Stat. 663; July 26, 1956, ch. 741, title I, § 105(o), 70 Stat. 666, provided that obligations of banks for cooperatives and production credit associations be deemed instrumental- ities of United States and provided for termination of tax exemption after retirement of government-owned stock. See sections 2098 and 2134 of this title. § 1138d. Repealed. June 25, 1948, ch. 645, § 21, 62 Stat. 862, eff. Sept. 1, 1948 Section, acts June 16, 1933, ch. 98, title VI, § 64, 48 Stat. 267; Jan. 31, 1934, ch. 7, § 13, 48 Stat. 347, related to offenses and penalties. See sections 371, 433, 493, 657, 658, 1006, and 1014 of Title 18, Crimes and Criminal Proce- dure. § 1138e. Repealed. Pub. L. 92–181, title V, § 5.26(a), Dec. 10, 1971, 85 Stat. 624 Section, acts June 16, 1933, ch. 98, title VI, § 65, 48 Stat. 269; Aug. 11, 1955, ch. 785, title I, § 110(a), 69 Stat. 662; July 26, 1956, ch. 741, title I, § 105(p), 70 Stat. 666, provided for receivership and voluntary liquidation for production credit associations and banks for coopera- tives. See section 2183 of this title. § 1138f. Repealed. Aug. 11, 1955, ch. 785, title I, § 110(b), 69 Stat. 662 Section, acts June 16, 1938, ch. 98, title VI, § 66, 48 Stat. 269; Oct. 28, 1949, ch. 782, title XII, § 1201, 63 Stat. 972; Oct. 24, 1951, ch. 554, § 3, 65 Stat. 614; June 28, 1955, ch. 189, § 5, 69 Stat. 178, limited to $14,620 per annum compensation which could be paid directors, officers, or employees of banks for cooperatives, production credit corporations, and production credit associations. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Act Aug. 11, 1955, ch. 785, title I, § 112, 69 Stat. 662, pro- vided that: ‘‘This title [repealing this section and amending section 1141f of this title] shall take effect on the first day of the month next following one hundred and twenty days after its enactment [Aug. 11, 1955].’’ CHAPTER 7A—AGRICULTURAL MARKETING Sec. 1141. Declaration of policy; effective merchan- dising of agricultural commodities; specula- tion; cooperative marketing; surpluses; ad- ministration of chapter. 1141a to 1141f. Repealed. 1141g. Omitted. 1141h. Avoidance of duplication; cooperation with other governmental establishments; obtain- ing information and data; cooperation with States, Territories, and agencies or subdivi- sions thereof; indicating research problems; transfer of offices, functions, etc. 1141i. Repealed. 1141j. Miscellaneous provisions. Editorial Notes CODIFICATION This chapter contains the Agricultural Marketing Act, approved June 15, 1929. In view of the amendments to the Agricultural Mar- keting Act made by the Farm Credit Act of 1933, ap- proved June 16, 1933, and by the Farm Credit Act of 1935, approved June 3, 1935, and of the transfer of its ad- ministration to the Governor of the Farm Credit Ad- ministration by Executive Order No. 6084, set out pre- ceding section 2241 of this title, the provisions of the Agricultural Marketing Act, as amended, have been transferred to this chapter from Title 7, Agriculture. § 1141. Declaration of policy; effective merchan- dising of agricultural commodities; specula- tion; cooperative marketing; surpluses; ad- ministration of chapter (a) It is declared to be the policy of Congress to promote the effective merchandising of agri- cultural commodities in interstate and foreign commerce so that the industry of agriculture will be placed on a basis of economic equality with other industries, and to that end to pro- tect, control, and stabilize the currents of inter- state and foreign commerce in the marketing of agricultural commodities and their food prod- ucts— (1) by minimizing speculation. (2) by preventing inefficient and wasteful methods of distribution. (3) by encouraging the organization of pro- ducers into effective associations or corpora- tions under their own control for greater unity of effort in marketing and by promoting the establishment and financing of a farm mar- keting system of producer-owned and pro- ducer-controlled cooperative associations and other agencies. (4) by aiding in preventing and controlling surpluses in any agricultural commodity, through orderly production and distribution, so as to maintain advantageous domestic mar- kets and prevent such surpluses from causing undue and excessive fluctuations or depres- sions in prices for the commodity. (b) There shall be considered as a surplus for the purposes of this chapter any seasonal or year’s total surplus, produced in the United States and either local or national in extent, that is in excess of the requirements for the or- derly distribution of the agricultural com- modity or is in excess of the domestic require- ments for such commodity. Page 272 TITLE 12—BANKS AND BANKING § 1141a (c) The Farm Credit Administration shall exe- cute the powers vested in it by this chapter only in such manner as will, in the judgment of the administration, aid to the fullest practicable ex- tent in carrying out the policy above declared. (June 15, 1929, ch. 24, § 1, 46 Stat. 11; Ex. Ord. No. 6084, Mar. 27, 1933.) Editorial Notes CODIFICATION Section was formerly classified to section 521 of Title 7, Agriculture. Statutory Notes and Related Subsidiaries CHANGE OF NAME ‘‘Farm Credit Administration’’ and ‘‘administration’’ substituted in text for ‘‘Federal Farm Loan Board’’ and ‘‘board’’, respectively, pursuant to Ex. Ord. No. 6084, set out preceding section 2241 of this title. SHORT TITLE For short title of this chapter as the Agricultural Marketing Act, see section 1141j(e) of this title. TRANSFER OF FUNCTIONS Establishment of Farm Credit Administration as an independent agency, composition of Farm Credit Ad- ministration, appointment of Governor of Farm Credit Administration and duties thereof, including duty to perform functions, etc., of Farm Credit Administration, see section 2241 et seq. of this title. Executive Documents EXCEPTIONS FROM TRANSFER OF FUNCTIONS Functions of Farm Credit Administration or any agency, officer, or entity of, under, or subject to super- vision of said Administration excepted from functions of officers, agencies, and employees transferred to Sec- retary of Agriculture by Reorg. Plan No. 2 of 1953, § 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out in the Appendix to Title 5, Government Organization and Em- ployees. § 1141a. Repealed. Aug. 6, 1953, ch. 335, § 19, 67 Stat. 400 Section, act June 15, 1929, ch. 24, § 2, 46 Stat. 11; Ex. Ord. No. 6084, Mar. 27, 1943; act Oct. 15, 1949, ch. 695, § 6(a), 63 Stat. 881, related to appointment, compensa- tion, qualifications, term of office, and expenses of the Governor of the Farm Credit Administration. See sec- tion 2244 et seq. of this title. §§ 1141b to 1141f. Repealed. Pub. L. 115–334, title V, § 5411(52)–(56), (58), Dec. 20, 2018, 132 Stat. 4685 Section 1141b, act June 15, 1929, ch. 24, § 4, 46 Stat. 13; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 19, 1937, ch. 704, § 37, 50 Stat. 717; Oct. 28, 1949, ch. 782, title XI, § 1106(a), 63 Stat. 972; Pub. L. 96–592, title V, § 510, Dec. 24, 1980, 94 Stat. 3451, set out general powers of the Farm Credit Administration. Section 1141c, act June 15, 1929, ch. 24, § 5, 46 Stat. 13; Ex. Ord. No. 6084, Mar. 27, 1933; June 16, 1933, ch. 98, title V, § 50(a), 48 Stat. 265, set out special powers of the Farm Credit Administration. Section 1141d, act June 15, 1929, ch. 24, § 6, 46 Stat. 14; Ex. Ord. No. 6084, Mar. 27, 1933; June 16, 1933, ch. 98, title III, §§ 33, 34, title IV, §§ 40, 41, 48 Stat. 262, 264; Aug. 19, 1937, ch. 704, § 38, 50 Stat. 718; Pub. L. 87–494, June 25, 1962, 76 Stat. 109, established and authorized an appro- priation for a revolving fund. Section 1141d–1, act June 22, 1939, ch. 239, 53 Stat. 853, related to limits on interest rates charged on loans made from the revolving fund. Section 1141e, act June 15, 1929, ch. 24, § 7, 46 Stat. 14; Ex. Ord. No. 6084, Mar. 27, 1933; June 16, 1933, ch. 98, title V, §§ 50–53, 48 Stat. 265; June 3, 1935, ch. 164, §§ 9, 10, 49 Stat. 316, related to loans made to cooperative asso- ciations. Section 1141f, act June 15, 1929, ch. 24, § 8, 46 Stat. 14; Ex. Ord. No. 6084, Mar. 27, 1933; June 16, 1933, ch. 98, title V, § 54, 48 Stat. 266; June 3, 1935, ch. 164, § 11, 49 Stat. 316; Aug. 19, 1937, ch. 704, § 5(a), 50 Stat. 704; Aug. 11, 1955, ch. 785, title I, § 109, 69 Stat. 662; Pub. L. 89–525, § 4(b), Aug. 2, 1966, 80 Stat. 334, set out miscellaneous loan provisions. Editorial Notes CODIFICATION Sections 1141b to 1141d, 1141e, and 1141f were formerly classified to sections 524 to 526, 527, and 528, respec- tively, of Title 7, Agriculture. § 1141g. Omitted Editorial Notes CODIFICATION Section, act June 15, 1929, ch. 24, § 9, 46 Stat. 15; Ex. Ord. No. 6084, Mar. 27, 1933, provided for the recogni- tion, upon application of the advisory commodity com- mittee, of stabilization corporations for commodities, and prescribed functions and operations in connection therewith. Ex. Ord. No. 6084 abolished the authority conferred by this section and ordered the Farm Credit Administration to take appropriate steps for winding up the activities of such corporations. The order is set out as a note preceding section 2241 of this title. § 1141h. Avoidance of duplication; cooperation with other governmental establishments; ob- taining information and data; cooperation with States, Territories, and agencies or sub- divisions thereof; indicating research prob- lems; transfer of offices, functions, etc. (a) The administration shall, in cooperation with any governmental establishment in the Ex- ecutive branch of the Government, including any field service thereof at home or abroad, avail itself of the services and facilities thereof in order to avoid preventable expense or duplica- tion of effort. (b) The President may by Executive order di- rect any such governmental establishment to furnish the administration such information and data as such governmental establishment may have pertaining to the functions of the adminis- tration; except that the President shall not di- rect that the administration be furnished with any information or data supplied by any person in confidence to any governmental establish- ment in pursuance of any provision of law or of any agreement with a governmental establish- ment. (c) The administration may cooperate with any State or Territory, or department, agency, or political subdivision thereof, or with any per- son. (d) The administration shall, through the gov- ernor, indicate to the appropriate bureau or di- vision of the Department of Agriculture any spe- cial problem on which a research is needed to aid in carrying out the provisions of this chap- ter. (e) The President is authorized, by Executive order, to transfer to or retransfer from the juris- diction and control of the administration the