ers, and the duties and liabilities of Commodity Credit Corporation, a Delaware corporation, in respect to any contract, agreement, loan, account, or other obligation shall become the rights, privileges, and powers, and the duties and liabilities, respectively, of the Corporation. The enforceable claims of or against Commodity Credit Corporation, a Delaware corporation, shall become the claims of or against, and may be enforced by or against, the Corporation: Provided, That nothing in this Act shall limit or extend any period of limitation otherwise applicable to such claims against the Corporation. (15 U. S. C. 714n) SEC. 17. DISSOLUTION OF DELAWARE CORPORATION.-The Secretary of Agriculture, representing the United States as the sole owner of the capital stock of Commodity Credit Corporation, a Delaware corporation, is hereby authorized and directed to institute or cause to be instituted such proceedings as are required for the dissolution of said Corporation under the laws of the State of Delaware. The costs of such dissolution of said Corporation shall be borne by the Corporation. (15 U. S. C. 7140) SEC. 18. EFFECTIVE DATE.-This Act shall take effect as of midnight June 30, 1948. (15 U. S. C. 714 note) SEC. 19. RELEASE OF INNOCENT PURCHASERS OF CONVERTED GOODS.A buyer in the ordinary course of business of fungible goods heretofore or hereafter sold and physically delivered by a warehouseman or other dealer who was regularly engaged in the business of buying and selling such goods shall take or be deemed to have taken such goods free of any claim, existing or hereafter arising, by Commodity Credit Corporation, based on the want of authority in the seller to sell such goods, provided the buyer purchased such goods for value in good faith and did not know or have reason to know of any defect in the seller's authority to sell such goods. To be entitled to relief under this section a buyer must assert as an affirmative defense and establish by a preponderance of the evidence the facts necessary to entitle him to such relief. (15 U. S. C. 714p) 18 17 The Delaware Corporation was dissolved under the laws of the State of Delaware, effective 9 a. m., September 15, 1948. 18 Sec. 19 added by the Act of May 23, 1955, 69 Stat. 65. SUBPART B-PRICE SUPPORT EXPLANATORY NOTE Price support directly to producers was first made available in 1933 by loans to cotton and corn producers by the Commodity Credit Corporation. In the Agricultural Adjustment Act of 1938 (Section 302), the Congress enacted the first comprehensive legislation dealing with price support. Additional legislation thereafter included: The Act of April 3, 1941 (55 Stat. 90; 7 U. S. C. 1359) (providing for loans on peanuts). The Act of May 26, 1941, as amended (55 Stat. 203, 55 Stat. 860; 7 U. S. C. 1330, 1340) (providing for loans on basic commodities through the 1946 crop). Section 4 of the Act of July 1, 1941, as amended (55 Stat. 498, 56 Stat. 768; 15 U. S. C. 713a-8) (the so-called "Steagall amendment", which provided that if the Secretary of Agriculture issued an announcement requesting the expansion of production of a non-basic agricultural commodity, he should provide price support on such commodity for two years after World War II). Section 8 of the Stabilization Act of 1942, as amended (56 Stat. 767, 58 Stat. 643, 58 Stat. 784; 50 U. S. C. App. 968) (providing for loans on basic commodities for two years after World War II). The Act of July 28, 1945 (59 Stat. 506; 7 U. S. C. 1312 note) (set forth on p. 122 of this compilation, providing for loans on tobacco). The Act of August 5, 1947, as amended (61 Stat. 769, 62 Stat. 1248; 15 U. S. C. 713a-8 note) (providing for price support on wool). Much of this legislation expired with the termination of the wartime emergency and was succeeded by the Agricultural Act of 1948 (62 Stat. 1247). The Agricultural Act of 1949 (p. 120) (7 U. S. C. 1421) superseded or repealed prior legislation, effective for the 1950 and subsequent crop years. The Agricultural Act of 1954 (p. 138), the Agricultural Act of 1956 (p. 145), and the Agricultural Act of 1958 (Pub. L. 85-835, 72 Stat. 988) made significant changes in the 1949 Act. Throughout the periods discussed, the Commodity Credit Corporation has been the chief_instrumentality in making price support available to producers. Export and surplus removal programs operated under Section 32 of Public Law 320, 74th Congress (p. 174), are also utilized as a means of price support. 119 AGRICULTURAL ACT OF 1949,1 AN ACT To stabilize prices of agricultural commodities. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Agricultural Act of 1949." (7 U. S. C. 1421 note) TITLE I-BASIC AGRICULTURAL COMMODITIES SEC. 101. The Secretary of Agriculture (hereinafter called the "Secretary") is authorized and directed to make available through loans, purchases, or other operations, price support to cooperators for any crop of any basic agricultural commodity, if producers have not disapproved marketing quotas for such crop, at a level not in excess of 90 per centum of the parity price of the commodity nor less than the level provided in subsections (a), (b), and (c) as follows: (a) For tobacco (except as otherwise provided herein), corn, and wheat, if the supply percentage as of the beginning of the marketing year is: The level of support shall be not less than the following percentage of the parity price: Not more than 102___ More than 102 but not more than 104. 90 89 88 87 86 85 84 83 82 81 80 79 78 77 76 75 For rice of the 1959 and 1960 crops, the level of support shall be not less than 75 per centum of the parity price. For rice of the 1961 crop the level of support shall be not less than 70 per centum of the parity price. For the 1962 and subsequent crops of rice the level of support shall be not less than 65 per centum of the parity price.3 (7 U.S. C. 1441 (a)) 1 Approved October 31, 1949, 63 Stat. 1051. 2 This subsection was amended by sec. 302 of the Agricultural Act of 1958 (Pub. L. 85-835, 72 Stat. 988), effective beginning with the 1959 crop, by striking out "wheat, and rice" and inserting "and wheat". For corn of the 1959 and subsequent crop years, see sec 105 (a). This paragraph was added by sec. 302 of the Agricultural Act of 1958, effective beginning with the 1959 crop. (b) For cotton and peanuts, if the supply percentage as of the beginning of the marketing year is: The level of support shall be not less than the following percentage of the parity price: Not more than 108__. More than 108 but not more than 110. (7 U. S. C. 1441 (b).) 90 89 88 87 86 85 84 83 82 81 80 79 78 77 76 75 (c) For tobacco, if marketing quotas are in effect, the level of support shall be 90 percentum of the parity price. (7 U. S. C. 1441 (c)) (d) Notwithstanding the foregoing provisions of this section— (1) if producers have not disapproved marketing quotas for such crop, the level of support to cooperators shall be 90 per centum of the parity price for the 1950 crop of any basic agricultural commodity for which marketing quotas or acreage allotments are in effect; (2) if producers have not disapproved marketing quotas for such crop, the level of support to cooperators shall be not less than 80 per centum of the parity price for the 1951 crop of any basic agricultural commodity for which marketing quotas or acreage allotments are in effect; (3) the level of price support to cooperators for any crop of a basic agricultural commodity, except tobacco, for which marketing quotas have been disapproved by producers shall be 50 per centum of the parity price of such commodity; and no price support shall be made available for any crop of tobacco for which marketing quotas have been disapproved by producers; (4) (5) price support may be made available to noncooperators at such levels, not in excess of the level of price support to cooperators, as the Secretary determines will facilitate the effective operation of the program. (6) Except as provided in subsection (c) and section 402, the level of support to cooperators shall be not more than 90 per centum and not less than 822 per centum of the parity price for the 1955 crop of any basic agricultural commodity with respect to which producers have not disapproved marketing quotas; Subsec. (4) was repealed, effective with the 1959 crop, by sec. 201 of the Agricultural Act of 1958, within such limits, the minimum level of support shall be fixed as provided in subsections (a) and (b) of this section." (7) Where a State is designated under section 335 (e) of the Agricultural Adjustment Act of 1938, as amended, as outside the commercial wheat-producing area for any crop of wheat, the level of price support for wheat to cooperators in such State for such crop of wheat shall be 75 per centum of the level of price support to cooperators in the commercial wheat-producing area. (7 U. S. C. 1441 (d).) 6 (e) Notwithstanding any of the provisions of this Act, section 2 of the Act of July 28, 1945 (59 Stat. 506) shall continue in effect. (7 U. S. C. 1441 (e).) [LOANS ON TOBACCO-Act of July 28, 1945-Sec. 2. Notwithstanding any other provision of law, the Commodity Credit Corporation. is authorized and directed, beginning with the 1945 crop, to make available upon any crop of fire-cured, dark air-cured and Virginia sun-cured tobacco, if producers have not disapproved marketing quotas for such tobacco for the marketing year beginning with the calendar year in which such crop is harvested, loans or other price support at, in the case of fire-cured tobacco, 75 per centum of the loan rate for burley tobacco for the corresponding crop and, in the case of dark air-cured and Virginia sun-cured tobacco, at 66% per centum of such burley tobacco loan rate: Provided, That, beginning with the 1958 crop, the levels of support for such kinds of tobacco shall not exceed the higher of (a) the level applicable to the 1957 crop or (b) 90 per centum of the parity price. (59 Stat. 506; 7 U. S. C. 1312 note)] (f) The provisions of this Act relating to price support for cotton shall apply severally to (1) American upland cotton and (2) extra long staple cotton described in subsection (a) and ginned as required by subsection (e) of section 347 of the Agricultural Adjustment Act of 1938, as amended, except that, notwithstanding any of the foregoing provisions of section 101 of this Act, the level of support to cooperators for the 1957 and each subsequent crop of extra long staple cotton, if producers have not disapproved marketing quotas therefor, shall not exceed the same per centum of the parity price as for the 1956 crop and shall be determined after consideration of the factors specified in section 401 (b) and the price levels for similar qualities of cotton produced outside the United States: Provided, That such level of price support shall be not less than 60 per centum of the parity price. Disapproval by producers of the quota proclaimed under such section 347 shall place into effect the provisions of section 101 (d) (3) of this Act with respect to the extra long staple cotton described in subsection (a) of such section 347. Nothing contained herein shall affect the authority of the Secretary under 5 Prior to amendment by subsec. 201 (a) of the Agricultural Act of 1954, par. (6) (added by the Act of July 17, 1952, 66 Stat. 758, 759) read: "The level of support of Cooperators shall be 90 per centum of the parity price for the 1953 and 1954 crops of any basic agricultural commodity with respect to which producers have not disapproved marketing quotas." Par. (7) added by subsec. 201 (b) of the Agricultural Act of 1954. 7 Proviso added by the Act of July 10, 1957, 71 Stat. 284. |