Public Law 443.
1,368 words·~6 min read·
/statutes-at-large/vol-52/public-law-443·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(/us/pl/75/442)] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That as of the 31st Commodity Credit Corporation, maintenance of capital unimpaired.Annual determination of net worth.of March in each year and as soon as possible thereafter, beginning with March 31, 1938, an appraisal of all the assets and liabilities of the Commodity Credit Corporation for the purpose of determining the net worth of the Commodity Credit Corporation shall be made by the Secretary of the Treasury.
The value of assets shall, insofarValue of assets; report. as possible, be determined on the basis of market prices at the time of appraisal and a report of any such appraisal shall be submitted to the President as soon as possible after it has been made. In theRestoration of amount of capital impairment. event that any such appraisal shall establish that the net worth of the Commodity Credit Corporation is less than $100,000,000, the Secretary of the Treasury, on behalf of the United States, shall restore the amount of such capital impairment by a contribution to the Commodity Credit Corporation in the amount of such impairment.
ToAnnual appropriations authorized.*Post*, p. 1148. enable the Secretary of the Treasury to make such payment to the Commodity Credit Corporation, there is hereby authorized to be appropriated annually, commencing with the fiscal year 1938, out of any money in the Treasury not otherwise appropriated, an amount equal to any capital impairment found to exist by virtue of any appraisal as provided herein. Sec. 2. In the event that any appraisal pursuant to section 1 ofUse of excess to retire public debt. this Act shall establish that the net worth of the Commodity Credit Corporation is in excess of $100,000,000, such excess shall, as soon as practicable after such appraisal, be deposited in the Treasury by the Commodity Credit Corporation and shall be credited to miscellaneous receipts.
The Secretary of the Treasury is directed, as soon as practicable, to use any amounts so deposited to retire an equivalent amount of the public debt, which amount shall be in addition to any other amount required to be used for such purpose. Sec. 3. The Secretary of Agriculture, the Governor of the FarmTransfer of certain stock to United States. Credit Administration, and the Reconstruction Finance Corporation are hereby authorized and directed to transfer to the United States all right, title, and interest in and to the capital stock of the Commodity Credit Corporation which each of them now holds.
All rightsRights to be exercised by President, etc. of the United States arising out of the ownership of such capital52 Stat. 108 stock shall be exercised by the President, or by such officer, officers, agency, or agencies as he shall designate, and in such manner as he shall prescribe. Sec. 4. Issuance of obligations authorized; aggregate amount. With the approval of the Secretary of the Treasury, the Commodity Credit Corporation is authorized to issue and have outstanding at any one time, bonds, notes, debentures, and other similar Forms, denominations, maturities, interest rates, etc.obligations in an aggregate amount not exceeding $500,000,000.
Such obligations shall be in such forms and denominations, shall have such maturities, shall bear such rates of interest, shall be subject to such terms and conditions, and shall be issued in such manner and sold at such prices as may be prescribed by the Commodity Credit Corporation,Obligations unconditionally guaranteed. with the approval of the Secretary of the Treasury. Such obligations shall be fully and unconditionally guaranteed both as to interest and principal by the United States, and such guaranty shall Use as security.be expressed on the face thereof, and such obligations shall be lawful investments and may be accepted as security for all fiduciary, trust, and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof.
In the event that the Commodity Credit Corporation shall be unable to pay upon demand, when due, the principal of, or interest on, such obligations, the Secretary of the Treasury shall pay to the holder the amount thereof which is hereby authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, and thereupon to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights of the holders Purchase of Corporation obligations.of such obligations.
The Secretary of the Treasury, in his discretion, is authorized to purchase any obligations of the Commodity Securities hereafter issued under Second Liberty Bond Act; purposes extended.Credit Corporation issued hereunder, and for such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds from the sale of any securities hereafter issued [40 Stat. 288](/us/stat/40/288).under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under such Act, as amended, are extended to include any purchases of the Commodity Credit Corporation’sSale of acquired obligations. obligations hereunder.
The Secretary of the Treasury may at any time sell any of the obligations of the Commodity Credit Redemptions, etc., treated as public-debt transactions.Corporation acquired by him under this section. All redemptions, purchases, and sales by the Secretary of the Treasury of the obligations of the Commodity Credit Corporation shall be treated as Issue not to exceed assets, etc.public-debt transactions of the United States. No such obligations shall be issued in excess of the assets of the Commodity Credit Corporation, including the assets to be obtained from the proceeds of such obligations, but a failure to comply with this provision shall Open-market purchases.not invalidate the obligations or the guaranty of the same.
The Commodity Credit Corporation shall have power to purchase such obligations in the open market at any time and at any price. Sec. 5. Obligations deemed Federal instrumentalities. Bonds, notes, debentures, and other similar obligations issued by the Commodity Credit Corporation under the provisions of this Act shall be deemed and held to be instrumentalities of the Tax exemption; exception.Government of the United States, and as such they and the income derived therefrom shall be exempt from Federal, State, municipal, and local taxation (except surtaxes, estate, inheritance, and gift taxes).
The Commodity Credit Corporation, including its franchise, its capital, reserves, and surplus, and its income shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority: except that any real property of the Commodity Credit Corporation shall be subject to State, Territorial, comity, municipal, or local taxation to the same extent according to its value as other real property is taxed.
Approved, March 8, 1938. To provide for the establishment of a Coast Guard station at or near Panama City, Florida. 1938-03-14 45 Chapter United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2024-11-15 52 Stat. 109 75 3 public 52 Stat. 109 [CHAPTER 45] AN ACT To provide for the establishment of a Coast Guard station at or near Panama City, Florida.
March 14, 1938[[H. R. 7414](/us/bill/75/hr/7414)][[Public, No. 443](/us/pl/75/443)] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That the Secretary Panama City, Fla.Establishment of Coast Guard station authorized.of the Treasury is authorized to establish a Coast Guard station on the coast of Florida at or near Panama City, at such point as the Commandant of the Coast Guard may recommend. Approved, March 14, 1938.
To transfer to the Secretary of the Treasury a site for a quarantine station to be located at Galveston, Texas. 1938-03-16 46 Chapter United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2024-11-15 52 Stat. 109 75 3 public [CHAPTER 46] AN ACT To transfer to the Secretary of the Treasury a site for a quarantine station to be located at Galveston, Texas.
March 16, 1938[[H. R. 8972](/us/bill/75/hr/8972)][
Connectionstraces to 2
Traces to 2 documents
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources