Notes on 7 U.S.C. § 1504 : US Code - Notes

Search Notes on 7 U.S.C. § 1504 : US Code - Notes

(Feb. 16, 1938, ch. 30, title V, Sec. 504, 52 Stat. 72; Aug. 25,
1949, ch. 512, Secs. 4, 6, 63 Stat. 665; Pub. L. 95-47, June 16,
1977, 91 Stat. 228; Pub. L. 95-181, Sec. 1, Nov. 15, 1977, 91 Stat.
1373; Pub. L. 96-365, title I, Sec. 101, Sept. 26, 1980, 94 Stat.
1312; Pub. L. 103-354, title I, Sec. 102(b)(2), (4)(C), Oct. 13,
1994, 108 Stat. 3180, 3181.)
AMENDMENTS                            
1994 - Subsec. (a). Pub. L. 103-354, Sec. 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, Sec. 102(b)(2)(B), struck out
"Federal Crop Insurance" before "Corporation outstanding".
1980 - Subsec. (a). Pub. L. 96-365, Sec. 101(a), substituted
"$500,000,000" for "$200,000,000".
Subsec. (d). Pub. L. 96-365, Sec. 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 Aug. 25, 1949, Sec. 4, struck out second
sentence relating to restoration of impairment of capital stock.
Subsec. (b). Act Aug. 25, 1949, Sec. 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.
EFFECTIVE DATE OF 1994 AMENDMENT                 
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.
EFFECTIVE DATE OF 1980 AMENDMENT                 
Section 112 of Pub. L. 96-365 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
[Sept. 26, 1980]."
Section 101(a) of Pub. L. 96-365 provided that the amendment made
by that section is effective Oct. 1, 1980.
TRANSFER OF FUNCTIONS                       
Administration of program of Federal Crop Insurance Corporation
transferred to Secretary of Agriculture by 1946 Reorg. Plan No. 3,
Sec. 501, eff. July 16, 1946, 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.
CANCELLATION OF OUTSTANDING RECEIPTS FOR STOCK IN EXCESS OF
$27,000,000
Section 5 of act Aug. 25, 1949, 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
Section 11 of act Aug. 25, 1949, 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."