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Page:United States Statutes at Large Volume 61 Part 1.djvu/743

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61 STAT.] 80TH CONG. , 1 ST SESS.-CH. 440-AUG. 1, 1947 tobacco. Counties selected by the Board shall be representative of the several areas where the agricultural commodity insured is normally produced. Insurance shall not be provided in any county unless written applications therefor are filed covering at least two hundred farms or one-third of the farms normally producing the agricultural commodity; nor shall insurance of any agricultural commodity be provided in any county in which the Board determines that the income from such commodity constitutes an unimportant part of the total agricultural income of the county. The Board may limit or refuse insurance in any county or area, or on any farm, on the basis of the insurance risk involved. The Corporation shall report annually to the Congress the results of its operations as to each commodity insured." SEC. 2. Subsection (b) of section 508 of the Federal Crop Insur- ance Act, as amended, is amended by striking out the period at the end of the first sentence and inserting in lieu thereof a colon and the following: "Provided, That such premiums may be established on the basis of the parity or comparable price for the commodity as deter- mined and published by the Secretary of Agriculture, or on the basis of an average market price designated by the Board." SEC. 3. Subsection (c) of section 508 of the Federal Crop Insur- ance Act, as amended, is amended by striking out in the first sentence "however," and inserting in lieu thereof "That indemnities may be determined on the same price basis as premiums are determined for the crop with respect to which such indemnities are paid: Provided, further,". SEC. 4. Section 502 of the Federal Crop Insurance Act, as amended, is amended to read as follows: "SEC. 502. It is the purpose of this title to promote the national welfare by improving the economic stability of agriculture through a sound system of crop insurance and providing the means for the research and experience helpful in devising and establishing such insurance." SEC. 5. Nothing in this Act shall be construed to affect the validity of any insurance contract entered into prior to the enactment of this Act insofar as such contract covers the 1947 crop year. Any such con- tract which purports to cover a crop in the 1945 or any subsequent crop year in any county in which insurance on such crop will be discolitillled pursuant to this Act is hereby terminated at the end of the 1947 crop year. SEC. 6 . Subsection (d) of section 507 of the Federal Crop Insurance Act, as amended, is amended by striking out the period at the end of the subsection and inserting a comma and the following: "except that employees or agencies responsible for administering this Act in each county shall be selected and designated by the Corporation and shall be responsible directly to the Corporation without the intervention of any intermediate office or agency." SEC. 7. Subsection (d) of section 506 of the Federal Crop Insurance Act is amended to read as follows: "(d) Subject to the provisions of section 508 (c), may sue and be sued in its corporate name in any court of record of a State having general jurisdiction, or in any United States district court, and juris- diction is hereby conferred upon such district court to determine such controversies without regard to the amount in controversy: Provided, That no attachment, injunction, garnishment, or other similar process, mesne or final, shall be issued against the Corporation or its property." SEc. 8. Section 505 of the Federal Crop Insurance Act, as amended, is amended to read as follows: "SEC. 505. (a) The management of the Corporation shall be vested in a Board of Directors (hereinafter called the 'Board') subject to 52 Stat. 74. 7 U.S.C. § 1508(b). Premiums. 52 Stat. 74. 7 U.S . C . §1508(c). Indemnities. 52 Stat. 72. 7U.S.C.§1502. Purpose of title. Validity of prior contract. 52 Stl. 74. 7U. S. (C.§ 1507(d). Selection of employ- ees. etc. 52 Stat. 73. 7 U.S. C. 1506(d). Supra. 52 Stat. 72 . 7U.S .C. §1505. Board of Directors.