Missouri Laws 261.027 – Agreements to be terminated — new agreements — agriculture development fund ..
1. The director of agriculture of the state of Missouri shall, as soon as possible after August 13, 1988, terminate the agreement between the director of agriculture and the Secretary of Agriculture of the United States under which trust assets of the Missouri Rural Rehabilitation Corporation, assigned to the director of agriculture by the Secretary of Agriculture of the United States pursuant to Public Law 499, 81st Congress, approved May 3, 1950 (40 U.S.C.A. 440-444), and sections 261.025 and 261.026, have been administered by the Secretary of Agriculture. The director of agriculture shall request the return to the state of Missouri of all or a part of the cash assets now under the control of the Secretary of Agriculture and the assets consisting of loans insured by the Secretary of Agriculture.
2. The director is also authorized to enter into new agreements with the Secretary of Agriculture pursuant to Public Law 499 and for return to the state of Missouri, from time to time, of additional trust assets.
Terms Used In Missouri Laws 261.027
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
- United States: includes such district and territories. See Missouri Laws 1.020
3. Any assets received from the Secretary of Agriculture shall be transferred to the state treasury and credited to a special fund which is hereby established and which shall be known as the “Agriculture Development Fund”. The agriculture development fund shall be under the control of the director of the department of agriculture, who shall provide for the investment and reinvestment of the fund in secured or insured agricultural loans, government bonds, or other convertible securities. The fund and any income or interest received from the investment thereof may be released by and at the discretion of the director of agriculture for agricultural development and rehabilitation purposes.