Federal Grain Insurance Act

[AI summary unavailable — showing source text] Federal Grain Insurance Act - Establishes, as an agency of the Department of Agriculture, a Federal Grain Insurance Corporation. States that the principal place of business of the Corporation shall be the District of Columbia, but that there may be established agencies elsewhere in the United States under rules and regulations prescribed by the Board of Directors. Provides that the Corporation shall have a capital stock of $50,000,000 subscribed to by the United States of America, payment of which shall, with the approval of the Secretary of Agriculture, be subject to call in whole or in part by the Board of Directors of the Corporation. Sets forth provisions for the management of the Corporation. Directs the Corporation to establish a Grain Insurance Fund of $50,000,000 to be held by the Corporation for the payment of valid claims for producer originated grain insured under this Act. States that such payments shall be restricted to a limit of $25,000,000 for any one producer with any one member. States that commencing with May 1, of the year following passage of this Act, the Corporation is authorized and empowered to insure producers of grain dealing with a member of the Corporat…