Page:United States Statutes at Large Volume 38 Part 1.djvu/716

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SIXTY·THIRD CONGRESS. Sess. II. Ch. 255. 1914. 697 This section shall not be construed to a l to an contract of sale S°°“°¤ ¤°* ¤PP“¤¤· made in cogrpgiance with section five of &i)syAct. y i»’·iii¤°¤ic`iii°h°°g°’ °”°" _ Sec. 11. t upon each order transmitted, or directed or author- de'}? •>¤ ¤¤}¤¤¤¤¤-a for ized to be transmitted, by any person within the United States for the ¢mei§i{:¤b.°r°l°° °x' making of any contract of sale of cotton grown in the United States for future delivery m cases m which the contract of sale is or is to be made at, on, or in any exchange, board of trade, or similar institution or place of business in an? foreign country, there is hereby levied an excise tax at the rate o 2 cents for each pound of the cotton so ordered to be bogght or sold under such contract: Promkled, That no couambm exempttax be levi under this Act on any such order if the contract *“¤‘°"Y °"‘“· made m pursuance thereof comply either with the conditions specified in the iiist, second, third, fou , fifth, and sixth subdivisions of section five or with all the conditions specified in section ten of this Act, except that the quantity of the cotton involved in the contract may be expressed therein m terms of kilograms instead of pounds. hmm sm cum Snq. 12. That the tax imposed by section three of this Act shall usuahgagdestéoms be paid by the seller of the cotton involved m the contract of sale, °°‘° “`”’° °‘ gy means of stamps which shall be affixed to such contracts, or to _e memoranda evidencing the same and canceled in compliance with rules and 1'6g\1.l8l`»10I1S which shall be prescribed by the Secretary Mmdgum of the Treasury. The tax imposed by section eleven of this Act .,¤·, shall be paid by the sender of the order and collected in accordance wkitl;1 rages and regulations which shall be prescribed by the Secretary o the reasury. E _ Sec. 13. That no contract of sale of cotton for fut1u·e delivery f¤¤9¤g¤%>°1§¤f}i¤t:=¤;l¤°t1:¥ir mentioned in section three of this Act which does not conform to the °°i'>‘§`maa`Z`¤,5h.¤g,_

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irements of section four hereof and has not the necessary stamps

ed thereto as reqmred by section twelve hereof shall be enforceable in any court of the United States by, or on behalf of, any party F to such contract or his privies. That no contract of sale of cotton for °'°i‘“°‘°1'°°‘°°‘ future delivery, made in pursuance of any order mentioned in section eleven of this Act, shall be enforceable in any court of the United States by or on behalf of any party to such contract or his privies unless it conforms to the reqlunrements of section four hereof and the tax imposed by section e even upon the order for such contract shall have been paid in compliance with section twelve of this Act. Sec. 14. That the Secretary of the is authorized to make °°“°°“°" °’ ‘“· and promulgate such rules an regulations as e may deem necessary to collect the tax imposed by this Act and otherwise to enforce its ,mpw,,°,,,,,,m,d,_ provisions. Further to effect this purpose, he shall require all per- Mcsons coming within its provisions to keeglgpch records and statements of acconmt as will fully and correctly lose all transactions mentioned in sections three and eleven of this Act; and he may appoint agents to conduct the inslpectibn necessary to collect said tax and otherwise to enforce this ct and all rules and regulations made by him in pursuance hereof, and ma fix the compensation of such agents. mm-,,,,,,,,, ,0, ,,0 Sec. 15. That anglperson liable to the payment of any tax imdposed ¤¤¤¤¤¤· by this Act who f to ay, or evades or attempts to eva e the payment of such tax, and) any erson who otherwise violates any rovision of this Act, or any rull; or relgulation made in pursuance licreof, shall be deemed guilty of a mis emeanor, and, upon conviction thereof, shall be fined not less than $100 nor more than $20,000, in the discretion of the court; and, in case of natural persons, may, in addition, be punished by imprisonment for not less than sixty days nor more than three years, in the discretion of the court. _ Addmml www Sec. 16. That in addition to the foregoing punishment there is ‘ hereby imposed, on account of each violation o this Act, a penalty of $2,000, to be recovered in an action founded on this Act in the name of the Unity States as plaintiff, and when so recovered one-