§ 7 L l ·. MTLE 7.--461;
- m;.·.o¤'er to make. or exeqixte, or any ccmfirmation of the exei U
_ caution oi, or any qhotetiou or report of the price o£,`auy;eo¤— ·D~ tract- of sale of groin for future ueuvery 0¤..or subjectto the rules of Yar;y\ bo'e;·cl_ of tpide in the United States, <ix$_for‘ any ve person to make *or execute such contract of sale, which is‘ or~ of miay behsgedvfor ·(e.)_`hedgi11g anyltrmieaction in interstate com; ce meme in gmk: or the p1;od1r<;_ts_or vbyproducts thereof, or (b)" or ,detei·miuihg_ the price basis of gray such trensaciioir ir; inter- ' ‘ state commerce,. or ·(c) delivering gr€1i1i·éold,° shipped, .01‘ re- pur · ceived in ihtersthte commerce for the ‘·ful`iillh1eut-£hercof, eg- cgi com-4- e .»‘. » ‘ * . 4 QL L (rs) Where the seller, is.at the time of the mélgingbf such. `fr contract the owner of `tho actual phys_ic;1l .prQi·»erty covered- tr , themby, or lhs the grower thereof, or in cageielfher 'party to the fo poxntract is tlxelowgsgner mi renter. of land on whicb"·`tlie,s21n1et··l1&” isi to be growo,`·orbison-`associationzof such owne'rs§. or lgroweré cu
aof grain, or "ofosuch owners or reuters of leudi or, _ ‘· leg
’ U (b) iwhere Such contract is, mode by or through a member. of em, ._ ·`a_ board of tmdewjwhich l1as‘been_`desi~gu&ted‘ byj the Secretary Pi ' of Agriculture `aé e ·‘·‘·co:;tract~ xiiarketf ae herel1mYté1‘ provided be ctn this chdpter,· and if such contract is ,°~_ e videoced by` a - record eu
writirig which chews the date, the paQrtiesito'_sueh contract m
Vand their iaddresses; the property -_ covered dud . its‘~-price; lignd bm the terms of delivei7y:"jPmv£ded,, That each board zhember ehall - `— keep o record for, a ‘ period of three lyééw .fi‘0iH B16 "d3Y€" ·ti* l. thereof, or for a longer period; if the- `Secrétary ot Akriculture i.v`i jshall so direct, which record shall at all times: ;bé._§!lJ8!1.`tQ the .5 · irispebtion of any repres“eut£1ti§·e` of- the United, States Depart-= , ment of Agriculture. or the United States Depertrilent of Jusf. jpe nee. 21,1922, e.z?6e,·s4, 42-Stat. ooo.) Q- A · i gr _ ,7. of of trade as`Yf‘co¤t_raqt market P de
req¤ire1pents.—#¢The·Secretary~`ot_ A,gricultgu§e__is :1;
- hereby `déthoriied and directed to desiguete {myc boordi of hue trade ae a "eorrt:mct 'mqrket " ‘when,Y and only Jwheri,. such, vw board of trade &co@pBes··»vvith~—&¤d—¥»ee—1¥ri—ee<—ou¤t;·»tl1e#~£ollowl1;g- e t— _conditio11s.end requirements.: . ‘ · ‘ _._ `l Q · (a) When located at a jekrmlmil jmarket Twhere cash groin S; of, the kind specihed iu} the;. contracts of . Bale of grain for `to future delivery. to be execizted on such? board is sold in sum- th cierit·roli1mes»gnd» under ouch-‘ coqditions as ifeirly to retlect pi; the geoeml lyelue of the grain and the differences in ral}: > ‘ in tween the various grades of enich groin, end »where,th re._ en . nvailgblea to Sughl board 013 trade¥';om_cgal_ inspection rylce he Aagproved by ythe Secretary of Agriculture for the purpose. ‘ all ’°._ (b_lj\Vi1e:1 the governing] bozrrd thereof provides for the of ,muki.ug and ming by the board or- any member thereof; as. Tl the seeremry of Agriculture may ‘ direct, or reports in e.ccord· clr mace with the rulesnand regulations, and in such imauuer and hre form and nt such times ·s.e`_may `be prescribed byw the Secretary to ” of Am·lcu1t:,1re,‘ showin? the detaile and terms of all trans- its 'aetioue entered into by. the hoard. _ or the `members jtherof, co either in ca.sh_t1;unsactious consummated at, ori or in a `board mf of. trade, or transactions for futurejdelivery, and when such pé i governing board provides, ‘_l¤ accordance with such rules and de “rekr1la;ioi1s, for the keepihg of be record by the board `or the co members of the board of trade, as the- Secretary of Agriculture _0t may direct, showing the detziile and terms of all cash and ca future trgxmactiohs entered` into by them, consummated at, cu 01i,.01`.i11·§. bosird of trzrde, such record to be iuperumneut lm tormjehowisvg te plartiee to ell such `transaction$’_incli1dlng tlh the persons for whom made, ‘ any aesigmxzerzte o1§`. transfers in thereof, witch` the partifw thereto, end the ma xmer lh which a I sold tmnezrcrtione are¤£u1iill_ed, discharged, or termlmrted. Such Tl record shall be required N to be kept fora .perio»d of three co yezys irom the date thereof, or for a· longer period if Une the Sooremry of Agriculture shall so direct, and shall at all th times be open to the inspection ot any representative of the ot
O l_CQUL~TURE_ S8_ ‘ nited Shxtes Depertment of Agriculture be Uniited Stsmsq epartmcut df Justice. _ · · ‘ - · ._(c) When the gevemixig board there0f»i>t0vi¢lese- ferlthe pep. mpion oidisseminzztiox; by the b0=1_rd,cr*auy member {npr.-gf
- false orgmisleading Q1j"‘kI19WiH§i¥‘ inaccurate ·rep¢m;S Bm,-
qgpipg cxjop qc market information or cchditicsme xm: gym.; - mud- t0.affectc_thei·p1jic€ of graiu'iu_iute1*etate co»mme;·w~_ c ((1) when the governing board thereof providee for mg
- even;;ion`of manipulzxtiou é>f_p;·1ces or theiccmeting bi my
yam .by` the dee1ers.0r: opemtqrscxgponc such b~oei·d.· . c(e) Whéil th_e g0veriii¤g.· .€hcreet_dQes net exclude e ~¤q1_ membership :1i¤,#·m;af¤11 pmrregeq km, ima » behid be ade; any gduly ;imt!£q;ized ~re}»re$ei1te‘tive `of ény lawfuhy mmcd and _€0j1d!1Ct€d- <:00D¤‘$ti¥€ 88%i¤£i0H·.0f D£Od¥}逷¥$ wingeadequete iii;hxici¤1l*1ie$;sénsibilityL which is engeged il; Lsp; gfaixj business]_ it. sh§· -&ss<>ciati0u has complied, em
to comply, witty s¤ch terms1_emc·Qc0mdit§0¤e as are or
ay be imposed lawfully xm Utlgcn of such beard: r·ovided;_Qfhai:‘ no mic of A cmxuaet; matket ferbklc m· S mustmeugro férbid the- -retu1*pf eif A paironegee basic by sch-·-eodperintive Yessociationk _ gc" its bona me members or oneys collected in excess of t21e·_expense__ et ce§minc¤i1g·the~ xsinees of such ass0ci_;1tion._ . -· · _ L c " _(f) ;Wheu' the governing board pwvjides fof mhkiiig effecveT_the_ti1;a1' orders or decisions Len§ered .p£xrsn£anf to the pm! sions of section 9_ of this &¤pteiu (Sept. 21,;. c. 360, 5,42\StatQ‘1000.)‘ ;’·*` _. ’<_ c ° ’ - 8.}Applicntimi for dcsignatiqa me centract naiket ’?; sus- éxgsiem qrievocaticn of of comnis·~ nn; ieview by gcircuii ccurt Q of •§pe·sk.-··-Ahy hmm ei. trade !Si1'i§ig` to be eegsgngtee a "c¤ntrac; markéff a shall make >plica¢i0n t<$‘the`Sec:etnry df fer such éésignw cm and gccoixxpanylhe same with nqshcwim that tp complies nh the 'above coinditi<ms, ”end with s m&eient‘ assurance that -wm~ ¢¤ee¤¤mmm@mE¤¢s.~ · · A ccmzinixion composed of Secrethiy of Agriculture, the zcretary bt- Cqmmei·ee,.and the Attorney isn usthorizede { suspend for a· per{ud_ het to excmd mouths er to `i·emkc; ie désiguaiion of any bmrd of trade as g “e0¤uact market" >0n_ zréhowing that sech bmtd et trade has tsileder is failg t0— cemplfy wiih.·a.;1y ex the above reqnirememm er is not nforcing life jrules of government made s mditiqnqcf its deskntion as pet birth in section`? of &s.pter.· ‘S¤eh_s¤spe;x· qu or_ ieiocsuen shall only, be after • nevce to the euicers the beard ot t.tade‘ht£e¢t&` npc! upon a hearing: " éed, nat such _¤t:spe1;sioh er revocation shell be Emil and cout usive unless within hfteeé days die; meh suspension or vockticn by tbemid commixicm such otitrmle appeals the cixcuit compo! gppeals for the circgit ig; which it has s principal place ‘¤£‘¤¤mess by (ming with the deck of ewzhe urt a .writbep pctiticm praying that the erder et memid c¤·m·· lmion be see aside or megmed in the `marme; stated in the
- titiou," together with a bond in such sum as the mart may
gtermine, conditioned that such board et trade wi1l_ psy the sts of the proceedings if the éeurt so directs. The clerk the court in which such a petition is Bled shall immetlliately use a copy thereof to be delivered tethe mretary of Ami- Iturey chairman of said eommissiog, cg; any `member th€}`(3O{, gd the said commission sha!] forthwith prepare, certify, and e in` the ceurtia full and accurate transcript of the mmm! suc:h`pr0ceedings,· including the notice to the board of tmelc, copy of the charges, the evidence, and" the report end order; ae testimony and evidence taken er submitted before the said mniissicn duly ccrtmed and Bled es ·efqre»said as a part of e reeérd shall be considered by the court es the evidence in e Cast?. The proceedingsyin such cznség in the circuit C0\1F€ himeale shall be made ea preferred, cause and shall be ex-
