12 U.S.C. § 1141j : US Code - Section 1141J: Miscellaneous provisions

Search 12 U.S.C. § 1141j : US Code - Section 1141J: Miscellaneous provisions

(a) "Cooperative association" defined
As used in this chapter, the term "cooperative association" means
any association in which farmers act together in processing,
preparing for market, handling, and/or marketing the farm products
of persons so engaged, and also means any association in which
farmers act together in purchasing, testing, grading, processing,
distributing, and/or furnishing farm supplies and/or farm business
services: Provided, however, That such associations are operated
for the mutual benefit of the members thereof as such producers or
purchasers and conform to one or both of the following
requirements:
First. That no member of the association is allowed more than one
vote because of the amount of stock or membership capital he may
own therein; and
Second. That the association does not pay dividends on stock or
membership capital in excess of 8 per centum per annum.
And in any case to the following:
Third. That the association shall not deal in farm products, farm
supplies, and farm business services with or for nonmembers in an
amount greater in value than the total amount of such business
transacted by it with or for members. All business transacted by
any cooperative association for or on behalf of the United States
or any agency or instrumentality thereof shall be disregarded in
determining the volume of member and nonmember business transacted
by such association.
(b) Speculation prohibited
It shall be unlawful for the governor, or any officer or employee
of the Farm Credit Administration to speculate directly or
indirectly, in any agricultural commodity or product thereof, or in
contracts relating thereto, or in the stock or membership interests
of any association or corporation engaged in handling, processing,
or disposing of any such commodity or product. Any person violating
this subdivision shall upon conviction thereof be fined not more
than $10,000, or imprisoned not more than ten years, or both.
(c) Confidential information; disclosure prohibited
It shall be unlawful (1) for any cooperative association,
stabilization corporation, clearing-house association, or commodity
committee, or (2) for any director, officer, employee, or member or
person acting on behalf of any such association, corporation, or
committee, to which or to whom information has been imparted in
confidence by the administration, to disclose such information in
violation of any regulation of the administration. Any such
association, corporation, or committee, or director, officer,
employee, or member thereof, violating this subdivision, shall be
fined not more than $5,000, or imprisoned not more than five years,
or both.
(d) Governmental publications; predictions as to cotton prices
prohibited
The inclusion in any governmental report, bulletin, or other such
publication hereafter issued or published of any prediction with
respect to cotton prices is prohibited. Any officer or employee of
the United States who authorizes or is responsible for the
inclusion in any such report, bulletin, or other publication of any
such prediction, or who knowingly causes the issuance or
publication of any such report, bulletin, or other publication
containing any such prediction, shall, upon conviction thereof, be
fined not less than $500 or more than $5,000, or imprisoned for not
more than five years, or both: Provided, That this subdivision
shall not apply to the Governor of the Farm Credit Administration
when engaged in the performance of his duties herein provided.
(e) Separability clause
If any provision of this chapter is declared unconstitutional, or
the applicability thereof to any person, circumstance, commodity,
or class of transactions with respect to any commodity is held
invalid, the validity of the remainder of the chapter and the
applicability of such provision to other persons, circumstances,
commodities, and classes of transactions shall not be affected
thereby.
(f) Citation of chapter
This chapter may be cited as the "Agricultural Marketing Act."
(g) "Agricultural commodity" defined
As used in this chapter, the term "agricultural commodity"
includes, in addition to other agricultural commodities, crude gum
(oleoresin) from a living tree, and the following products as
processed by the original producer of the crude gum (oleoresin)
from which derived: Gum spirits of turpentine and gum rosin, as
defined in section 92 of title 7.