30 U.S.C. § 192a : US Code - Section 192A: Cancellation or modification of contracts

Search 30 U.S.C. § 192a : US Code - Section 192A: Cancellation or modification of contracts

Where, under any existing contract entered into pursuant to the
first proviso in the second paragraph of section 192 of this title,
any refinery is required to pay a premium price for the purchase of
Government royalty oil, such refinery may, at its option, by
written notice to the Secretary of the Interior, elect either -
(1) to terminate such contract, the termination to take place
at the end of the calendar month following the month in which
such notice is given; or
(2) to retain such contract with the modifications, that (a)
the price, on and after March 1, 1949, shall be as defined in the
contract, without premium payments, (b) any credit thereby
resulting from past premium payments shall be added to the
refinery's account, and (c) the Secretary may, at his option,
elect to terminate the contract as so modified, such termination
to take place at the end of the third calendar month following
the month in which written notice thereof is given by the
Secretary.