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(2) If more than 50 per centum of depositors voting in the referendum conducted pursuant to paragraph (1) vote to terminate such program, the program shall be terminated sixty days after the date of the referendum.
(3) The Corporation shall reimburse the Secretary from the Grain Storage Insurance Fund, established pursuant to section 8, for any expenses incurred by the Secretary in conducting the referendum, except for expenses relating to the salaries of employees of the Department.
(S. 596, 98th Cong., 1st sess.)
A BILL To provide surplus commodities to farmers who lost grain stored in certain
insolvent warehouses. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the “Grain Storage Compensation Act of 1983”.
Sec. 2. As used in this Act, unless the context clearly requires otherwise
(1) the term “depositor” means the owner or holder of a scale ticket, a warehouse receipt, or other original source document issued by a public grain warehouse for grain who resides in a State and who is entitled to possession or payment for the grain represented by such ticket, receipt, or other document;
(2) the term "grain” means barley, corn, cotton, dry edible beans, flaxseed, grain sorghum, oats, rice, rye, soybeans, sunflower seeds, wheat, and any other commodity which is commonly classified as a grain and traded at, or stored in, a warehouse;
(3) the term "insolvent” has the same meaning given to such term under section 101(26) of title 11, United States Code;
(4) the term "Secretary” means the Secretary of Agriculture;
(5) the term "State” means a State, the District of Columbia, the Commonwealth of Puerto Rico, Guam, American Samoa, the Virgin Islands, the Northern Mariana Islands, and the Trust Territory of the Pacific;
(6) the term "surplus commodities” means agricultural commodities owned and held by the Commodity Credit Corporation that are not obligated for any other purpose under any other provision of law; and
(7) the term “warehouse” has the same meaning given to such term under section 2 of the United States Warehouse Act (7 U.S.C. 242).
COMPENSATION FOR INSOLVENCY OF LICENSED WAREHOUSES Sec. 3. In any case in which a depositor has sustained a loss of grain, the loss of such grain was the direct result of the insolvency of a public grain warehouse in which the grain was stored, and the insolvency of such warehouse occurred at any time during the period beginning on December 1, 1979, and ending on the date of the enactment of this Act, the Secretary shall transfer to such depositor, in accordance with this Act, surplus commodities, or title to such commodities, in an amount, type, and quality the Secretary determines sufficient to compensate such depositor for such loss.
NOTICE OF COMPENSATION
Sec. 4. (a) Within sixty days of the date of enactment of this Act, the Secretary shall publish
(1) in the Federal Register a notice containing a list of the public grain warehouses throughout the United States which became insolvent during the period described in section 3; and
(2) in a newspaper of general circulation in the area of each public grain warehouse which became insolvent during the period described in section 3 a
notice containing the name of such warehouse. (b) The Secretary shall include in each notice described in subsection (a) a summary of the compensation program provided for in this Act, including a summary of the eligibility requirements described in section 5(a).