Subpart-Regulations Governing Redemption of Cotton Payment-inKind Certificates Earned Under Food and Agriculture Act of 1965 and Liquidation of Certificate Pools AUTHORITY: The provisions of this subpart issued under secs. 4 and 5, 62 Stat. 1070, as amended, sec. 402; 15 U.S.C. 714 b and c. SOURCE: The provisions of this subpart appear at 31 F.R. 3284, Mar. 2, 1966, unless otherwise noted. § 1427.2250 General statement. The regulations in this subpart provide the methods by which Commodity Credit Corporation (referred to in this subpart as "CCC") will (a) redeem payment-in-kind certificates (referred to in this subpart as "certificates") earned under section 402 of the Food and Agriculture Act of 1965 for cotton from its stocks and (b) market, from time to time, the rights represented by all such certificates for which the payees or subsequent holders have requested CCC's assistance in marketing and which have been pooled by CCC. CCC will issue, from time to time, a catalog of the cotton which may be acquired under this subpart. Cotton will be available under the terms and conditions contained in this subpart and in Announcement NO-C-31 as such other announcements as may be issued by CCC which provide for the acceptance of certificates or the marketing of rights. Copies of such announcements and other information desired will be furnished upon a written request to the New Orleans ASCS Commodity Office, 120 Marais Street, New Orleans, La., 70112 (referred to in this subpart as the "New Orleans office"). § 1427.2251 Redemption of certificates. Certificates will be redeemable in upland cotton (referred to in this subpart as "cotton") by submitting applications (referred to in this subpart as "offers") to the New Orleans office in accordance with the applicable announcement. Offers may be submitted by the payees or subsequent holders of the certificates. § 1427.2252 Marketing of pooled cer tificates. The rights represented by certificates which have been pooled by CCC in assisting the payees or subsequent holders in the marketing of such certificates will be marketed from time to time as an nounced by CCC or as provided in § 1427.2255 for immediate use by the purchaser to obtain delivery of cotton from CCC in liquidation of such rights. Such rights may be acquired by submission of offers to the New Orleans office in accordance with the applicable announcement. § 1427.2253 Acceptance of offers. Offers will be accepted at the highest price offered for the cotton but in no event less than the minimum acceptable price determined by CCC. § 1427.2254 Delivery of Cotton. If an offer is accepted in whole or in part by the New Orleans office in accordance with the applicable announcement, it will make delivery of the cotton as to which it has accepted the offer by delivery of the warehouse receipts representing such cotton to the offeror (hereinafter referred to as "the purchaser") in accordance with the applicable announcement. § 1427.2255 Invoicing and settlement. Cotton delivered under this subpart shall be provisionally invoiced and its settlement value determined as prescribed in the applicable announcement. (a) If the provisional invoice value of the cotton delivered by CCC in redemption of certificates exceeds the face value of the certificates to be surrendered, certificate rights sufficient to cover such excess value shall be acquired by the purchaser from the certificate pool. Payment shall be made as provided in the applicable announcement for the certificate rights so acquired upon presentation of the invoice. (b) If the provisional invoice value of the cotton delivered by CCC in redemption of certificates is smaller than the value of the certificates, CCC will issue a balance certificate for the unused amount. If the amount is $3 or less, no balance certificate will be issued unless requested. The date of the balance certificate shall be the date of issuance of the original certificate. Balance certificates may be tendered to CCC for redemption in cotton in the same manner as the original certificates. Balance certificates may be surrendered to CCC for marketing. (c) If the value of the certificates surrendered is less than their face value, certificate rights sufficient to cover such difference in value shall be acquired by the purchaser from the certificate pool and payment shall be made, as provided in the applicable announcement, by the purchaser to CCC for such certificate rights unless such difference has been accounted for in a balance certificate issued to the purchaser. (d) If on final settlement the value of the cotton delivered by CCC in redemption of certificates or in liquidation of rights (less any cotton rejected) is redetermined as being in excess of the provisional invoice value of the cotton delivered by CCC, certificate rights sufficient to cover such excess value shall be acquired by the purchaser from the certificate pool. Payment shall be made in cash for the certificate rights so acquired. If the value of the cotton delivered by CCC (less any cotton rejected) is redetermined as being less than the provisional invoice value of the cotton delivered by CCC, such difference will be paid in cash to the person to whom the cotton was delivered and the pool shall be credited with an equal amount. PART 1430-DAIRY PRODUCTS Subpart-Milk and Butterfat Price Support Program § 1430.282 Price support program for milk and butterfat. (a) (1) The general levels of prices to producers for milk and butterfat will be supported from April 1, 1970, through March 31, 1971, at $4.66 per hundredweight for manufacturing milk and 71.5 cents per pound for butterfat. (2) Price support for milk and butterfat will be through purchases by CCC of butter, nonfat dry milk, and cheddar cheese, offered subject to the terms and conditions of purchase announcements issued by the Agricultural Stabilization and Conservation Service, U.S. Department of Agriculture. (3) Commodity Credit Corporation may, by special announcements, offer to purchase other dairy products to support the price of milk and butterfat. (4) Purchase announcements setting forth terms and conditions of purchase may be obtained upon request from: U.S. Department of Agriculture, Agricultural Stabilization and Conservation Service, Livestock and Dairy Division, Washington, D.C. 20250. or 1 For cheese which is offered on a "dry" basis (less than 37.8 percent moisture) the price per pound shall be as indicated in Form ASCS-150. Copies are available in offices listed in (a) (4). 2 If upon inspection the bags do not fully comply with specifications for sealed closures, the price paid will be subject to a discount of 0.25 (4) cent per pound of nonfat dry milk. (2) Offers to sell butter at any location not specifically provided for in this section will be considered at the price set forth in this section for the designated market (New York, San Francisco, or Seattle) named by the Seller, less 80 percent of the lowest published domestic railroad carlot freight rate per pound, applicable to carlots of 60,000 pounds, gross weight, in effect when the offer is accepted from such location to such designated market. In the area consisting of Pennsylvania, New Jersey, New York, Connecticut, Rhode Island, Massachusetts, Vermont, New Hampshire, and Maine, CCC will purchase only butter produced in that area; butter produced in other areas is ineligible for offering to CCC in these States. (c) The butter shall be U.S. Grade B or higher. The nonfat dry milk shall be U.S. Extra Grade, except moisture content shall not exceed 3.5 percent. The cheddar cheese shall be U.S. Grade A or higher. (d) The products shall be manufactured in the United States from milk produced in the United States, and shall be located in the United States and shall not have been previously owned by CCC. Purchases will be made in carlot weights specified in the announcements. Grades and weights shall be evidenced by inspection certificates issued by the U.S. Department of Agriculture. (Sec. 4(d), 62 Stat. 1070, as amended; 15 U.S.C. 714b(d)) [35 F.R. 6063, Apr. 14, 1970] Exceptions. 1434.54 1434.55 1434.56 Exemption from requirements. Subpart-Honey Price Support Regulations for 1970 and Subsequent Crops Approval of warehouses; requests for reconsideration. AUTHORITY: The provisions of this subpart issued under sec. 4, 62 Stat. 1070, as amended; 15 U.S.C. 714b. Interpret or apply sec. 5, 62 Stat. 1072, secs. 201, 401, 63 Stat. 1052, 1054; 15 U.S.C. 714c; 7 U.S.C. 1446, 1421. SOURCE: The provisions of this subpart appear at 35 F.R. 11773, July 23, 1970; 35 F.R. 13077, Aug. 18, 1970, unless otherwise noted. § 1434.1 General statement. This subpart contains the regulations which set forth the requirements with respect to price support for the 1970 and each subsequent crop of extracted honey for which a price support program is authorized. Price support will be made available through loans on and purchases of eligible honey. Farm storage loans will be evidenced by notes and secured by chattel mortgages. Warehouse storage loans will be evidenced by notes and security agreements and secured by the pledge of warehouse receipts representing eligible honey in approved warehouse storage. The producer may also sell to CCC any or all of his eligible honey which is not security for a price support loan by delivering the honey to CCC. As used in this subpart "CCC” means the Commodity Credit Corporation and "ASCS" means the Agricultural Stabilization and Conservation Service of the U.S. Department of Agriculture. dent, CCC. In the field, this subpart will be administered by the various Agricultural Stabilization and Conservation State and County Committees (hereinafter severally called State Committee and county committee), ASCS Commodity Office and the ASCS Data Processing Center. (b) Documents. Any member of the county committee, the county executive director, or other employee of the ASCS county office designated by the county executive director to act in his behalf is authorized to approve documents in accordance with the provisions of this program except where otherwise specified in this subpart. Any such designation shall be in writing and a copy thereof shall be on file in the county office. (c) Limitation of authority. The authority conferred by this subpart to administer the honey price support program does not include authority to modify or waive any of the provisions of this subpart. (d) State committee. The State committee may take any action which is authorized or required by this subpart to be taken by the county committee but which has not been taken by such committee. The State committee may also (1) correct or require a county committee to correct any action which was taken by such county committee but which is not in accordance with this subpart or (2) require a county committee to withhold taking any action which is not in accordance with this subpart. (e) Executive Vice President, CCC. No delegation of authority herein shall preclude the Executive Vice President, CCC, or his designee, from determining any question arising under this subpart or from reversing or modifying any determination made pursuant to a delegation of authority in this subpart. § 1434.3 Eligible producers. (a) Producer. An eligible producer shall be a person (i.e., an individual, partnership, association, corporation, estate, trust, or other legal entity) who extracts honey produced by bees owned by him. (b) Estates and trusts. A receiver of of an insolvent debtor's estate, an executor or an administrator of a deceased person's estate, a guardian of an estate of a ward or an incompetent person, and trustee of a trust estate will be considered to represent the insolvent debtor, the deceased person, the ward or incompetent, and the beneficiary of a trust respectively, and the production of the receiver, executor, administrator, guardian, or trustee shall be considered to be the production of the person he represents. Loan or purchase documents executed by such legal representative will be accepted by CCC only if they are legally valid and such person has the authority to sign the applicable documents. (c) Minors. A minor who is otherwise an eligible producer shall be eligible for price support only if he meets one of the following requirements: (1) The right of majority has been conferred on him by court proceedings or statute; (2) a guardian has been appointed to manage his property and the applicable price support documents are signed by the guardian; (3) any note signed by the minor is cosigned by a financially responsible person; or (4) a bond is furnished under which a surety guarantees to protect CCC from any loss incurred for which the minor would be liable had he been an adult. (d) Approved cooperative. A cooperative marketing association which is approved by the Executive Vice President, CCC, pursuant to Part 1425 of this chapter, to obtain price support on a crop of extracted honey, may obtain price support on the eligible production of such crop of the honey on behalf of its members. The term "producer" as used in this subpart and on applicable price support forms shall refer both to an eligible producer as defined in paragraphs (a), (b), and (c) of this section and to such an approved cooperative marketing association. (e) Approval by county committee. If a producer has been convicted of a criminal act or has made a misrepresentation in connection with any price support program or has unlawfully disposed of any loan collateral or if the county committee has had difficulty in settling a loan with the producer because of his failure to protect properly the mortgaged honey or for other reasons, the producer may be denied price support until the county committee is satisfied that CCC will be fully protected against any possible loss other than loss assumed by CCC under the regulations in this subpart. (f) Joint loans. Two or more eligible producers may obtain a joint loan on eligible honey produced and extracted |