Page:United States Statutes at Large Volume 38 Part 1.djvu/713

This page needs to be proofread.


694 SIXTY-THIRD CONGRESS. Sess. II. C11. 255. 1914. ¤¤z¤f<>rm1¤s ww! First. Conform to the requirements of section four of, and the Mmmm rules and regulations made pursuant to, this Act. mspaaying mum. Second. Specify the basis grade for the cotton involved in the md d§‘,g§°§g ,,¥,{{‘§,?’g contract, which shall be one of the grades for which standards are ¤¤<1 wr d¤1¤v·>rv· established b the Secretary of Agriculture except grades prohibited from be` delivered on a contract made under this section b the fifth subdivislibi of this section, the rice per pound at which the cotton of such basis grade is contractedp to be bought or sold, the date when the purchase or sale was made, and the month or months in which "'°”“°· the contract is to be fulfilled or settled: Provided, That middling ,,’§§,’g’,§*“§ $,2232 21,*} shall be deemed the basis ade incorporated into the contract if no ¤¤<¤>¤¤¤<1- other basis de be specifigerd either in the contract or in the memorandum eviggicing the same. ,§{"g§’,§§§_°”°'“““°` Third. Provide that the cotton dealt with therein or delivered thereunder shall be of or within the grades for which standards_are established by the Secretary of Agriculture except grades prohibited from bebiglg dehvexéeilh on a pontracg madphimder gzhis secttpn by the fifthsu visiono issecionan noo er eor aes. ¤¤€eui$.i°;:Q°5$1t$Z Foiuth. Provide that in case cotton of graxiiither gm the basis “`“°*°**‘°'· ade be tendered or delivered in settlement of such contract, the differences above or below the contract price which the receiver shall pay for suchiérades other than the basis grade shall be the actual lm t (hum m_ commercial erences, determined as hereinafter provided. mmm gems. P Fifth. Provide that cotton that, because of the resence of extra- ”°"“‘ °‘°‘°‘“’*"‘· neom matter of any character or irregularities or dbfects, is reduced in value below that of Ordinary, or cotton that is below the grade of Good Ordinary or,_1f tinged, cotton that is below the grade of Low Middling, or, if stained cotton that is below the grade of Mldd]l.%, the grades mentioned of the official cotton standards of the nited tates, or cotton that is less than seven-e' hths of an inch in length of staple, or cotton of perished staple or di immature staple, or cotton that is " cut" or reginned, or cotton that is "re acked" or"false acked¢%1br"mixed packed" or"water packed," hu t M to not be deliveredp on under, or in settlement of such contract. be ¤¤a¤`i°Qiil" ’ Sixth. Provide that all tenders of cotton under such contract shall be the full number of bales mvolved therein, except that such variations of the number of bales may be permitted as is necessary to Nom Mmdn bring the total weight of the cotton tendered within the provisions of the contract as to weight; that, on the fifth business day prior to delivery, the person mak1ng_the tender shall give to the person re- Cmmmo 0, mm ceiving the same written notice of the date of delivery, and that, on my. or prior to the date so fixed for delivery and in advance of final settlement of the contract, the person mahing the tender_ shall furnish to the person receiving the same a written notice or certificate statin the glide of each in ividual bale to be delivered and, by means o§ submission 0, dw mar or numbers, identifying each_bale with its grade. with mq asrgpmg} Seyenth. Provide that, in case a dispute between the person A,,,,,,,§,,;§f'° Y making the tender and the person receiving the same, as to the quality, or the grade, or the length of staple, of any cotton tendered under the contract, either party may refer the question to the Secretapy oiiiAgr:1c¤gt;re for getenéunlation, anithatf siglh dispute shall be re erre an e rmine , an the costs thereo , ed, assessed, collecsed aridtpaid, in suc}; manuerbapidbin accordance with such rules an regu a ions asma e rescribe theSecre of vriculture. m$:g?t°°°° °f °°°` _ The provisions of the third, fourth, yfifth sixthfaarisid sghnth subdivisions of this section shall be deemed fully incorporated into any such contract if there be written or printed thereon, or on the memorandum evidencing the same, at or_pr1or to the time the same is sigizpd, fphephrase, "Sub]ect to United States cotton futures Act, sec on ve.