480 SIXTY—FOUBTH. CONGRESS. Sess. .I. Ch. 313. 1916. Ymming **' °*“'· "Third. P `d that cotton of or within the de or of the type
¢¤°l°u°° M or aecordix‘;Erl,)ovltli)e- sample or descngpltion, specglirgd in the contract
shall be d `vered thereunder, and at no cotton which does not conform to the type, sample, or descriptioni) or which is not_ of or withm the grade specified m the contractshall e tendered or delivered th reund . · · ~ » - ,,£,',,‘},‘{'“" mm ?‘Fo‘\`l1':§. Provide that the delivery of cotton under the contract . shallsnot be effected by means of ‘set··oE·’ or ‘ring’ settlement, but only by the actual transfer of thespecified cotton mentioned m the Aeesptanesoiwu-c°${tr8cb'k .. l` It . ··· · aasmxmpim. · The visions of the first third, and fourth subdivisions of this sam z . there . ereon · e on mem mma ,$t°e3d§S“§'€§£`.i1li“°°'“°§‘t‘$ lim 32Z..¥§°ht°3“‘“°°£ randuzmevidencing the same, at to thetime thesame isentered into, the words ‘Subject to Uni States cotton futures Act, section ten} . - ·· V - ¤»s°}:g.'.i.°P°° °°“°° "Tnis Act shall not be construed to impose a tax on any sale of spot cotton. N°*‘¥’¤’“°°‘°'°‘°°" "This section shall not be construed to ap ly to any contract of dang; i»“li?mm` sale made in compliance with section live of tlilis Act. ,§,'{m""" °‘ F“ "’ “Sec. I1. That the taiimposed by section three of this Act shall ‘ be paid by the seller of the cotton involved in the contract of sale, by means of stamps which shall be affixed to such contracts, or to the memoranda evidencing the same, and canceled in com hance with
d regulations which shall be prescribed by the lSecretary of
t asury. . _ ug*u•”°¤i&° S5 "Sec. 12. That no contract of sale of cotton for future delivery °°'”P“•‘l'*“¤ mentioned in section three of this Act which does not conform to the re uirements of section four hereof and has not the necessary stamps aigxed_ thereto as reqpgred by section eleven hereof shall be enforceable in any court of t United States by, or on behalf of, any party mmm M to such contract or his privies. °“‘ "Sec. 13. That the Seoreta? of the Treasu.2 is authorized to make and promulgate such rules an regulations as e may deem necessary Im to collect the tax imposed by this Act and otherwise to enforce its m l’°°“°“°"°°°“"· provisions. Further to effect this purpose, he shall require all Sm mamma persons coming within its provisions to keep such records and statenquxmi. ments of accoimt, and mag require such ns to make such returns verified under oath or otherwise, as will full and correctly disclose 0 Mm all transactions mentioned in section three og this Act, including the p¤»i:"°' " making, execution, settlement, and fulfillment thereof ,; he may require all persons who act the capacity of a clearing house, clearing association, or similar mstitution for the purpose of clearing, sxettlingii or adjulsting trénsamgions mlfntioned in section three of this ct to ee suc recor an to ma h turns willful] d ts t be correctly disclose all facts in their poxioiiorelatingsto such
° °"' actions; and he may appoint agents to conduct the inspection necessary to collect said tax and otherwise to enforce this Act and all
mma] mmmn rules and regulations made by him in Tpursuance hereof, and may fix .p,y,,,b;,_ the compensation of such agents. e provisions of the internal- B&36,%!f;.3173-3175, revenue laws of the United States, so far as ap licable, includin We §g,pfy;g_ sections thirty-one hundred and seventy-three thirty-one hundred and_seventy-four, and thirty-one hundred and seventy-five of the Revised Statutes, as amended, are hereby extended, and made to mm., ..., ivpgt to this Act M,,.,,_ " sc. 14. _Tl1at any person liable to theldpayment of any tax imposed by this Act who fails to pay, or ev es or attempts to evade the payment of such tax, and an person who otherwise violates any proviiioiiuplii {;l;1sdAct, (prgisgliy range oliuisigulation made in pursuance _ereo , s come ty o a cme , d, ' tion thereof, shall be fined not less than $1 008ii1<(i1l uiidlre tlhId(i1n$;?)l1(lv(lg;
