1498
74TH C ONGRESS . SESS. II. CH. 545 . JUNE 15, 1936 . written notice of the date of delivery at least one business day Extension, to pr e- prior to such date of de livery . Whenever, after due notice and vent, etc ., unfair prac- tices .
oppor tunity for hearin g, the Secre tary of Agr icultu re fi nds th at the giving of longer notice of delivery is necessary to prevento r diminish unfair practices in trading in any one or more com- modities or markets, he shall by order require such longer notice of delivery (which shall be not more than ten business days) appl ica ble to such commodities and markets as he finds will Proviso . eo ntra cts .
prevent or diminish such unfair practices : Provided, however, That such order shall not apply to then existing contracts Qrades to conform to
•( 6) require that all contracts of sale of any commodity for United States stand- ards. future delivery on such contract market shall provide for the delivery thereunder of commodities of grades conforming to United States standards, if such standards shall have been offi- ciall, T promulgated ; and United states ware-
u l r) require that receipts issued under the United States Ware- house Act . U.S.C.,p.131.
ho use Act (U. S. C., 1934 ed ., title 7, sets . 241-273) shall be Ac cep tan ce of re cei pts und er, in satis- - accepted in satisfaction of any futures contract, made on or sub- fac tion of futur es con- ject to the rules of such contract market, without discrimination trac ts'
and notwithstanding that the warehouseman issuing such receipts is not also licensed as a wareho useman under the laws of any State or enjoys other or different privileges than under State law Kinds0 'quality, and Provided, however, That such receipts shall be for the kind, quantity. quality, and quantity of commodity specified in such contract and that the warehouse in which the commodity is stored meets su ch reasonable requirements as may be imposed by such contract market on other warehouses as to location, accessibility, and suit- abili ty for ware housin g and delive ry pu rposes . Board of trade .
" SEC. 5b . The failure or refusal of any board of tra de to comply "Contract m arket"
y designation,suspension with any of the provisions of this Act, or any of the rules and ti re°°ration f°` °cola- tion . regulations of the Secretary of Agriculture thereunder, shall be cause for suspending for a priod not to exceed six months or revok- ing the designation of such board of trade as a `contract market' in accordance with the procedure and subject to the judicial review provided in paragraph (a) of section 6 of this Act ." Vol.42,p.1002;U.S.
SEC . 8. Section 6 of the Gr ain Futures Act (U.S. C., 1934 ed ., C., p. 110.
title 7, sees. 8, 9, 10, and 15) is amended by- Complaints . agai nst
(a) striking out the first sentence of paragraph (b) and inserting person violating pro- visions of Act, etc . in lieu thereof the following : "If the Secretary of Agriculture has reason to believe that any person (other than a contract market) is violating or has violated any of the provisions of this Act, or any of the rules and regulations made pursuant to its requirements, or has manipulate d or is attempting to manipula te the market price of any commodity, in interstate commerce, or for future delivery on or subject to the ru les of any board of trade, he may serve upon such person a complaint stating his charges in that respect, Not ice of hearing. to which complaint shall be attached or contained therein a notice of hearing, specifying a day and place not less than three days after the service thereof, requiring such person to show cause why an order should not be made directing that all contract markets until further notice of the Secretary of Agriculture refuse all trading privileges to such person, and to show cause why the registration of s uch p erson, if re gister ed as futur es com missi on mer chant or as floor broker hereunder, should not be suspended or revoked ." ; Sec reta ry of Agri-
(b) striking out the words "said commissi on" after the words culture or referee to conduct hearings.
"bef ore t he" in the s econd sente nce of parag raph (b) an d inse rting in lieu thereof "Secretary of Agriculture" ; Textual mod ifica- (c) striking out the word "who" in the second sentence of para- tions.
graph (b) and inserting in lieu thereof "which referee" ;
