Page:United States Statutes at Large Volume 100 Part 1.djvu/134

 100 STAT. 98

PUBLIC LAW 99-272—APR. 7, 1986 (I) on the date of enactment of this subtitle; and (II) annually thereafter over the course of the respective buyout periods specified in this subsection. (ii) Such percentage shall be determined by dividing— (I) the average net cigarettes manufactured by a manufacturer for use for the 12-month period immediately preceding the appropriate determination date (the date of enactment of this subtitle and annually thereafter over the course of the respective buy-out periods specified in this subsection); by (II) the aggregate average net cigarettes manufactured by all domestic cigarette manufecturers for use for such 12-month period. (D)(i) The quantity of tobacco to be purchased by each participating manufacturer shall be determined annually, (ii) Such quantity shall be based on— (I) the percentage of net cigarettes of a manufacturer manufactured for use, as determined under subparagraph (C); multiplied by (II) the appropriate annual quantity to be withdrawn from the inventories of the associations or the Commodity Credit Corporation. (iii) The appropriate annual quantity to be withdrawn from inventories shall be— (I) 12y2 percent of the inventories of Flue-cured tobacco from the 1976 through 1984 crops on hand on the date of enactment of this subtitle; (II) 20 percent of the inventories of Burley tobacco from the 1982 and 1984 crops on hand on the date of enactment of this subtitle; and (III) 20 percent of the inventories of Burley tobacco from the 1983 crop held by the Commodity Credit Corporation on the date that is 2 years after the call of the loans on such tobacco by the Corporation. (E) Any purchases by a manufacturer from the inventories of the associations or from the Commodity Credit Corporation for a crop covered by this section in any year of the buy-out period that exceed the quantity of the purchases of the manufacturer required under the agreement, as determined under this section, shall be applied against future purchases required of such manufacturer. (3) In carrying out this section, manufacturers may confer with one another and, separately or collectively, with associations, the Secretary of Agriculture, and the Commodity Credit Corporation, as may be necessary or appropriate to carry out this section and the purposes of this subtitle. (d) APPROVAL OF AGREEMENTS.—(1)(A) Each agreement entered into under this section shall be submitted to the Secretary of Agriculture for review and approval. (B) In the case of an agreement to purchase tobacco from the inventory of a producer association, the agreement shall be submitted by the association. (C) No agreement may become effective until approved by the Secretary. (2) The Secretary of Agriculture shall not approve any agreement suljmitted under this section unless the Secretary has determined that— (A) the agreement—

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