Page:United States Statutes at Large Volume 104 Part 5.djvu/102

 104 STAT. 3424 PUBLIC LAW 101-624—NOV. 28, 1990 Regulations. such terms and conditions as the Secretary determines will make upland cotton produced in the United States available at competitive prices, consistent with the purposes of this subparagraph. "(iii) VALUE.— The value of each certificate issued under clause (ii) shall be based on the difference between— "(I) the loan repa3anent rate for upland cotton; and "(II) the prevailing world market price of upland cotton (adjusted to United States quality and location), as determined by the Secretary. " (iv) REDEMPTION, MARKETING, OR EXCHANGE. —The Commodity Credit Corporation, under regulations prescribed by the Secretary, may assist any person receiving marketing certificates under this subparagraph in the redemption of certificates for cash, or marketing or exchange of the certificates for agricultural commodities or products owned by the Commodity Credit Corporation, at such times, in such manner, and at such price levels as the Secretary determines will best effectuate the purposes of the program established under this subparagraph. Any price restrictions that may otherwise apply to the disposition of agricultural commodities by the Commodity Credit Corporation shall not apply to the redemption of certificates under this subparagraph. "(v) DESIGNATION OF COMMODITIES AND PRODUCTS; CHARGES. —Insofar as practicable, the Secretary shall permit owners of certificates to designate the commodities and the products thereof, including storage sites thereof, the owners would prefer to receive in exchange for certificates. If any certificate is not presented for redemption, marketing, or exchange within a reasonable number of days after the issuance of the certificate (as determined by the Secretary), reasonable costs of storage and other carrying charges, as determined by the Secretary, shall be deducted from the value of the certificate for the period beginning after the reasonable number of days and ending with the date of the presentation of the certificate to the Commodity Credit Corporation. "(vi) DISPLACEMENT. — The Secretary shall take such measures as may be necessary to prevent the marketing or exchange of agricultural commodities and products for certificates under this subsection from adversely affecting the income of producers of the commodities or products. "(vii) TRANSFERS.— Under regulations prescribed by the Secretary, certificates issued to cotton handlers under this subparagraph may be transferred to other handlers and persons approved by the Secretary. "(C) PREVAIUNG WORLD MARKET PRICE.— "(i) IN GENERAL. —The Secretary shall prescribe by regulation—

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