Page:United States Statutes at Large Volume 38 Part 1.djvu/715

 696 SIXTY·THIRD CONGRESS. Sess. II. Ch. 255. 1914. contracts made pursuant to section five of this Act shall be determined in compliance with such rules and regulations. °E‘§L°,}‘,,§*,;“,§;’§’,{‘1{;,,d Sec. 9. That the Secretary of Agriculture is authorized, from time 1*¤¤¤¤\s¤¤¤¤ 0*- to time, to establish and prom ate standards of cotton by which its quality or value may be ju or determined, including its gade, length of staple, strength of staple, color, and such other qu `ties, properties, and conditions as max be standardized in practical form which, for the urposes of this ct, shall be known as the "Oflicial ,,,§,§;§‘§,§,§,;;,f,Y·*°' cotton standard; of the United States," and to adopt, change, or replace the standard for any grade of cotton establis  under the X§’,§j*§;_¥j§°· Act making appropriations for the Department of Agriculture for ' the fiscal year en ing June thirtieth, nineteen hundred and mne (Thirty-fifth Statutes at Large, palge two hundred and fiftiy-one) @"$·,,s,,,,,,d_ and Acts supplementary thereto: romkled, That any stan ard of any cotton established and promulgated under this Act ltmhe tary of Agriculture shall not be changed or replaced wi a period less than one ear from and after the date of the promulgation ,,,§§ §}‘,‘§}g§,,§”§"§‘§§ thereof by the   of Agriculture: Promkled further That, sub- ¤¤**=¤· sequent to six months after the date section three of this Act becomes effective, no change or replacement of any standard of any cotton established and romulgated under this Act by the Secretary of Agriculture shallp become effective until after one year’s public Omcm I ds notice thereof, which notice shall specify the date when the same is m;r;K{»um,¤w.,`u to become effective. The Secretary df Agriculture is authorized '°"‘“ °" and directed to prepare practical forms of the official cotton standards which shall be esta lished by him, and to furnish such practical forms from time to time, upon request, to any person, the cost thereof, as determined by the Secretary of Agriculture, to be paid by the erson nesting the same, and to certify such practical forms undgr the ggagl of the Department of Agriculture and under the signatiue of the said Secretaay, thereto affixed by himself or by some official or employee of e Department of Agriculture thereunto duly authorizexl by the said Secretary. ,,,§°§,*{§_§{’ “°* $*1** Sec. 10. That no tax shall be levied under this Act on any contract of sale mentioned in section three hereof, if the contract comply with Cmoming to mm each of the following conditions: _ tm. ’ A First. Conform to the rules and regulations made pursuant to this ct. q¤i1»Z`Qili2Ei°;?°°m°d "` Seconclgpccify the grade, type, sample, or description of the cotton involv in the contract, the price per pound at w ’ch such cotton is contracted to be bought or so d, the date of the purchase or sale, P,.,,,,_,,,,g ,0, dew and the time when shipment or delivetrg of such cotton is to be made. Mr vi { ¤<i¢w¤ em-  Provide that cotton of or wi in the grade or of the type or lm M "' according to the sample or description, specified in the contract shall be delivered thereun er, and that no cotton which does not conform to the type, sample or description, or which is not of or within the gralde, specified in the contract shall be tendered or delivered thereun er. ¤;§Y}§1l""‘ “°"°l Fourth. Provide that the delivery of cotton under the contract shall not be effected by means of "set-oil"' or "ring" settlement, but only by the actual transfer of the specified cotton mentioned in the contract. n$§§°§”“”°° °f °°°“ The provisions of the Hist, third, and fourth subdivisions of this section shall be deemed fully incorporated into any such contract if there be written or printed thereon, or on the document or memorandum evidencing the same, at or prior to the time the same is entered into, the words "Subject to United States cotton futures Act, section ten." ~ N° ‘°‘°“ ’P°”*“°'· This Act shall not be construed to impose a tax on any sale of spot cotton.