Page:United States Statutes at Large Volume 48 Part 1.djvu/60

 34 Undisposed cotton. Simil ar co ntrac ts an d restrictions to be pro- vided. Provisions for selling, by Secretary. Post, p. 210. Provisos. Total disposition by March 1, 1936' Additional optio n contracts. Commodity benefits. General powers. S ecret ary o f Agr icul- ture. To reduce p rodue- tion of basic agricul- t ural c ommodi ties. Post, p. 676. Rental or benefit payments. S torag e of nonpe rish- able commodities on the farm, etc. Protection, market- ing, etc. Advances, deduction for inspection costs, etc. To enter into mar- keting agreements with respect to any agricul- tural commodity, etc. Not to be held as vio- lating antitrust laws. Proviso. Duration of agree- ment. Loans to parties en- tering agreement ; limi- tation. Vol.47,p. 6. 73d CONGRESS. SESS. I. CH. 25. MAY 12, 1933 . cotton production shall contain a further provision that such cotton producer shall not use the land taken out of cotton production for the production for sale, directly or indirectly, of any other nationally produced agric ultural commo dity or produ ct. (d) If any cotton held by the Secretary of Agriculture is not disposed of under subsection (c), the Se cretar y is au thorize d to e nter into similar option contracts with respect to such cotton, conditioned upon a like reduction of production in 1934, and permitting the producer in each case to exercise his option at any time up to January 1, 1935. SEC. 7. The Secretary shall sell the cotton held by him at his discretion, but subject to the foregoing provisions : Provided, That he shall dispose of all cotton held by him by March 1, 1936 : Provided further, That the Secretary shall have authority to enter into additional option contracts for so much of such cotton as is not necessary to comply with the provisions of section 6, in combination with benefit payments as provided for in part 2 of this title. PART 2 -COMMODITY BENEFIT S GEN ERA L POWERS SEC. 8. In order to effecuate 1 the declared policy, the Secretary of Agriculture shall have power- (1) To provide for reduction in the acreage or reduction in the production for market, or both, of any basic agricultural commodity, through agreements with producers or by other voluntary methods, and to provide for rental or benefit payments in connection therewith or upon that part of the production of any basic agricultural com- modity required for domestic consumption, in such amounts as the Secretary deems fair and reasonable, to be paid out of any moneys available for such payments. Under regulations of the Secretary of Agriculture requiring adequate facilities for the storage of any non-perishable agricultural commodity on the farm, ins pection and measurement of any such commodity so stored, and the locking and sealing thereof, and such other regulations as may be prescribed by the Secretary of Agriculture for the protection of such commodity and for the marketing thereof, a reasonable percentage of any benefit payment may be advanced on any such commodity so stored. In any such case, such deduction may be made from the amount of the benefit payment as the Secretary of Agriculture determines will reasonably com pensate for t he cost of in spection and s ealing, but no deduction may be made for interest. (2) To enter into marketing agreements with processors, asso- ciations of producers, and others engaged in the handling, in the current of interstate or foreign commerce of any agricultural com- modity or product thereof, after due notice and opportunity for hearing to interested parties. The making of any such agreement shall not be held to be in violation of any of the antitrust laws of the United States, and any such agreement shall be deemed to be lawful : Provided, That n o such agree ment shall remain in fo rce after the termination of this Act. For the purpose of carrying out any such agreement the parties thereto shall be eligible for loans from the Reconstruction Finance Corporation under section 5 of the Reconstruction Finance Corporation Act. Such loans shall not be in excess of such amounts as may be authorized by the agreements. 1So in original.