Page:United States Statutes at Large Volume 49 Part 1.djvu/1542

 74TH C ONGRESS. SESS. II. CH. 545. JUNE 15, 1936. having any in terest there in, and shall be op en at all tim es to inspec - tion by any representative of the United States Department of Agriculture or the United States Department of Justice ." SEc. 6. Section 5 of the Grain Futures Act (U . S. C., 1934 ed., title 7, sec. 7) is amended by- (a) striking out the word "purpose ." at the end of paragraph (a) and inserting in lieu thereof the following : "purpose : Provided, That any boa rd of trade no t so located sh all be designat ed as a `contract market' if such board of trade provides for the delivery of commodities on such contracts at a delivery point or points and upon terms and conditions approved by the Secretary of Agri- culture ." ; and (b) striking out the word "or" after the word "prices" in para- graph (d) and inserting in lieu thereof the word "and" . SE c . 7. The Gr ain Futures Act is amended by adding after s ection 5 (U. S. C., 1934 ed., title 7, see. 7) the following new sections : "SEc. 5a. Each contract market shall- "(1) promptly furnish the Secretary of Agriculture copies of all bylaws, rules, regulations, and resolutions made or issued by it or by the governing board thereof or any committee, and of all changes and proposed changes therein ; "(2) allow inspection at all times by any authorized represent- ative of the United States Department of Agriculture or United States Department of Justice of the books, records, and all minutes and journals of proceedings of such contract market, its governing board and all committees, and of all subsidiaries and affiliates of such contract market, which books, records, minutes, and journals of proceedings shall be kept for a period of three years from the date thereo f, or f or a l onger period if the Secre tary o f Agri cultur e shall so direct ; "(3) require the operators of warehouses in which or out of which any commodity is deliverable on any contract for future delivery made on or subject to the rules of such contract market, to make such re ports, keep su ch records, and permit such wa rehouse visitation a s the Secretar y of Agricultur e may prescribe . Such books and records shall be required to be kept for a period of three years from the date thereof, or for a longer period if the Secretary of Agriculture shall so direct, and such books, records, and warehouses shall be. open at all times to inspection by any representative of the United States Department of Agriculture or United States Department of Justice ; "(4) when so directed by order of the Secretary of Agricul- ture, provide for a period, after trading in contracts of sale of any commodity for future delivery in a delivery month has ceased, durin g which contr acts o f sale of suc h comm odity f or fut ure delivery in such month may be satisfied by the delivery of the actual cash commodity. Whenever, after due notice and oppor- tunity for hearing, the Secretary of Agriculture finds that pro- vision for such a period of delivery for any one or more commodi- ties or markets would prevent or tend to prevent `squeezes' and market congestion endangering price stability, he shall, by order, require such period of delivery (which shall be not less than three nor more than ten business days) applicable to such com- modities and markets as he finds will. prevent or tend to prevent such `squeez es' and market congestion : Pr ov id ed, h ow eve r, That such order s hall not apply to then existi ng contracts ; "(5) require the party making delivery of any commodity on any contract of sale of such commodity for future delivery to furnish the party obligated under the contract to accept delivery, 14 97 Official inspection . Contract markets . V111 .42,p.1000;t.S. C.,p.110. Desi gnation of board s of trade as . Proviso . If board not located at a terminal market . Preventing price manipulations and co r- nering of commodities . Contract market re- quirements . Vol. 42, p. 1001; u.S. C.,p.110. Copies of bylaws, etc ., and amendments to be furnished . Fede ral inspection o f board's book s, records, etc . Governing board and affiliates, etc. Warehouse operators . Reports, records, etc . In specti on . Period after trading for delivery in a de- livery month. Secretary may order market to es tablish, to prevent"squeezes",ete . Pr oviso . Ex isting contra cts . Written notice of deliv ery . Time, etc ., require- ments.