Page:United States Statutes at Large Volume 49 Part 1.djvu/1544

 74TH C ONGRESS. SESS. II. CH. 545. JU NE 15, 1936 . 149 9 (d) st riking o ut the w ords "as chairma n of the said co mmission " in the second sentence of paragraph (b) after the words "to the Secretary of Agriculture" ; (e) striking out the words and numerals "of section 12" after the word "penalties," in the third sentence of paragraph (b) (f) inserting, after the word "amended" in the third sentence of paragraph (b) the following : "and supplemented (U . S . C ., 1934 ed ., 22 . s. C., pp. 2221, title 49, sees . 12, 46, 47, and 48)" ; (g) striking out the word "or" after the word "commission," in the third sentence of paragraph (b) and inserting in lieu thereof the word "and" ; (h) striking out the fourth sentence of paragraph (b) and insert- R efusa l of co ntra ct striking marke t trading privi- ing in lieu thereof the following : "Upon evidence received, the Secre- leges to offenders ; sus- tary of Agriculture may require all contract markets to refuse such pension or revocation of registration. person all trading privileges thereon for such period as may be specified in the order, and, if such person is registered as futures co mmission merchan t or as floor br oker her eunder, may susp end, for a period not to exceed six months, or revoke, the registration of such person ." ; i striking out the word "commission" wherever it appears in Tr ansfer of func tions - g fr om commission to the sixth, seventh, and eighth sentences of paragraph (b) and insert- Secr etar y. in g in lie u thereo f the wo rds "Sec retary o f Agricu lture" ; (j) striking out the words "i ts chairman or to any member thereof" after the word "to" in the seventh sentence of paragraph (b) and inserting in lieu thereof the word "him" ; and (k) striking out the word "Code" at the end of paragraph (b) and inserting the following : "Code, as amended". SEC. 9. The Grain Fu tures Ac t is ame nded by adding a fter sec tion Vol. 42, p. 1002 ; 6 (U. S. C., 1934 ed., title 7, sees. 8, 9, 10, and 15) the following new L . C ., pp. 110,111' sections "SEC. 6a. (1) No board of trade which has been designated as a Legitimate coopera- tive associations . `contract market' shall exclude from membership in, and all privileges Me mbers hip, etc ., in on, such board of trade, any association or corporation engaged boar d of t rade y p, - tract market ." in cash commodity business having adequate financial responsibility which is organized under the cooperative laws of any State, or which has been recognized as a cooperative association of producers by the United States Government or by any agency thereof, if such asso- ciation or corporation complies and agrees to comply with such terms and conditions as are or may be imposed lawfully upon other members of such board, and as are or may be imposed lawfully upon a cooperative association of producers engaged in cash commodity busi ness unl ess such board o f trade is autho rized b the comm ission Exclusion from mem- I y bership, etc. to exclude such association or corporation from membership and privileges after hearing held upon at least three days' notice subse- quent to the filing of complaint by the board of trade : Provided, Proviso. to meet obli - however, That if any such association or corporation shall fail to gations a bar to trad- meet its obligations with any established clearing house or clearing mg. agency of any contract market, such association or corporation shall be ipso facto debarred from further trading on such contract market, except such trading as may be necessary to close open trades and to discharge existing contracts in accordance with the rules of such contract market applicable in such cases. Such commission may pre- ship, et. of member- scribe that such association or corporation shall have and retain memb ership a nd privi leges, w ith or w ithout i mposing conditio ns, or it may permit such board of trade immediately to bar such association or corporation from membership and privileges. Any order of said Action su bjec t to commission entered hereunder shall be reviewable by the circuit court c ourt rev iew. of appeals for the circuit in which such association or corporation,