Page:United States Statutes at Large Volume 49 Part 1.djvu/1545

 1 500 74TH C ONGRESS. SESS. II. CH. 545. JUNE 15, 1936. or s uch board of trade, has i ts principal place of bus iness, on written petition either of such association or corporation, or of such board of trade, under the procedure provided in paragraph (a) of section 6 of this Act, but such order shall not be stayed by the court pending review. "(2) No rule of any board of trade designated as a contract mar- ket shall forbid or be construed to forbid the payment of compensa- tion on a commodity-unit basis, or otherwise, by any federated coop- erative association to its regional member-associations for services rendered or to be rendered in connection with any organization work, e ducation al acti vity, or procur ement o f patron age, pr ovided no part of any such compensation is returned to patrons (whether members or nonmembers) of such cooperative association, or of its regional or local member-associations, otherwise than as a dividend on capital stock or as a patronage dividend out of the net earn- ings or surpl us of s uch fede rated c ooperati ve asso ciation . "SEC. 6b. If any board of trade, or any director, officer, agent, or employee of any board of trade is violating or has violated any of the provisions of this Act or any of the rules or regulations of the Secretary of Agriculture thereunder, or any order issued by the commission pursuant to any provision of this Act, the commission, in lieu of revoking the designation of such board of trade as a 'con- tract market' may, upon notice and hearing and subject to appeal as in other cases provided for in paragraph (a) of section 6 of this Act, make and enter an order directing that such board of trade, director, officer, agent, or employee shall cease and desist from such violation or violations, and if such board of trade, director, officer agent, or employee, thereafter and after the lapse of the period allowed for appeal of such order or after the affirmance of such order, shall fail or refuse to obey or comply with such order, such board of trade, director, officer, agent, or employee shall be guilty of a misdemeanor and, upon conviction thereof, shall be fined not less than $500 nor more than $10,000 or imprisoned for not less than six months nor more than one ye ar, or both. Each day during which such failure or refusal to- obey such order continues shall be deemed a separate offense ." SEC . 10 . The Grain Futures Act is amended by adding after sec- tion 8 (U . S. C ., 1934 ed ., title 7, sec . 12) the following new section : "SEC. 8a. The Secretary of Agriculture is authorized- Reg istra tions. "(1) to reg ister f utures c ommissi on merch ants an d floor brokers Futures com mis sio n merchants, etc . upon application in accordance with rules and regulations and in form and manner to be prescribed by the Secretary of Agriculture ; and Refu sal, wher e regis- "( 2) to refuse to register any person if such person has violated oka et~ pended, voke d, e- any of the provisions of this Act or any of the rules or regulations promulgated by the Secretary of Agriculture hereunder for which the registration of such person has been suspended (and the period of such suspension shall not have expired) or has been revoked ; and Transactions with "(3) to suspend or revoke the registration of any futures commis- person denied trading pri vi le ges . sion merchant who shall knowingly accept any order for the purchase or sale o f any co mmodity for fut ure del ivery on or sub ject to the rules of any contract market from any person if such person has been denied trading privileges on any contract market by order of the Secretary of Agriculture under the provisions of paragraph (b) of sect ion 6 of this Act and the period of denial specifie d in such order shall not have expired ; and "(4) to fix and establish from time to time fees and charges for registrations and renewals thereof and for copies of registration Compen sation on a commodity unit basis, etc. No compensation re- turned to patrons, divi- de nds exc ept ed. Board of trade, or its agent, etc . "Cease and des is t" order for violating Act in lieu of revoca- tion of designation per- mitted. Order subject to ap- peal. Vol. 42, p. 1001, Refusal to obey or- der, etc. ; pena lty. Vol. 42, p. 1003. U.S.C.,p.111. Fees.