Page:United States Statutes at Large Volume 52.djvu/108

 52 STAT.] 75TH CONG., 3D SESS.--CH. 30-FEB. 1G, 193S to each of the persons entitled thereto. In case any person who is entitled to payment hereunder dies, becomes incompetent, or disap- pears before receiving such payment or is succeeded by another who renders or completes the required performance, payment shall, with- out regard to any other provisions of law, be made as the Secretary may determine to be fair and reasonable in all the circumstances and provide by regulations. (b) Any producer for whom a loan has been made or arranged for by the Commodity Credit Corporation on cotton of his 1937 crop and who has complied with all the provisions of the loan agree- ment except section 8 thereof, may, at any time before July 1, 1938, transfer his right, title, and interest in and to such cotton to the Corporation; and the Corporation is authorized and directed to accept such right, title, and interest in and to such cotton and to assume all obligations of the producer with respect to the loan on such cotton, including accrued interest and accrued carrying charges to the date of such transfer. The Corporation shall notify the Sec- retary of Agriculture of each such transfer, and upon receipt of such notice, the Secretary shall as soon as compliance is shown, or a national marketing quota for cotton is put into effect, forthwith pay to such producer a sum equal to 2 cents per pound of such cot- ton, and the amount so paid shall be deducted from any price adjust- ment payment to which such producer is entitled. (c) The Commodity Credit Corporation is authorized on behalf of the United States to sell any cotton of the 1937 crop so acquired by it, but no such cotton or any other cotton held on behalf of the United States shall be sold unless the proceeds of such sale are at least sufficient to reimburse the United States for all amounts (including any price-adjustment payment) paid out by any of its agencies with respect to the cotton so sold. After July 31, 1939, the Commodity Credit Corporation shall not sell more than three hundred thousand bales of cotton in any calendar month, or more than one million five hundred thousand bales in any calendar year. The proceeds derived from the sale of any such cotton shall be used for the purpose of discharging the obligations assumed by the Commodity Credit Cor- poration with respect to such cotton, and any amounts not expended for such purpose shall be covered into the Treasury as miscellaneous receipts. EXTENSION OF 1937 COTTON LOAN SEC. 382. The Commodity Credit Corporation is hereby authorized and directed to provide for the extension, from July 31, 1938, to July 31, 1939, of the maturity date of all notes evidencing a loan made or arranged for by the Corporation on cotton produced during the crop year 1937-1938. This section shall not be construed to prevent the sale of any such cotton on request of the person liable on the note. INSURANCE OF COTTON AND RECONCENTRATION OF COTTON SEC. 383. (a) The Commodity Credit Corporation shall place all insurance of every nature taken out by it on cotton, and all renewals, extensions, or continuations of existing insurance, with insurance agents who are bona fide residents of and doing business in the State where the cotton is warehoused: Provided,That such insurance may be secured at a cost not greater than similar insurance offered on said cotton elsewhere. (b) Cotton held as security for any loan heretofore or hereafter made or arranged for by the Commodity Credit Corporation shall not hereafter be reconcentrated without the written consent of the producer or borrower. Payment in case of death, etc. Commodity Credit Corporation, cotton transfers to. Notice to Secretary. Sale of acquired 1937 crop. Limitation. Use of proceeds-from sales. Extension of 1937 cotton loan. Insurance of cotton. Proviso. Cost. Reconcentraticn of cotton. Post, p. 76'. 67

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