Page:United States Statutes at Large Volume 55 Part 1.djvu/693

 PUBLIC LAWS--H. 400-AUG. 21, 1941 will continue the same in force, providing in effect that oil produced in violation of its valid oil and/or gas conservation statutes or any valid rule, order or regulation promulgated thereunder, shall be denied access to commerce; and providing for stringent penalties for the waste of either oil or gas. "ARTICLE V "It is not the purpose of this compact to authorize the states joining herein to limit the production of oil or gas for the purpose of stabiliz- ing or fixing the price thereof, or create or perpetuate monopoly, or to promote regimentation, but is limited to the purpose of conserving oil and gas and preventing the avoidable waste thereof within reason- able limitations. " ARTICLE VI "Each state joining herein shall appoint one representative to a commission hereby constituted and designated as the Interstate Oil Compact Commission, the duty of which said Commission shall be to make inquiry and ascertain from time to time such methods, practices, circumstances and conditions as may be disclosed for bringing about conservation and the prevention of physical waste of oil and gas, and at such intervals as said Commission deems beneficial it shall report its findings and recommendations to the several states for adoption or rejection. "The Commission shall have power to recommend the coordination of the exercise of the police powers of the several states within their several jurisdictions to promote the maximum ultimate recovery from the petroleum reserves of said states, and to recommend measures for the maximum ultimate recovery of oil and gas. Said Commission shall organize and adopt suitable rules and regulations for the con- duct of its business. "No action shall be taken by the Commission except: (1) By the affirmative votes of the majority of the whole number of the com- pacting states, represented at any meeting, and (2) by a concurring vote of a majority in interest of the compacting states at said meeting, such interest to be determined as follows: Such vote of each state shall be in the decimal proportion fixed by the ratio of its daily average production during the preceding calendar half-year to the daily aver- age production of the compacting states during said period. " ARArICLE VII "No state by joining herein shall become financially obligated to any other state, nor shall the breach of the terms hereof by any state subject such state to financial responsibility to the other states joining herein. "ARTICLE VIII "This compact shall expire September 1, 1937. But any state join- ing herein may, upon sixty (60) days notice, withdraw herefrom. The representatives of the signatory states have signed this agree- ment in a single original which shall be deposited in the archives of the Department of State of the United States, and a duly certified copy shall be forwarded to the Governor of each of the signatory states. "This compact shall become effective when ratified and approved as provided in Article I. Any oil producing state may become a party de by affixing its signature to a counterpart to be similarly deosite certifie and ratified. "Done in the City of Dallas, Texas, this sixteenth day of February, 1935. 668 [55 STAT.

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