Page:United States Statutes at Large Volume 68A.djvu/621

 CH. 39—REGULATORY TAXES

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purpose of this subchapter, shall be known as the "Official cotton standards of the United States": Provided, That any standard of any cotton established and promulgated under this subchapter by the Secretary of Agriculture shall not be changed or replaced within a period less than one year from and after the date of the promulgation thereof by the Secretary of Agriculture: Provided further, That no change or replacement of any standard of any cotton established and promulgated under this subchapter by the Secretary of Agriculture shall become effective until after one year's public notice thereof, which notice shall specify the date when same is to become effective, (b) PRACTICAL FOR M S. — (1) PREPARATION, CERTIFICATION, AND DISTRIBUTION.—The Sec-

retary of Agriculture is authorized and directed to prepare practical forms of the official cotton standards which shall be established by him, and to furnish such practical forms from time to time, upon request, to any person, the cost thereof, as determined by the Secretary of Agriculture, to be paid by the person requesting the same, and to certify such practical forms under the seal of the Department of Agriculture and under the signature of the said Secretary, thereto affixed by himself or by some official or employee of the Department of Agriculture thereunto duly authorized by the said Secretary. (2) DISPOSITION OF RECEIPTS FROM SALES.—All sums collected by the Secretary of Agriculture for furnishing practical forms under paragraph (1) shall be deposited and covered into the Treasury as miscellaneous receipts. PART II—EXEMPTIONS Sec. Sec. Sec. Sec. Sec.

4861. 4862. 4863. 4864. 4865.

Spot cotton. Definition of bona fide spot markets. Basis grade contracts. Tendered grade contracts. Specific grade contracts.

SEC. 4861. SPOT COTTON.

This subchapter shall not be construed to impose a tax on any sale of spot cotton. SEC. 4862. DEFINITION OF BONA FIDE SPOT MARKETS. (a) DEFINITION.—For the purpose of this subchapter, the only markets which shall be considered bona fide spot markets shall be those which the Secretary of Agriculture shall, from time to time, after investigation, determine and designate to be such, and of which he shall give public notice. (b) DETERMINATION.—In determining, pursuant to the provisions of this subchapter, what markets are bona fide spot markets, the Secretary of Agriculture is directed to consider only markets in which spot cotton is sold in such volume and under such conditions as customarily to reflect accurately the value of middling cotton and the differences between the prices or values of middling cotton and of other grades of cotton for which standards shall have been established by the Secretary of Agriculture: Provided, That if there be not sufficient places, in the markets of which are made bona fide sales of spot cotton of grades for which standards are established by § 4862(b)

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