Page:United States Statutes at Large Volume 90 Part 2.djvu/375

 PUBLIC LAW 94-455—OCT. 4, 1976

90 STAT. 1843

subsection by subparagraph (E), the price per pound a t which the cotton of such basis grade is contracted to be bought or sold, the date when the purchase or sale was made, and the month or months in which the contract is to be fulfilled or settled; except that m i d d l i n g shall be deemed the basis grade incorporated into the contract if no other basis grade be specified either in the contract or in the memorandum evidencing the same. (C)

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PROVISION FOR DELIVERY OF STANDARD GRADES ONLY.—

Provide that the cotton dealt with therein or delivered thereunder shall be of or within the grades for which standards are established by the Secretary except grades prohibited from being delivered on a contract made under this subsection by subparagraph (E) and no other g r a d e or grades.

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(D) PROVISION FOR SETTLEMENT ON BASIS or ACTUAL COMMER-

CIAL DIFFERENCES.—Provide that in case cotton of g r a d e other than the basis grade be tendered or delivered in settlement of such contract, the differences above or below the contract price which the receiver shall pay for such grades other than the basis g r a d e shall be the actual commercial differences, determined as hereinafter provided. (E)

PROHIBITION OF DELIVERY OF INFERIOR COTTON.—Pro-

vide that cotton that, because of the presence of extraneous m a t t e r of any character, or iregularities or defects, is reduced in value below that of low middling, or cotton that is below the grade of low middling, or, if tinged, cotton that is below the g r a d e of strict middling, or, if yellow stained, cotton that is below the grade of good middling, the grades mentioned being of the official cotton standards of the United States, or cotton that is less than seven-eighths of an inch in length of staple, or cotton of perished staple, or of immature staple, or cotton that is " g i n c u t " or reginned, or cotton that is "repacked" or "false packed" or "mixed packed" or "water packed", shall not be delivered on, under, or in settlement of such contract. (F)

PROVISIONS FOR TENDER I N FULL, NOTICE OF DELIVERY

DATE, AND CERTIFICATE OF GRADE.—Provide that all tenders of

cotton under such contract shall be the full number of bales involved therein, except that such variations of the number of bales may be permitted as is necessary to b r i n g the total weight of the cotton tendered within the provisions of the contract as to weight; that, on the fifth business day p r i o r to delivery, the person making the tender shall give to the person receiving the same written notice of the date of delivery, and that, on or p r i o r to the date so fixed for delivery, and in advance of final settlement of the contract, the person making the tender shall furnish to the person receiving the sam3 a written notice or certificate s t a t i n g the grade of each individual bale to be delivered and, by means of marks or numbers, identifying each bale with its grade. (G) PROVISION FOR TENDER AND SETTLEMENT I N ACCORDANCE

WITH GOVERNMENT CLASSIFICATION.—Provide that all tenders of cotton and settlements therefor under such contract shall be in accordance with the classification thereof made under the regulations of the Secretary by such officer or officers of the Government as shall be designated for the purpose, and the costs of such classification shall be fixed, assessed, col-

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