Page:United States Statutes at Large Volume 90 Part 2.djvu/376

 PUBLIC LAW 94-455—OCT. 4, 1976

9 0 STAT. 1 8 4 4 Regulations.

lected, and paid as provided in such regulations. The Secretary is authorized to prescribe regulations for carrying o u t the purposes of this subparagraph and the certificates of the officers of the Government as to the classification of any cotton for the purposes of this subparagraph shall be accepted in the courts of the United States in all suits between the parties to such contract, or their privies, as prima facie evidence of the true classification of the cotton involved. (2) INCORPORATION OF CONDITIONS I N CONTRACTS.—The p r o v i -

Ante, p. 1841.

sions of paragraph s (1)(C), (D), (E), (F), and (G) shall be deemed fully incorporated into any such contract if there be written or printed thereon, or on the memorandums evidencing the same, a t or prior to the time the same is signed, the phrase "Subject to United States Cotton F u t u r e s Act, subsection (f). " (3J DELIVERY ALLOWANCES.—For the purpose of t h i s subsection,

Rules and regulations.

the differences above or below the contract price which the receiver shall p a y for cotton of grades above or below the basic grade in the settlement of a contract of sale for the future delivery of cotton shall be determined by the actual commercial differences in value thereof upon the sixth business d a y prior to the d a y fixed, in accordance with paragraph (1)(F), for the delivery of cotton on the contract, established by the sale of spot cotton in the spot markets of not less than five places designated for the purpose from time to time by the Secretary, as such values were established by the sales of spot cotton, in such designated five or more markets. For purposes of this paragraph, such values in the such spot markets shall be based upon the standards for grades of cotton established by the Secretary. Whenever the value of one grade is to be determined from the sale or sales of spot cotton of another grade or grades, such value shall be fixed in accordance with rules and regulations which shall be prescribed for the purpose by the Secretary, (g) TENDERED GRADE CONTRACTS.—

(1) CONDITIONS.—Each tendered grade cotton future contract shall comply with each of the following conditions: (A) COMPLIANCE W I T H SUBSECTION (f). — C o m p l y w i t h all

the terms and conditions of subsection (f) not inconsistent with this subsection; and (B)

PROVISION FOR CONTINGENT SPECIFIC PERFORMANCE.—

P r o v i d e that, in case cotton of grade or grades other than the basis grade specified in the contract shall be tendered in performance of the contract, the parties to such contract may agree, a t the time of the tender, as to the price of the grade or grades so tendered, and that if they shall not then agree as to such price, then, and i n that event, the buyer of said contract shall have the r i g h t to demand the specific fulfillment of such contract by the actual delivery of cotton of the basis grade named therein and a t the price specified for such basis grade in said contract. (2)

INCORPORATION OF CONDITIONS I N CONTRACT.—Contracts

made in compliance with this subsection shall be known as "subsection (g) Contracts". The provisions of this subsection shall be deemed fully incorporated into any such contract if there be written or printed thereon, or on the memorandum evidencing the same, a to r prior to the time the same is signed, the phrase "Subject to United States Cotton F u t u r e s Act, subsection (g) ".

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