SEVENTY-FIRST CONGRESS. SEss. I. CHs. 23, 24 . 1929 .

CHAP. 23 .-Joint Resolution To amend the Act entitled "An Act to incorporate the American Hospital of Paris," approved January 30, 1913 .

Resolved by the Senate and House of Representatives of the

United States o f America in Congress assembled, That the proviso

contained in section 2 of the Act entitled "An Act to incorporate the

American Hospital of Paris," approved January 30, 1913, is amended

to read as follows : " Provided, That the total value of the property

owned at any one time by the said corporation shall not exceed

$8,000,000 ."

Approved, June 14, 1929 .

Be it enacted by the Senate and House o f Representatives o f the

United States o f America in Congress assembled,

DECLARATION OF POLICY

SECTION 1 . (a) That it is hereby declared to be the policy of Congress to promote the effective merchandising of agricultural commodities in interstate and foreign commerce, so that the industry

of agriculture will be placed on a basis of economic equality with

other industries, and to that end to protect, control, and stabilize the

currents of interstate and foreign commerce in the marketing of agricultural commodities and their food products-

(1) by minimizing speculation .

(2) by preventing inefficient and wasteful methods of distribution .

(3) by encouraging the organization of producers into effective

associations or corporations under their own control for greater

unity of effort in marketing and by promoting the establishment and

financing of a farm marketing system of producer-owned and producer-controlled cooperative associations and other agencies .

(4) by aiding in preventing and controlling surpluses in any agricultural commodity, through orderly production and distribution, so

as to maintain advantageous domestic markets and prevent such surpluses from causing undue and excessive fluctuations or depressions

in prices for the commodity.

(b) There shall be considered as a surplus for the purposes of this

Act any seasonal or year's total surplus, produced in the United

States and either local or national in extent, that is in excess of the

requirements for the orderly distribution of the agricultural commodity or is in excess of the domestic requirements for such

commodity.

(c) The Federal Farm Board shall execute the powers vested in it

by this Act only in such manner as will, in the judgment of the board,

aid to the fullest practicable extent in carrying out the policy above

declared.

11

Jane 14, 1929 .

[H . J . Res. 73.]

[Pub . Res ., No . 14 .]

American Hospital of

Paris.

Vol.37, p . 654, amended .

Property limitation

increased .

CHAP. 24.-An Act To establish a Federal Farm Board to promote the	

June

[H .R.1 .]	

effective merchandising of agricultural commodities in interstate and foreign[Public, No. 10.]

commerce, and to place agriculture on a basis of economic equality with other

industries .

Agricultural Marketing Act .

Declaration of policy.

To promote merchandising of agricultural

commodities in commerce, by stabilizing,

etc., marketing thereof

Minimize speculation .

Prevent wasteful distribution .

Encourage organizations of producers to

form marketing systems by cooperative

associations thereof.

Aid orderly produoLion to prevent surpluses, etc .

Surplusconsidered as

an excess of requirements for orderly eistnbution, or domestic

needs.

Policy to be executed

by Federal Farm

Board.

FEDERAL FARM BOARDFederal Farm Board.

SEC. 2. A Federal Farm Board is hereby created, which shall con- Creation and comsist of eight members to be appointed by the President, by and with

position thereof.

the advice and consent of the Senate, and of the Secretary of Agriculture, ex officio . In making the appointments the President shall

give due consideration to having the major agricultural commodities

produced in the United States fairly represented upon the board .

Major agricultural

commodities to be represented thereon .
12

SEVENTY-FIRST CONGRESS. SEss. I. Cia. 24 . 1929.

Terms of first mem- The terms of office of the appointed members of the board first taking bers. office after the date of the approval of this Act shall expire, as

designated by the President at the time of nomination, two at the end

of the first year, two at the end of the second year, one at the end of

the third year, one at the end of the fourth year, one at the end of

the fifth year, and one at the end of the sixth year after such date .

Subsequent appoint- A successor to an appointed member of the board shall have a

term of office expiring six years from the date of the expiration of the

term for which his predecessor was appointed, except that any person

appointed to fill a vacancy in the board occurring prior to the expiration of the term for which his predecessor was appointed, shall

be appointed for the remainder of such term . One of the appointed

members shall be designated by the President as chairman of the

board and shall be the principal executive officer thereof . The

board shall select a vice chairman who shall act as chairman in

case of the absence or disability of the chairman . The board may

function notwithstanding vacancies, and a majority of the appointed members in office shall constitute a quorum . Each appointed member shall be a citizen of the United States and shall

not actively engage in any other business, vocation, or employment than that of serving as a member of the board ; nor shall

any appointed member during his term of office engage in the business

(except such business as is necessary to the operation of his own farm

or farms) of buying and selling, or otherwise be financially interested

in, any agricultural commodity or product thereof . Each appointed

member shall receive a salary of $12,000 a year, together with necessary traveling and subsistence expenses, or per diem allowance in

lieu thereof, within the limitations prescribed by law, while away

from his official station upon official business .

eee.

Chairman and principal executive officer .

Vice chairman .

Quorum.

Citizenship requirement, and other active

business, etc ., barred.

Salary and

ances .

allow .

Advisory commodity

committees.

Separate agricultural

commodity to be designated of different

m a r k e t i n g classification or type .

Assignment thereto,

of two or more closely

related commodities .

Establishment of advisory commodity

committees by coopertive associations, to be

invited .

Selection .

No salary, but per

diem compensation for

attending meetings,

etc .

Designated by name

of commodity represented .

ADVISORY COMMODITY COMMITTEES

SEC. 3. (a) The board is authorized to designate, from time to time,

as an agricultural commodity for the purposes of this Act (1) any

regional or market classification or type of any agricultural commodity which is so different in use or marketing methods from other

such classifications or types of the commodity as to require, in the

judgment of the board, treatment as a separate commodity under this

Act ; or (2) any two or more agricultural commodities which are so

closely related in use or marketing methods as to require, in the

judgment of the board, joint treatment as a single commodity under

this Act .

(b) The board shall invite the cooperative associations handling

any agricultural commodity to establish an advisory commodity committee to consist of seven members, of whom at least two shall be

experienced handlers or processors of the commodity, to represent

such commodity before the board in matters relating to the commodity. Members of each advisory committee shall be selected by the

cooperative associations from time to time in such manner as the board

shall prescribe . No salary shall be paid to committee members, but

the board shall pay each a per diem compensation not exceeding $20

for attending committee meetings called by the board and for time

devoted to other business of the committee authorized by the board,

and necessary traveling and subsistence expenses, or per deem allowance in lieu thereof, within the limitations prescribed by law for

civilian employees in the Executive branch of the Government . Each

advisory committee shall be designated by the name of the commodity

it represents, as, for example, the " Cotton Advisory Committee ."
SEVENTY-FIRST CONGRESS . SEss. I . Cs. 24 . 1929.

13

(e) Each advisory committee shall meet as soon as practicable after

its selection, at a time and place designated by the board . Each

advisory committee shall meet thereafter at least twice a year upon

call of the board, and may meet at other times upon call of a majority

Chairman and wore of the members thereof. Each advisory committee shall select a tary . chairman and secretary .

May confer directly (d) Each advisory committee may by itself or through its officers, with Board for infor-

(1) confer directly with the board, call for information from it, or

mation,etc,

make oral or written representations to it, concerning matters within

the jurisdiction of the board and relating to the agricultural commodity,

(2) cooperate with the board in advising the producers CooperatewithBoard

y~in advising suitable

through their organizations or otherwise in the development of suit- planting, etc ., by proable programs of planting or breeding in order to secure the maxidicers .

mum benefits under this Act consistent with the policy declared in

section 1.

GENERAL POWERS OF BOARD

SPECIAL POWERS OF BOARD

SEC. 5. The board is authorized and directed-

(1) to promote education in the principles and practices of cooperative marketing of agricultural commodities and food products

thereof .

(2) to encourage the organization, improvement in methods, and

development of effective cooperative associations .

(3) to keep advised from any available sources and make reports

as to crop prices, experiences, prospects, supply, and demand, at home

and abroad.

(4) to investigate conditions of overproduction of agricultural

commodities and advise as to the prevention of such overproduction .

(5) to make investigations and reports and publish the same,

including investigations and reports upon the following : Land utilization for agricultural purposes ; reduction of the acreage of unprofitable marginal lands in cultivation ; methods of expanding markets at

home and abroad for agricultural commodities and food products

thereof ; methods of developing by-products of and new uses for

Meetings .

General powers of

Board .

SEC. 4 . The board1 shall maintain its

office in the District of Columbia

maintain principal

( )

principal

f and other offices. and such other offices in the United States as in its judgment are

necessary.

(2) shall have an official seal which shall be judicially noticed .

Official seal .

(3) shall make an annual report to Congress upon the administra- Annual report and

recommendations to

tion of this Act and any other matter relating to the better effectuation Congress . of the policy declared in section 1, including recommendations for

leta.,islation .

Eaeeutory

(4) may make such regulations as are necessary to execute the tions . functions vested in it by this Act.

(5) may appoint and fix the salaries of a secretary and such

experts, and, in accordance with the Classification Act of 1923, as

amended, and subject to the provisions of the civil service laws, such

other officers and employees, as are necessary to execute such functions .

(6) may make such expenditures (including expenditures for rent

and personal services at the seat of government and elsewhere, for

law books, periodicals, and books of reference, and for printing and

binding) as are necessary to execute such functions. Expenditures

by the board shall be allowed and paid upon the presentation of itemized vouchers therefor approved by the chairman of the board .

(7) shall meet at the call of the chairman, the Secretary of Agriculture, or a majority of its members .

regulaAppoint and fix salaries of secretary, experts, etc .

Make necessary

penditures .

exApproval of vouchers .

Meetings .

Special powers of

Board.

Promote principles of

cooperative marketing,

etc .

Encourage organization, etc ., of cooperative associations.

Reports on crop

prices, supply and demand, etc .

Investigate, etc .,

overproduction .

Investigate, etc ., land

utilization, unprofitable acreage, expanding

markets, new uses, etc .
14

SEVENTY-FIRST CONGRESS. SEss. I. Cs. 24 . 1929 .

Revolving fund .

agricultural commodities ; and transportation conditions and their

effect upon the marketing of agricultural commodities .

REVOLVING FUND

Sum authorized o r . to be

appropriated for .

SEC. 6. There is hereby authorized to be appropriated the sum of

Post, pp. 28, 93, 1033. 500,000,000 which shall be made available by the Congress as soon as

practicable after the approval of this Act and shall constitute a

revolving fund to be administered by the board as provided in this

Act.

Loans to cooperative

associations.LOANS TO COOPERATIVE ASSOCIATIONS

Authorized on appli- SEC. 7. (a) Upon application by any cooperative association the cation therefrom .

board is authorized to make loans to it from the revolving fund to

assist inTo assist in merchan- (1) the effective merchandising of agricultural commodities and dising commodities . food products thereof ;

For physical market-

ing facilities (2) the construction or acquisition by purchase or lease of physical . marketing facilities for preparing, handling, storing, processing, or

merchandising agricultural commodities or their food products ;

Clearing house also

ciations

3) the formation of clearing house associations ; .

Educating producers 4) extending membership of the cooperative association applying

in advantages of cooperative marketing of for the loan b educating the producers of the commodity handled y g

y

their commodities.

by the association in the advantages of cooperative marketing of

that commodity ; and

market price of comAdmarket

share of (5) enabling the cooperative association applying for the loan to

modities delivered . advance to its members a greater share of the market price of the

commodity delivered to the association than is practicable under

other credit facilities .

No loan, unless ap-

(b) No loan shall be made to any cooperative association unless, in plying association has

organization,

ssafety thereof. to

the judgment of the board, the loan is in furtherance of the policy

declared in section 1 and the cooperative association applying for

the loan has an organization and management, and business policies,

of such character as to insure the reasonable safety of the loan and

the furtherance of such policy.

for physical facilities.

Limitations on loans

( c ) Loans for the construction or acquisition by purchase or lease

Not more than 80 per

of physical facilities shall be subject to the following limitations

cent of their value. (1) No such loan for the construction or purchase of such facilities

shall be made in an amount in excess of 80 per centum of the value of

the facilities to be constructed or purchased.

renteasonable price or

(2) No loan for the purchase or lease of such facilities shall be

made unless the board finds that the purchase price or rent to be

paid is reasonable.

If existing facilities

(3) No loan for the construction, purchase, or lease of such facili- not available for services . ties shall be made unless the board finds that there are not available

suitable existing facilities that will furnish their services to the cooperative association at reasonable rates ; and in addition to the

preceding limitation, no loan for the construction of facilities shall

be made unless the board finds that suitable existing facilities are

not available for purchase or lease at a reasonable price or rent .

Repayment upon

(d) Loans for the construction or purchase of physical facilities, amortization plan . together with interest on the loans, shall be repaid upon an amortization plan over a period not in excess of twenty years .

Miscellaneous loan MISCELLANEOUS LOAN PROVISIONS

provisions.

Interest rate on loans

and advances .

SEC. 8 . (a) Loans to any cooperative association or stabilization .

corporation and advances for insurance purposes shall bear interest

at a rate of interest per annum equal to the lowest rate of yield (to

the nearest one-eighth of 1 per centum) of any Government obli-
SEVENTY-FIRST CONGRESS. SEss. I . CH. 24 . 1929.

15

gation bearing a date of issue subsequent to April 6, 1917 (except

postal-savings bonds), and outstanding at the time the loan agreement is entered into or the advance is made by the board, as certified

by the Secretary of the Treasury to the board upon its request :

Provided, That in no case shall the rate exceed 4 per censufll per Proviso . annum on the unpaid principal .

(b) Payments of principal or interest upon any such loan or ad- Payments covered

vance shall be covered into the revolving fund .

into revolving fund .

(c) Loans to any cooperative association or stabilization corpora- of s

.ms and security

tion shall be made upon the terms specified in this Act and upon such

other terms not inconsistent therewith and upon such security as

the board deems necessary.

No loan or insurance

(d) No loan or insurance agreement shall be made by the board ~f agreement if unduly

in its judgment the agreement is likely to increase unduly the pro- increasing production

bin excess of market reduction of any agricultural commodity of which there is commonly quirements . produced a surplus in excess of the annual marketing requirements.

Stabilization corpoSTABILIZATION CORPORATIONS

rations.

Recognition of, on

SEC. 9. (a) The board may, upon application of the advisory com- application of advisor y

modity committee for any commodity, recognize as a stabilization commodity committee .

corporation for the commodity any corporation if-

If required by mar- (1) The board finds that the marketing situation with respect to keting conditions of

the agricultural commodity requires or may require the establishment commodity.

of a stabilization corporation in order effectively to carry out the

policy declared in section 1 ; and

Organized under

(2) The board finds that the corporation is duly organized under State, etc ., taws . the laws of a State or Territory ; and

3) The board finds that all the outstanding voting voting stock or mem- modity

associations . Stock owned

bership interests in the corporation are and may be owned only by

cooperative associations handling the commodity ; and

(4) The corporation agrees with the board to adopt such by-laws by-laws, etetc

. acceptable

as the board may from time to time require, which by-laws, among

other matters, shall permit cooperative associations not stockholders

or members of the corporation to become stockholders or members

therein upon equitable terms.

(b) Any stabilization corporation for an agricultural commodity agency

Acts as

in

marketing

preparing,

(1) may act as a marketing agency for its stockholders or members merchandising, etc .,

commodity of stock. in preparing, handling, storing, processing, and merchandising for holders . their account any quantity of the agricultural commodity or its food

products, and (2) for the purpose of controlling any surplus in the purchase, °surplusa s

commodity in furtherance of the policy declared in section 1, may ing, etc ., procured from

prepare, purchase, handle, store, process, and merchandise, other- othrs

holders and

wise than for the account of its stockholders or members, any quantity

of the agricultural commodity or its food products whether or not

such commodity or products are acquired from its stockholders or

members,

working capital from

(c) Upon request of the advisory committee for any commodity the revolving fund.

board is authorized to make loans from the revolving fund to the

stabilization corporation for the commodity for working capital to

enable the corporation to act as a marketing agency for its stockholders or members as hereinbefore provided. Not less than 75 per agency profits.

fund from

rofits. centum of all profits derived by a stabilization corporation each year

from its operations as such a marketing agency shall be paid into a

merchandising reserve fund to be established by the corporation . No

such payment shall be required whenever the fund is in such amount

as, in the judgment of the board, constitutes a sufficient reserve for

such operations of the corporation . Out of the remainder of such

Payments therefrom.

profits for the year the corporation shall repay any outstanding loan

made under this subdivision and the accrued interest thereon, or if all
16

Patronage dividend.

Loan authorized to

corporation to control,

etc ., surplus in a commodity.

Reserves from

profits.

Payment of losses

therefrom, or by revolving fund loan .

Avoidance of losses.

Limitation of control.

No assessment of

stockholders for losses .

Accounts, etc ., to be

kept .

Audit by the Board .

Loans made only in

furtherance of declared

policy .

Ante, p . ii.

Clearing house Associations .

Formation of, maybe

assisted by the Board,

for economic marketing, upon application of

commodity associations or producers.

Registration, etc .

Eligibility of independent dealers, etc.

Proviso.

Approval of policy .

SE VEXTY-FIRST CONGZI~SS. Snss. I. Cs. 24 . 19A

such loans and accrued interest have been fully repaid, then it may

distribute a patronage dividend to its stockholders or members . Such

patronage dividend shall be paid to each stockholder or member on

the basis of the total volume of the commodity or its products for the

year marketed for his account through the corporation .

(d) Upon request of the advisory committee for any commodity

the board is authorized to make loans from the revolving fund to the

stabilization corporation for the commodity to enable the corporation

to control any surplus in the commodity as hereinbefore provided

and for meeting carrying and handling charges and other operating

expenses in connection therewith . The board shall require a stabilization corporation to establish and maintain adequate reserves from

its profits from its surplus control operations before it shall pay

any dividends out of such profits . All losses of the corporation from

such operations shall be paid from such reserves, or if such reserves

are inadequate, then such losses shall be paid by the board as a loan

from the revolving fund. Any amounts so loaned for payment of

losses shall be repaid into the revolving fund by the corporation from

future profits from its surplus control operations. Any stabilization corporation receiving loans under this subdivision for surplus

control operations shall exert every reasonable effort to avoid losses

and to secure profits, but shall not withhold any commodity from

the domestic market if the prices have become unduly enhanced,

resulting in distress to domestic consumers . Stockholders or members of the corporation shall not be subject to assessment for any

losses incurred in surplus control operations of the corporation .

(e) A stabilization corporation shall keep such accounts, records,

and memoranda, and make such reports with respect to its transactions, business methods, and financial condition, as the board may

from time to time prescribe ; shall permit the board to audit its

accounts annually and at such other times as the board deems advisable ; and shall permit the board, upon its own initiative or upon

written request of any stockholder or member, to investigate the

financial condition and business methods of the corporation .

(f) No loan shall be made to any stabilization corporation unless,

in the judgment of the board, the loan is in furtherance of the policy

declared in section 1 .

CLEARING MUM ASSOCIATION'S

Ste. 10. Upon application of any cooperative association handling

an agricultural commodity or of producers of an agricultural commodity, the board is authorized, if it deems such association or producers representative of the commodity, to assist in forming producer-controlled clearing house associations adapted to effecting the

economic distribution of the agricultural commodity among the

various markets and to minimizing waste and loss in the marketing

of the commodity, if such assistance, in the judgment of the board,

will be in furtherance of the policy declared in section 1 . The board

may provide for the registration, and for the termination of the

registration, of any clearing house association in accordance with

such regulations as the board may prescribe . Such clearing house

associations are authorizedd to operate under rules adopted by the

member cooperative associations and approved by the board . Independent dealers in, and handlers, distributors, and processors of, the

commodity, as well as cooperative associations handling the commodity, shall be eligible for membership in the clearing house association : Provided, That the policy of such clearing house association shall be approved by a committee of producers which, in the
SEVENTY-FIRST CONGRESS. SEss. I. CH. 24 . 1929.

17

opinion of the board is representative of the commodity. Clearing

Ut ili zation o f D epar tment facilities, etc. house associations shall utilize the market news service and other

facilities of the Department of Agriculture as far as possible .

PRICE INSURANCE

Price insurance .

SEC. 11. The board is authorized, upon application of cooperative theBoaa

entts for,by

associations, to enter into agreements, subject to the conditions here- tionofcooperative associations, against price inafter specified, for the insurance of the cooperative associations decline in commodity

against loss through price decline in the agricultural commodity produced by members. handled by the associations and produced by the members thereof .

Such agreements shall be entered into only if, in the judgment of

Conditions.

the board, (1) coverage is not available from private agencies at

reasonable rates, (2) the insurance will be in furtherance of the

policy declared in section 1, (3) the agricultural commodity is regularly bought and sold in the markets in sufficient volume to establish

a recognized basic price for the market grades of the commodity,

and (4) there is available with respect to the commodity such market information as will afford an accurate record of prevailing prices

for the commodity covering a period of years of sufficient length

to serve as a basis to calculate the risk and fix the premium for the

insurance. The agreements shall require payment of premiums so Payment of premifixed and shall include such other terms as, in the judgment of the nms' etc

., required.

board, are necessary. The board may make advances from the Advances from rerevolving fund to meet obligations under any insurance agreement, volvmg fund . but such advances together with the interest thereon shall, as soon as

practicable, be repaid from the proceeds of insurance premiums .

Repayment .

ADMINISTRA'riVE APPROPRIATION

Admtion . tics appropriation

Amount authorized

SEC. 12. For expenditures iii executing the functions vested in the forexecution of Act, by

board by this Act (including salaries and expenses of members, the Board .

Post,

and employees of the board and per diem compensation and

expenses of the commodity committees), incurred prior to July 1,

1930, there is hereby authorized to be appropriated the sum of

$1,500,000. No part of the moneys appropriated in pursuance of Not available for rethis authorization shall be available for expenditures, including loans volving fund, etc . and advances, for the payment of which the revolving fund or

insurance moneys are authorized to be used .

Avoidance ofduplicaAVOIDANCE OF' DUPLICATION

tion.

SEc. 13 . (a) The board shall, in cooperation with any governmental mental

Coopera

with

~

y g executive eststablis hestablishment in the Executive branch of the Government, including ments.

any field service thereof at home or abroad, avail itself of the services

and facilities thereof in order to , avoid preventable expense or duplication of effort.

Information and data (b) The President may by Executive order direct any such govern- to be furnished by.

mental establishment to furnish the board such information and data

as such governmental establishment may have pertaining to the functions of the board ; except that the President shall not direct that the

board be furnished with any information or data supplied by any

excepted .

person in confidence to any governmental establishment in pursuance

of any provision of law or of any agreement with a governmental

establishment.

(c) The board may cooperate with any State or Territory, or Cooperation with

department, agency, or political subdivision thereof, or with any

state, etc., agencies,

person.

Research work by the (d) The board shall, through the Secretary of Agriculture, indi- Agriculture Departcate to the appropriate bureau or division of the Department of

meat •

Agriculture any special problem on which a research is needed to

aid in carrying out the provisions of this Act.

57894°-31-2
18

SEVENTY-FIRST CONGRESS. SEss. I. CH. 24 . 1929.

President may trans-

(e) The President is authorized b Executive order, to transfer fer to and from Board, y

work and services of to or retransfer from the jurisdiction and control of the board the

executive officers, etc' whole or any part of (1) any office, bureau, service, division,

commission, or board in the Executive branch of the Government

engaged in scientific or extension work, or the furnishing of services,

with respect to the marketing of agricultural commodities, (2) its

functions pertaining to such work or services, and (3) the records,

property, including office equipment, personnel, and unexpended

balances of appropriation, pertaining to such work or services .

Examination of

books and accounts of

Board .

Approval of vouchers

by chairman conclusive .

Limitation of examination by General Accounting Office.

Report, etc., to Con.

gress .

Miscellaneous provisions .

EXAMINATION OF BOOKS AND ACCOUNTS OF BOARD

SEC. 14. Vouchers approved by the chairman of the board for

expenditures from the revolving fund pursuant to any loan or advance

or from insurance moneys pursuant to any insurance agreement, shall

be final and conclusive upon all officers of the Government ; except

that all financial transactions of the board shall, subject to the above

limitations, be examined by the General Accounting Office at such

times and in such manner as the Comptroller General of the United

States may by regulation prescribe . Such examination, with respect

to expenditures from the revolving fund pursuant to any loan or

advance or from insurance moneys pursuant to any insurance agreement, shall be for the sole purpose of making a report to the Congress and to the board of expenditures and of loan and insurance

agreements in violation of law, together with such recommendations

thereon as the Comptroller General deems advisable .

MISCELLANEOUS PROVISIONS

SEC. 15. (a) As used in this Act, the term " cooperative association "

means any association qualified under the Act entitled " An Act

to authorize association of producers of agricultural products,"

approved February 18, 1922 . Whenever in the judgment of the board

the producers of any agricultural commodity are not organized into

cooperative associations so extensively as to render such cooperative

associations representative of the commodity, then the privileges,

assistance, and authority available under this Act to cooperative

associations, shall also be available to other associations and corporations producer-owned and producer-controlled and organized for

and actually engaged in the marketing of the agricultural commodity .

Restriction on owner- No such association or corporation shall be held to be producer-owned

and producer-controlled unless owned and controlled by cooperative

associations as above defined and/or by individuals engaged as original producers of the agricultural commodity .

(b) It shall be unlawful for any member, officer, or employee of

the board to speculate, directly or indirectly, in any agricultural

commodity or product thereof, or in contracts relating thereto, or

in the stock or membership interests of any association or corporation

engaged in handling, processing, or disposing of any such commodity

or product. Any person violating this subdivision shall upon conviction thereof be fined not more than $10,000, or imprisoned not more

than ten years, or both .

(c) It shall be unlawful (1) for any cooperative association,

stabilization corporation, clearing house association, or commodity

committee, or (2) for any director, officer, employee, or member or

person acting on behalf of any such association, corporation, or committee, to which or to whom information has been imparted in confidence by the board, to disclose such information in violation of any

regulation of the board . Any such association, corporation, or committee, or director, officer, employee, or member thereof, violating

Meaningof"cooperative association ."

Vol . 42, p. 488.

Post, p . 1550.

Privileges available to

other producer-owned

associations, etc ., marketing commodities.

ship, etc.

Speculation in commodities by member of

Board, etc., unlawful.

Punishment for .

Divulging confidential information by cooperative associations,

etc„ unlawful .

Punishment for.
SEVENTY-FIRST CONGRESS. SEss. L CHs. 24-26. 1929 .

19

this subdivision, shall be fined not more than $5,000, or imprisoned

not more than five years, or both.

d That the inclusion in any governmental report, bulletin

cotton price predic-

( ), tions prohibited in

or other such publication hereafter issued or published of any ,,moment

reports,

prediction with respect to cotton prices is hereby prohibited . Any Punishment for, by

officer or employee of the United States who authorizes or is respon- ployees

loffcersandemsible for the inclusion in any such report, bulletin, or other publication of any such prediction, or who knowingly causes the issuance or

publication of any such report, bulletin, or other publication containing any such prediction, shall, upon conviction thereof, be fined not

less than $500 or more than $5,000, or imprisoned for not more than

five years, or both : Provided, That this subdivision shall not apply to Proviso .

Official work the members of the board when engaged in the performance of their excepted. duties herein provided .

(e) If any provision of this Act is declared unconstitutional, or Invalidityofanyprovision, etc ., not to af. the applicability thereof to any person, circumstance, commodity, or feet remainder of Act.

class of transactions with respect to any commodity is held invalid,

the validity of the remainder of the Act and the applicability of such

provision to other` persons, circumstances, commodities, and classes of

transactions shall not be affected thereby .

(f) This Act may be cited as the "Agricultural Marketing Act ."

Title of Act.

Approved, June 15, 1929 .

June 15, 1929 . CHAP. 25 .-Joint Resolution Making appropriations toward carrying out the

[H . J . Res . 97.]

provisions of the Act entitled "An Act to provide for the establishment of a [Pub. Res., No .15 .]

municipal center in the District of Columbia," approved February 28, 1929 .

Resolved by the Senate and House o f Representatives o f the United

States o f America in Congress assembled, That there is hereby appro- District of Columbia .

Appropriation for sopriated, out of any money in the Treasury not otherwise appropriated, guirmg site for a

the sum of $3,000,000, to be paid out of the revenues of the District

,,

Post, PP1957, 1384C

of Columbia and the Treasury of the United States in the manner

prescribed for defraying the expenses of the District of Columbia

by the District of Columbia Appropriation Acts for the fiscal years

during which payments hereunder may be made, toward the acquisition of squares numbered 490, 491, and 533, and reservation 10, in

the District of Columbia, including buildings and other structures

thereon as a site for a municipal center, in accordance with the pro- Vol . 45, p.1409.

visions of the Act entitled "An Act to provide for the establishment

of a municipal center in the District of Columbia," approved Febru- Employmentofarchi . ary 28, 1929, to be available until expended . Of such amount not tectural, etc., services . to exceed $10,000 shall be available for the employment by contract

or otherwise for architectural and other professional services as shall

be approved by the Commissioners of the District of Columbia and

without reference to the Classification Act of 1923, as amended .

Approved, June 15, 1929 .

June 17, 1929 . CHAP. 26 .-An Act To amend section 5 of the Second Liberty Bond Act, 	

[H. R . 1648.]

as amended.

[Public, No. u.]

Be it enacted by the Senate and House of Representatives of the SecondLibertyBond

United States of America in Congress assembled, That section 5 of Act . the Second Liberty Bond Act, as amended (United States Code, title ed

Vol. 40, p . 290, amend.

31, section 754), is hereby amended to read as follows :

U. S . C . P. 1027.

Additional loans au-

" SEc. 5. (a) That in addition to the bonds and notes authorized thomed to pay for cerby sections 1 and 18 of this Act, as amended, the Secretary of the nessatbefore manbrty,

Treasury is authorized to borrow from time to time, on the credit etc,

of the United States, for the purposes of this Act, to provide for the

Vol . 40, pp. 35, 1309