Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-04-15

may be owned only by cooperative as
sociations handling the commodity
and
az The corporation hgrees with the
board to adopt such bylaws as the
board may. from time to time require,
which by-iaws, among other matters,
shall permit cooperative associations
not stockholders or members Of the
corporation to become stockholders or
members therein upon equitable terms
May Act Is Marketing Agency. .
OBJ The sterilization corporation for
any agricultural commodity may act as
q marketing agency for its stockholders
or members, and upon request OF the
advisory commodity committee for the
commodity the board Is authorized to
make advances to the sterilization cor
poration for working capital TO enable
1t to purchase, store, merchandise. or
otherwise dispose of the commodity
Such advances may be for such period
or periods and upon such terms and
conditions and at such rates of inter-
est as the board may prescribe.
(Cl Any sterilization corporation re-
ceiving such advances shall exert every
reasonable effort to avoid losses and to
secure profits, but 1t shall not withhold
any commodity from the domestic mar
ket II the prices thereof have become
unduly enhanced, resulting in distress
to domestic consumers.
cd The board shall require any
sterilization corporation to establish and
maintain adequate reserves before 1t
shall pay dividends out of its profits.
II. by reason of unforeseen conditions, a
loss Is sustained by any such corpora.
ton which exceeds its capital and re-
serves previously accumulated, such loss
shall be repaid out Of the profits sub
sequently earned. but shall not be as
sessed against the stockholders Of the
corporation.
President Given Executive Power.
Section Z. The board shall, In CO.
operation with any governmental estab-
lishment In the executive branch of the
Government, including any field service
thereof, at home or abroad, avail itself
of the information, data, services. and
facilities thereof In order to svoid pre-
ventable expense or duplication of effort
The President may by executive order
direct any such governmental establish
ment to furnish the board such infor-
nation and data as such governmental
establishment may have pertaining to
the functions Of the board and as the
board may request. Notwithstanding
the foregoing provisions the board shall
not be furnished by any governmental
establishment with any Information or
data supplied by any person In con-
fidence to the governmental establish
ment in pursuance OF any provision Of
law or Of any agreement with the gov
ernmental establishment. The board
may cooperate with any State or Ter
ritury, or department, agency or polit-
ical subdivision thereof, or with any
person.
Section 8. (A) For expenditures in
executing the functions vested in the
board by this act (including salaries
and expenses OF members, officers, and
employees OF the board and per diem
compensation and expenses of the COM
modify committees), incurred prior to
,, July l, 1880, there Is hereby authorized
to be appropriated the sum Of 81, SOC, 900.
No part OF the moneys appropriated in
| pursuance Of this authorization shall
be available for expenditures, including
loans and advances, for the payment of
which the revolving fund or insurance
moneys are authorized to be used.
Terms Of Act Defined.
OBJ As used in this act, the term
cooperative association" means any
association qualified under the act en-
| titled IAN act to authorize the aSsocia-
ton Of producers Of agricultural prod
ucts," approved February Is, 1922
When ever In the judgment of the
board the producers Of any agricultural
commodity are not organised into CO.
operative associations 30 extensively Al
to render such cooperative associations
TAfarAEaVaf t4UA ~ tia FaE4Ndifw THAR
| 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-controll-
ed and organized for and actually en-
gagged in the marketing of the agricul-
tural commodity. No such association
or corporation shall be held to be pro-
ducer-owned and producer-controlled
unless owned and controlled by CO.
operative associations as above defined
and or by individuals engaged as origi-
nal producers Of the agricultural COM
modify. @
Co 1t shall be unlawful for any
member, officer, or employe OF the
board to speculate, directly or indirect
ly, in any agricultural commodity or
product thereof or In contracts relating
thereto, or in the stock or membership
interests of any association or corpora
ton engaged In handling, processing,
or disposing Of any such commodity
or product. Any person violating this
subdivision shall upon conviction therof
be fined not more than $4,000, or i'm
prisoned not more than 10 years, or
both.
CD 1t shall be unlawful ~ for any
cooperative association, Sterilization