An Act to facilitate the sale and disposal of Government stocks of extra long staple cotton
PL 87-548 (H.R.10595), enacted 07/25/1962

218 
PUBLIC LAW 87-548-JULY 25, 1962 
[76 STAT. 
Donation of 
property. 
"(4) The donation of real and personal property, including 
part or all of its endowment fund, to a public agency or public 
agencies for the purpose of preserving in public ownership his-
torically significant properties associated with the life of Theodore 
Roosevelt." 
and by deleting the word "and" at the end of subdivision (2) of sec-
tion 3. 
Approved July 25, 1962. 
July 25, 1962 
[H. R. 10595] 
Public Law 87-548 
AN ACT 
To facilitate the sale aud disposal of Government stocks of extra long staple 
cotton. 
Cotton. 
Government 
stocks, sale and 
disposal. 
60 Stat. 596. 
63 Stat. 1055; 
72 Stat. 993. 
7 u s e 1427. 
52 Stat. 31. 
7 u s e 1281. 
68 Stat. 454. 
7 u s e 1691 note. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States 
of America 
in Congress assembled^ That, notwith-
standing any other provision of law, all extra long staple cotton 
remaining in the stockpile established pursuant to the Strategic and 
Critical Materials Stock Piling Act, as amended (50 U.S.C. 98), shall 
be withdrawn and transferred or made available to the Commodity 
Credit Corporation for disposition as provided herein. The domes-
tically grown cotton in the stockpile shall be transferred to the Com-
modity Credit Corporation and shall be sold only for unrestricted use 
at not less than the prices at which the Commodity Credit Corporation 
may sell its stocks imder the minimum pricing provisions oi section 
407 of the Agricultural Act of 1949, as amended. Such domestically 
grown cotton shall be excluded in making any determination witn 
respect to national marketing quotas under the Agricultural Adjust-
ment Act of 1938, as amended, until after it is sold by Commodity 
Credit Corporation. The foreign-grown cotton in the stockpile shall 
be transferred to the Commodity Credit Corporation. Any foreign-
grown cotton transferred hereunder to the Commodity Credit Cor-
poration shall be sold or disposed of only for export at not less than 
the world market price, as determined by the Secretary of Agriculture. 
In administering sales or disposals of the foreign-grown cotton, the 
Secretary of Agriculture shall periodically determine and announce 
quotas for disposals by commercial sales and for disposals through 
the Agricultural Trade Development and Assistance Act of 1954, as 
amended. 
Such foreign-grown cotton shall be excluded in making 
any determination with respect to national marketing quotas under 
the Agricultural Adjustment Act of 1938, as amended, and shall be 
considered as domestically grown surplus cotton for purposes of sale 
or disposal under the provisions of the Agricultural Trade Develop-
ment and Assistance Act of 1954, as amended, and shall be eligible 
for sale or disposal thereunder in accordance with the provisions of 
this Act. 
Proceeds from such sales and dispositions, less costs incurred by 
Commodity Credit Corporation, including administrative expense, as 
determined by the Secretary of Agriculture, shall be covered into 
the Treasury of the United States as miscellaneous receipts. 
Approved July 25, 1962.