§ 1141j. — Miscellaneous provisions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1141j]
TITLE 12--BANKS AND BANKING
CHAPTER 7A--AGRICULTURAL MARKETING
Sec. 1141j. Miscellaneous provisions
(a) ``Cooperative association'' defined
As used in this chapter, the term ``cooperative association'' means
any association in which farmers act together in processing, preparing
for market, handling, and/or marketing the farm products of persons so
engaged, and also means any association in which farmers act together in
purchasing, testing, grading, processing, distributing, and/or
furnishing farm supplies and/or farm business services: Provided,
however, That such associations are operated for the mutual benefit of
the members thereof as such producers or purchasers and conform to one
or both of the following requirements:
First. That no member of the association is allowed more than one
vote because of the amount of stock or membership capital he may own
therein; and
Second. That the association does not pay dividends on stock or
membership capital in excess of 8 per centum per annum.
And in any case to the following:
Third. That the association shall not deal in farm products, farm
supplies, and farm business services with or for nonmembers in an amount
greater in value than the total amount of such business transacted by it
with or for members. All business transacted by any cooperative
association for or on behalf of the United States or any agency or
instrumentality thereof shall be disregarded in determining the volume
of member and nonmember business transacted by such association.
(b) Speculation prohibited
It shall be unlawful for the governor, or any officer or employee of
the Farm Credit Administration 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) Confidential information; disclosure prohibited
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 administration, to disclose such information in
violation of any regulation of the administration. Any such association,
corporation, or committee, or director, officer, employee, or member
thereof, violating this subdivision, shall be fined not more than
$5,000, or imprisoned not more than five years, or both.
(d) Governmental publications; predictions as to cotton prices
prohibited
The inclusion in any governmental report, bulletin, or other such
publication hereafter issued or published of any prediction with respect
to cotton prices is prohibited. Any officer or employee of the United
States who authorizes or is responsible 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 the Governor of the Farm Credit
Administration when engaged in the performance of his duties herein
provided.
(e) Separability clause
If any provision of this chapter is declared unconstitutional, or
the applicability thereof to any person, circumstance, commodity, or
class of transactions with respect to any commodity is held invalid, the
validity of the remainder of the chapter and the applicability of such
provision to other persons, circumstances, commodities, and classes of
transactions shall not be affected thereby.
(f) Citation of chapter
This chapter may be cited as the ``Agricultural Marketing Act.''
(g) ``Agricultural commodity'' defined
As used in this chapter, the term ``agricultural commodity''
includes, in addition to other agricultural commodities, crude gum
(oleoresin) from a living tree, and the following products as processed
by the original producer of the crude gum (oleoresin) from which
derived: Gum spirits of turpentine and gum rosin, as defined in section
92 of title 7.
(June 15, 1929, ch. 24, Sec. 15, 46 Stat. 18; Mar. 4, 1931, ch. 520,
Sec. 3, 46 Stat. 1550; Ex. Ord. No. 6084, Mar. 27, 1933; June 16, 1933,
ch. 98, title V, Sec. 55, 48 Stat. 266; June 3, 1935, ch. 164, Sec. 12,
49 Stat. 317.)
Codification
Section was formerly classified to section 535 of Title 7,
Agriculture.
Amendments
1935--Subsec. (a). Act June 3, 1935, amended definition of
cooperative association and inserted second sentence in par. ``Third''.
1933--Subsec. (a). Act June 16, 1933, among other changes, inserted
proviso and all subsequent thereto.
1931--Subsec. (g). Act Mar. 4, 1931, added subsec. (g).
Change of Name
``The Governor'' and ``Farm Credit Administration'' substituted in
text for ``any member'' and ``board'', respectively, and ``Governor of
the Farm Credit Administration'' substituted for ``members of the
board'', pursuant to Ex. Ord. No. 6084, set out preceding section 2241
of this title.
Transfer of Functions
Establishment of Farm Credit Administration as an independent
agency, composition of Farm Credit Administration, appointment of
Governor of Farm Credit Administration, and duties thereof, including
duty to perform functions, etc., of Farm Credit Administration, see
section 2241 et seq of this title.
Exceptions From Transfer of Functions
Functions of Farm Credit Administration or any agency, officer, or
entity of, under, or subject to supervision of said Administration
excepted from functions of officers, agencies, and employees transferred
to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, Sec. 1, eff.
June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out in the Appendix to
Title 5, Government Organization and Employees.
Section Referred to in Other Sections
This section is referred to in title 5 section 504; title 7 sections
499e, 2302; title 15 section 632; title 26 section 3131; title 28
section 2412; title 29 section 203; title 42 sections 410, 8802; title
49 sections 13506, 13508.
