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(2) SPECIFICATION OF GRADE, PRICE, DATES OF SALE AND DELIVERY.-Specify the grade, type, sample, or description of the cotton involved in the contract, the price per pound at which such cotton is contracted to be bought or sold, the date of the purchase or sale, and the time when shipment or delivery of such cotton is to be made.

(3) PROHIBITION OF DELIVERY OF OTHER THAN SPECIFIED GRADE. Provide that cotton of or within the grade or of the type, or according to the sample or description, specified in the contract shall be delivered thereunder, and that no cotton which does not conform to the type, sample, or description, or which is not of or within the grade specified in the contract shall be tendered or delivered thereunder.

(4) PROVISION FOR SPECIFIC PERFORMANCE.-Provide that the delivery of cotton under the contract shall not be effected by means of "set-off" or "ring" settlement, but only by the actual transfer of the specified cotton mentioned in the contract.

(b) INCORPORATION OF CONDITIONS IN CONTRACT.-The provisions of subsection (a) (1), (3), and (4) shall be deemed fully incorporated into any such contract if there be written or printed thereon, or on the document or memorandum evidencing the same, at or prior to the time the same is entered into, the words "Subject to Internal Revenue Code, section 4865."

(c) APPLICATION OF SECTION.-This section shall not be construed to apply to any contract of sale made in compliance with section 4863 or 4864.

PART III-ADMINISTRATIVE PROVISIONS

Sec. 4871. Method of payment.

Sec. 4872. Collection and enforcement.

Sec. 4873. Liability of principal for acts of agent.

Sec. 4874. Immunity of witnesses.

Sec. 4875. Operation of State laws.

Sec. 4876. Reports of Secretary of Agriculture.
Sec. 4877. Cross references.

SEC. 4871. METHOD OF PAYMENT.

The tax imposed by section 4851 (a) shall be paid by means of stamps which shall be affixed to such contracts, or to the memoranda evidencing the same, and canceled in compliance with rules and regulations which shall be prescribed by the Secretary or his delegate. SEC. 4872. COLLECTION AND ENFORCEMENT.

(a) RULES AND REGULATIONS.-The Secretary or his delegate is authorized to make and promulgate such rules and regulations as he may deem necessary to collect the tax imposed by this subchapter and otherwise to enforce its provisions.

(b) RECORDS AND RETURNS.-Further to effect the purpose of subsection (a), the Secretary or his delegate shall require all persons coming within its provisions to keep such records and statements of account, and may require such persons to make such returns verified under oath or otherwise, as will fully and correctly disclose all transactions mentioned in section 4851 (a), including the making, execution, settlement, and fulfillment thereof; he may require all persons. who act in the capacity of a clearing house, clearing association, or

similar institution for the purpose of clearing, settling, or adjusting transactions mentioned in section 4851 (a) to keep such records and to make such returns as will fully and correctly disclose all facts in their possession relating to such transactions.

(c) EMPLOYMENT OF OFFICERS AND EMPLOYEES.-The Secretary or his delegate may appoint officers and employees to conduct the inspection necessary to collect said tax and otherwise to enforce this subchapter and all rules and regulations made by him in pursuance hereof.

SEC. 4873. LIABILITY OF PRINCIPAL FOR ACTS OF AGENT.

When construing and enforcing the provisions of this subchapter, the act, omission, or failure of any official, agent, or other person acting for or employed by any association, partnership, or corporation within the scope of his employment or office shall, in every case, also be deemed the act, omission, or failure of such association, partnership, or corporation, as well as that of the person.

SEC. 4874. IMMUNITY OF WITNESSES.

No person whose evidence is deemed material by the officer prosecuting on behalf of the United States in any case brought under any provision of this subchapter shall withhold his testimony because of complicity by him in any violation of this subchapter or of any regulation made pursuant to this subchapter, but any such person called by such officer who testifies in such case shall be exempt from prosecution for any offense to which his testimony relates.

SEC. 4875. OPERATION OF STATE LAWS.

The payment of any tax imposed by this subchapter shall not exempt any person from any penalty or punishment now or hereafter provided by the laws of any State for entering into contracts of sale of cotton for future delivery, nor shall the payment of any tax imposed by this subchapter be held to prohibit any State or municipality from imposing a tax on the same transaction.

SEC. 4876. REPORTS OF SECRETARY OF AGRICULTURE.

The Secretary of Agriculture is directed to publish from time to time the results of investigations made in pursuance of this subchapter SEC. 4877. CROSS REFERENCES.

For penalties and other general and administrative provisions applicable to this subchapter, see subtitle F.

Subchapter E-Circulation Other Than of National Banks

Sec. 4881. Imposition of tax.

Sec. 4882. Definition of bank or banker.
Sec. 4883. Exemptions.

Sec. 4884. Returns and payment of tax.

Sec. 4885. Estimation of outstanding circulation in default of return.

Sec. 4886. Cross references.

SEC. 4881. IMPOSITION of tax.

(a) AVERAGE CIRCULATION OUTSTANDING.-There shall be im posed

(1) ENTIRE CIRCULATION.-A tax of one-twelfth of 1 percent each month upon the average amount of circulation issued by any bank, association, corporation, company, or person, including as circulation all certified checks and all notes and other obligations calculated or intended to circulate or to be used as money, but not including that in the vault of the bank, or redeemed and on deposit for said bank; and

(2) CIRCULATION EXCEEDING 90 PERCENT OF CAPITAL.-An additional tax of one-sixth of 1 percent each month upon the average amount of such circulation, issued as aforesaid, beyond the amount of 90 percent of the capital of any such bank, association, corporation, company, or person.

In the case of banks with branches, the tax herein provided shall be assessed upon the circulation of each branch severally, and the amount of capital of each branch shall be considered to be the amount allotted to it.

(b) CIRCULATION PAID OUT.

(1) OWN CIRCULATION.-Every person, firm, association other than national bank associations, and every corporation, State bank, or State banking association, shall pay a tax of 10 percent on the amount of their own notes used for circulation and paid out by them.

(2) OTHER CIRCULATION.-Every such person, firm, association, corporation, State bank, or State banking association, and also every national banking association, shall pay a like tax of 10 per cent on the amount of notes of any person, firm, association other than a national banking association, or of any corporation, State bank, or State banking association, or of any town, city, or municipal corporation, used for circulation and paid out by them.

SEC. 4882. DEFINITION OF BANK OR BANKER.

Every incorporated or other bank, and every person, firm, or company having a place of business where credits are opened by the deposit or collection of money or currency, subject to be paid or remitted upon draft, check, or order, or where money is advanced or loaned on stocks, bonds, bullion, bills of exchange, or promissory notes, or where stocks, bonds, bullion, bills of exchange, or promissory

notes are received for discount or for sale, shall be regarded as a bank or as a banker.

SEC. 4883. EXEMPTIONS.

(a) CIRCULATION REDUCED TO NOT OVER 5 PERCENT OF CAPITAL.Whenever the outstanding circulation of any bank, association, corporation, company, or person is reduced to an amount not exceeding 5 percent of the chartered or declared capital existing at the time the same was issued, said circulation shall be free from taxation.

(b) CIRCULATION UNDER REDEMPTION IN WHOLE.-Whenever any bank which has ceased to issue notes for circulation deposits in the Treasury of the United States, in lawful money, the amount of its outstanding circulation, to be redeemed at par, under such regulations as the Secretary or his delegate shall prescribe, it shall be exempt from any tax upon such circulation.

(c) NATIONAL BANKS.-The provisions of this subchapter, relating to the tax on the circulation of banks, and to their returns, except as contained in sections 4881 (b) (2), 4883 (a) and (b), 4884 (a) (3), and such parts of sections 4884 (a) (1) and (2) and (b), 4885, and 4886, as relate to the tax of 10 percent on certain notes, shall not apply to associations which are taxed as national banks.

(d) CIRCULATION OF INSOLVENT BANKS.—

For exemption in case of insolvent banks, see subtitle F.

SEC. 4884. RETURNS AND PAYMENT OF TAX.

(a) CIRCULATION OUTSTANDING.

(1) TIME FOR MAKING RETURN.-A true and complete return of the monthly amount of circulation as aforesaid for the previous six months shall be made and rendered in duplicate on the first day of December, and the first day of June, by each of such banks, associations, corporations, companies, or persons.

(2) CALCULATION OF TAX.-The tax imposed by section 4881 (a) shall be calculated at the rate per month prescribed by said section, so that the tax for six months shall not be less than the aggregate would be if such taxes were collected monthly.

(3) RETURN AND PAYMENT WHEN STATE BANK CONVERTED INTO NATIONAL BANK.—Whenever any State bank or banking association has been converted into a national banking association, and such national banking association has assumed the liabilities of such State bank or banking association, including the redemption of its bills, by any agreement or understanding whatever with the representatives of such State bank or banking association, such national banking association shall be held to make the required return and payment on the circulation outstanding, so long as such circulation shall exceed 5 per centum of the capital before such conversion of such State bank or banking association.

(b) CIRCULATION PAID OUT.-The amount of circulating notes referred to in section 4881 (b), and of the tax due thereon, shall be returned, and the tax paid at the same time, and in the same manner, and with like penalties for failure to return and pay the same, as provided by law for the return and payment of taxes on circulation imposed by section 4881 (a).

SEC. 4885. ESTIMATION OF OUTSTANDING CIRCULATION IN DEFAULT OF RETURN.

In default of the returns provided in section 4884, the amount of circulation and notes of persons, town, city, and municipal corporations, State banks, and State banking associations paid out, as aforesaid, shall be estimated by the Secretary or his delegate, upon the best information he can obtain.

SEC. 4886. CROSS REFERENCES.

For penalties and other general and administrative provisions applicable to this subchapter, see subtitle F.

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