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or printed thereon, or on the memorandum evidencing the same, at or prior to the time the same is signed, the phrase “ Subject to United States cotton futures Act, section six A.”
Section ten of this Act [26 U. S. C., sec. 1093 (4) (b)] shall not be construed to apply to any contract of sale made in compliance with section six A hereof (26 U. S. C., sec. 1093 (2)]. (Aug. 11, 1916, sec. 6A, 39 Stat. 478; 26 U. S. C., secs. 1093, 1094.)
1512. Bona fide spot markets.—That for the purposes of this Act the only markets which shall be considered bona fide spot markets shall be those which the Secretary of Agriculture shall, from time to time, after investigation, determine and designate to be such, and of which he shall give public notice. (Aug. 11, 1916, sec. 7, 39 Stat. 478; 26 U. S. C., sec. 1097.)
1513. Method of determining bona fide spot markets; penalty for false testimony. That in determining, pursuant to the provisions of this Act, what markets are bona fide spot markets, the Secretary of Agriculture is directed to consider only markets in which spot cotton is sold in such volume and under such conditions as customarily to reflect accurately the value of middling cotton and the differences between the prices or values of middling cotton and of other grades of cotton for which standards shall have been established by the Secretary of Agriculture: Provided, That if there be not sufficient places, in the markets of which are made bona fide sales of spot cotton of grades for which standards are established by the Secretary of Agriculture, to enable him to designate at least five spot markets in accordance with section six of this Act [26 U. S. C., sec. 1092 (c)], he shall, from data as to spot sales collected by him, make rules and regulations for determining the actual commercial differences in the value of spot cotton of the grades established by him as reflected by bona fide sales of spot cotton, of the same or different grades, in the markets selected and designated by him, from time to time, for that purpose, and in that event, differences in value of cotton of various grades involved in contracts made pursuant to section five of this Act [26 U. S. C., sec. 1092 (a)] shall be determined in compliance with such rules and regulations: Provided further, That it shall be the duty of any person engaged in the business of dealing in cotton, when requested by the Secretary of Agriculture or any agent acting under his instructions, to answer correctly to the best of his knowledge, under oath or otherwise, all questions touching his knowledge of the number of bales, the classification, the price or bona fide price offered, and other terms of purchase or sale, of any cotton involved in any transaction participated in by him, or to produce all books, letters, papers, or documents in his possession or under his control relating to such matter. Any such person who shall, within a reasonable time prescribed by the Secretary of Agriculture or such agent, willfully fail or refuse to answer such questions or to produce such books, letters, papers, or documents, or who shall willfully give any answer that is false or misleading, shall be guilty of a misdemeanor, and upon conviction thereof shall be punished by a fine not exceeding $500. (Aug. 11, 1916, sec. 8, 39 Stat. 479; Mar. 4, 1919, sec. 6, 40 Stat. 1352; May 31, 1920, sec. 1, 41 Stat. 725; 26 U. S. C., secs. 1097, 1099.)
1514. Cotton standards fixed by Secretary; moneys collected for furnishing forms of standards to be covered into Treasury.—That the
Secretary of Agriculture is authorized, from time to time, to establish and promulgate standards of cotton by which its quality or value may be judged or determined, including its grade, length of staple, strength of staple, color, and such other qualities, properties, and conditions as may be standardized in practical form, which, for the purposes of this Act, shall be known as the “ Official cotton standards of the United States ”, and to adopt, change, or replace the standard for any grade of cotton established under the Act making appropriations for the Department of Agriculture for the fiscal year ending June thirtieth, inineteen hundred and nine (Thirty-fifth Statutes at Large, page two hundred and fifty-one), and Acts supplementary thereto: Provided, That any standard of any cotton established and promulgated under this Act by the Secretary of Agriculture shall not be changed or replaced within a period less than one year from and after the date of the promulgation thereof by the Secretary of Agriculture: Provided further, That, subsequent to six months after the date section three of this Act becomes effective, no change or replacement of any standard of any cotton established and promulgated under this Act by the Secretary of Agriculture shall become effective until after one year's public notice thereof, which notice shall specify the date when the same is to become effective. The Secretary of Agriculture is authorized and directed to prepare practical forms of the official cotton standards which shall be established by him, and to furnish such practical forms from time to time, upon request, to any person, the cost thereof, as determined by the Secretary of Agriculture, to be paid by the person requesting the same, and to certify such practical forms under the seal of the Department of Agriculture and under the signature of the said Secretary, thereto affixed by himself or by some official or employee of the Department of Agriculture thereunto duly authorized by the said Secretary. (Aug. 11, 1916, sec. 9, 39 Stat. 479; 26 U.S.C., sec. 1096.)
1515. Exemption from tax of section 10 contracts and spot cotton sales.—That no tax shall be levied under this Act on any contract of sale mentioned in section three hereof [26 U. S. C., sec. 1090 (a)], if the contract comply with each of the following conditions:
First. Conform to the rules and regulations made pursuant to this Act.
Second. 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.
Third. 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.
Fourth. 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.
The provisions of the first, third, and fourth subdivisions of this section 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 the United States cotton futures Act, section ten.”
This Act shall not be construed to impose a tax on any sale of spot cotton.
This section shall not be construed to apply to any contract of sale made in compliance with section five of this Act [26 U. S. C., sec. 1092]. (Aug. 11, 1916, sec. 10, 39 Stat. 479; 26 U. S. C., secs. 1091, 1094.)
1516. Tax to be paid by stamps; affixing to contracts.—That the tax imposed by section three of this Act [26 U. S. C., sec. 1090 (a)], shall be paid by the seller of the cotton involved in the contract of sale, 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 of the Treasury. (Aug. 11, 1916, sec. 11, 39 Stat. 480; 26 U. S. C., sec. 1090.)
1517. Contracts not conforming to requirements not enforceable.That no contract of sale of cotton for future delivery mentioned in section three of this Act [26 U. S. C., sec. 1090 (a)], which does not conform to the requirements of section four hereof (26 U. S. C., sec. 1095 (a)], and has not the necessary stamps affixed thereto as required by section eleven hereof [26 U. S. C., sec. 1090 (c)], shall be enforceable in any court of the United States by, or on behalf of, any party to such contract or his privies. (Aug. 11, 1916, sec. 12, 39 Stat. 480; 26 U. S. C., sec, 1095.)
1518. Regulations for collection of tax; internal-revenue laws made applicable.-That the Secretary of the Treasury is authorized to make and promulgate such rules and regulations as he may deem necessary to collect the tax imposed by this Act and otherwise to enforce its provisions. Further to effect this purpose, he 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 three of this Act, 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 three of this Act (26 U. S. C., sec. 1090 (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; and he may appoint agents to conduct the inspection necessary to collect said tax and otherwise to enforce this Act and all rules and regulations made by him in pursuance hereof, and may fix the compensation of such agents. The provisions of the internal-revenue laws of the United States, so far as applicable, including sections thirty-one hundred and seventy-three, thirty-one hundred and seventy-four, and thirtyone hundred and seventy-five of the Revised Statutes (26 U. S. Č., sec. 1515], as amended, are hereby extended, and made to apply, to this Act. (Aug. 11, 1916, sec. 13, 39 Stat. 480; 26 U. S. C., sécs. 1098, 1104.)
1519. Offenses; punishment.—That any person liable to the payment of any tax imposed by this Act who fails to pay, or evades or attempts to evade the payment of such tax, and any person who otherwise violates any provision of this Act, or any rule or regulation made in pursuance hereof, shall be deemed guilty of a misdemeanor, and, upon conviction thereof, shall be fined not less than $100 nor more than $20,000, in the discretion of the court; and, in case of natural persons, may, in addition, be punished by imprisonment for not less than sixty days nor more than three years, in the discretion of the court. (Aug. 11, 1916, sec. 14, 39 Stat. 480; 26 U. S. C., sec. 1099.)
1520. Additional penalty recoverable by action; informers; prosecutions.—That in addition to the foregoing punishment there is hereby imposed, on account of each violation of this Act, a penalty of $2,000, to be recovered in an action founded on this Act in the name of the United States as plaintiff, and when so recovered one-half of said amount shall be paid over to the person giving the information upon which such recovery was based. It shall be the duty of United States attorneys, to whom satisfactory evidence of violations of this Act is furnished, to institute and prosecute actions for the recovery of the penalties prescribed by this section. (Aug. 11, 1916, sec. 15, 89 Stat. 481; 26 U.S. C., sec. 1099.)
1521. Immunity of witnesses.—That 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 Act shall withhold his testimony because of complicity by him in any violation of this Act or of any regulation made pursuant to this Act, 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. (Aug. 11, 1916, sec. 16, 39 Stat. 481; 26 U. S. C., sec. 1100.)
1522. State laws and taxation unaffected.—That the payment of any tax levied by this Act shall not exempt any person from any penalty or punishment now or hereafter provided by the laws of any State for entering into contracts for sale of cotton for future delivery, nor shall the payment of any tax imposed by this Act be held to prohibit any State or municipality from imposing a tax on the same transaction. (Aug. 11, 1916, sec. 17, 39 Stat. 481; 26 U. S. C., sec. 1105.)
1523. Publications of results of investigations.—The Secretary of Agriculture is hereby directed to publish from time to time the results of investigations made in pursuance of this Act. All sums collected by the Secretary of Agriculture as costs under section five, or for furnishing practical forms under section nine, of this Act, shall be deposited and covered into the Treasury as miscellaneous receipts. (Aug. 11, 1916, sec. 19, 39 Stat. 481; 26 U. S. C., secs. 1096, 1103.)
1524. Time of taking effect of act; contracts not affected by act.That sections nine, eighteen, and nineteen of this Act and all provisions of this Act authorizing rules and regulations to be prescribed shall be effective immediately. All other sections of this Act shall become and be effective on and after the first day of the calendar month next succeeding the date of the passage of this Act: Provided, That nothing in this Act shall be construed to apply to any contract of sale of any cotton for future delivery mentioned in section three of this Act which shall have been made prior to the first day of the calendar month next succeeding the date of the passage of this Act. (Aug. 11, 1916, sec. 20, 39 Stat. 481.)
1525. Repeal; effect.—That the Act entitled “An Act to tax the privilege of dealing on exchanges, boards of trade, and similar places in contracts of sale of cotton for future delivery, and for other purposes”, approved August eighteenth, nineteen hundred and fourteen (Thirty-eighth Statutes at Large, page six hundred and ninetythree), is hereby repealed, effective on and after the first day of the calendar month next succeeding the date of the passage of this Act: Provided, That nothing in this Act shall be construed to affect any right or privilege accrued, any penalty or liability incurred, or any proceeding commenced under said Act of August eighteenth, nineteen hundred and fourteen, or to diminish any authority conferred by said Act on any official of the United States necessary to enable him to carry out any duties remaining to be performed by him under the said Act, or to impair the effect of the findings of the Secretary of Agriculture upon any dispute referred to him under said Act, or to affect any right in respect to, or arising out of, any contract mentioned in section three of said Act, made on or subsequent to February eighteenth, nineteen hundred and fifteen, and prior to the first day of the calendar month next succeeding the date of the passage of this Act, but so far as concerns any such contract said Act of August eighteenth, nineteen hundred and fourteen, shall remain in force with the same effect as if this Act had not been passed. (Aug. 11, 1916, sec. 21 ; 39 Stat. 482.)
1526. Effect of partial invalidity of act.-That if any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered. (Aug. 11, 1916, sec. 22, 39 Stat. 482; 26 U. S. C., sec. 1691.)
1527. Seized opium; confiscation and disposal.--All opium, its salts, derivatives, and compounds, and coca leaves, salts, derivatives, and compounds thereof, which may now be under seizure or which may hereafter be seized by the United States Government from any person or persons charged with any violation of the Act of October 1, 1890, as amended by the Acts of March 3, 1897, February 9, 1909, and January 17, 1914, or the Act of December 17, 1914, as amended [21 U. S. C., secs. 171–184; 26 U. S. C., secs. 1040-1054), shall upon conviction of the person or persons from whom seized be confiscated by and forfeited to the United States; and the Secretary is hereby authorized to deliver for medical or scientific purposes to any department, bureau, or other agency of the United States Government, upon proper application therefor under such regulation as may be prescribed by the Commissioner, with the approval of the Secretary, any of the drugs so seized, confiscated, and forfeited to the United States.