"All net earnings of the Corporation not required for its operations Reserve fund. shall be accumulated as a reserve fund until such time as the Corporation liquidates under the terms of this title. Dissolution after 'Any balance remaining after the payment of all the Corporation's debts paid and stock debts, and after the retirement of all its capital stock as herein pro- retired. vided, shall be paid into the Treasury of the United States as miscellaneous receipts, and thereupon the Corporation shall be dissolved." Approved, August 24, 1921. CHAP. 81. An Act Ratifying, confirming, and approving certain acts of the Legislature of Hawaii granting franchises for the manufacture, distribution, and supply of gas, electric light and power, and the construction, maintenance, and operation of a street railway, and for other purposes. August 24, 1921. (S. 2062.] [Public, No. 61.] Hawaii. Acts of legislature signage druises for designated public utilitles. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the act of the Legislature of Hawaii (Act 134 of the Session Laws of 1917), entitled "An act to authorize and provide for the manufacture, maintenance, distribution, and supply of electric current for light and power within the district of Hamakua, on the island and county of Hawaii, Territory of Hawaii," approved by the governor of the Territory of Hawaii April 30, anno Domini 1917, as amended; the act of the Legislature of Hawaii (Act 135 of the Session Laws of 1919), entitled "An act to authorize and provide for the manufacture, maintenance, distribution, and supply of electric current for light and power within the district of Hana, on the island and county of Maui, Territory of Hawaii," approved by the governor of the Territory of Hawaii on April 25, anno Domini 1919; the act of the Legislature of Hawaii (Act 101 of the Session Laws of 1921), entitled "An act to authorize and provide for the manufacture, maintenance, distribution, and supply of electric current for light and power within the districts of North and South Hilo and Puna, in the county of Hawaii, Territory of Hawaii," approved by the governor of the Territory of Hawaii on April 16, anno Domini 1921; the act of the Legislature of the Territory of Hawaii (Act 105 of the Session Laws of 1921), entitled "An act to authorize and provide for the manufacture, maintenance, distribution, and supply of electric current for light and power within Kappa and Waipouli, in the district of Kawaihau, on the island and county of Kauai, Territory of Hawaii," approved by the governor of the Territory of Hawaii on April 16, anno Domini 1921; the act of the Legislature of the Territory of Hawaii (Act 184 of the Session Laws of 1921), entitled "An act granting a franchise for the purpose of manufacturing and supplying gas and electric current in the districts of Wailuku and Makawao, county of Maui, Territory of Hawaii," approved by the governor of the Territory of Hawaii on April 26, anno Domini 1921; and the act of the Legislature of the Territory of Hawaii (Act 186 of the Session Laws of 1921), entitled "An act to amend an act entitled 'An act to authorize and provide for the construction, maintenance, and operation of a street railway or railways in the district of Honolulu, Island of Oahu,' enacted by the Legislature of the Republic of Hawaii July 7, 1898, and granting a franchise to the Honolulu Rapid Transit and Land Company to operate a street railway in the district of Honolulu, providing for the operation of the same, and providing for the purchase of the same by the city and county of Honolulu," approved by the governor Ratified and apof the Territory of Hawaii on April 26, anno Domini 1921, are hereby ratified, confirmed, and approved. proved. Amendment, etc., SEC. 2. That Congress, or the Legislature of the Territory of by Congress or legisla Hawaii may at any time alter, amend, or repeal any or all of the ture authorized." above acts. Approved, August 24, 1921. August 24, 1921. (S. 2330.] [Public, No. 62.] National forests. paying grazing fees in. CHAP. 82.-An Act To extend the time for payment of grazing fees for the use of national forests during the calendar year 1921. Be it enacted by the Senate and House of Representatives of the United Time extended for States of America in Congress assembled, That the time for making Vol. 41, p. 1330, amend- payments of grazing fees for the use of national forests as provided by existing law is extended from the 1st day of September, 1921, to the 1st day of December, 1921. ed. Post, p. 220. August 24, 1921. [S. 2420.] [Public, No. 63.] centennial. Approved, August 24, 1921. CHAP. 83.-An Act Authorizing and directing the Postmaster General to permit the use of a special canceling stamp at the post office of Birmingham, Alabama, bearing the words "Birmingham semicentennial, October 24 to 29, 1921." Be it enacted by the Senate and House of Representatives of the United Birmingham semi- States of America in Congress assembled, That the Postmaster General Special canceling be, and he is hereby, authorized and directed to permit the use in at Birmingham, Ala., the Birmingham, Alabama, post office of special canceling stamps bearing the following words: "Birmingham semicentennial, October 24 to 29." stamps authorized for, post office. August 24, 1921. [й. R. 4813.] [Public, No. 64.] Public lands. Mining claims assessments. Vol. 21, p. 61, amended. Period of work to commence on 1st day of July. R. S., sec. 2324, p. 426, amended. Approved, August 24, 1921. CHAP. 84.-An Act Changing the period for doing annual assessment work on unpatented mineral claims from the calendar year to the fiscal year beginning July 1 each year. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 2 of "An Act to amend sections 2324 and 2325 of the Revised Statutes of the United States concerning mineral lands," approved January 22, 1880, be, and the same is hereby, amended to read as follows: "SEC. 2. That section 2324 of the Revised Statutes of the United States be amended by adding the following words: 'Provided, That the period within which the work required to be done annually on all unpatented mineral claims located since May 10, 1872, including such claims in the Territory of Alaska, shall commence at 12 o'clock meridian on the 1st day of July succeeding the date of location of Extension of work such claim: Provided further, That on all such valid existing claims the annual period ending December 31, 1921, shall continue to 12 o'clock meridian July 1, 1922.'' for 1921. Approved, August 24, 1921. August 24, 1921. [H. R. 5621.] [Public, No. 65.} Public lands. and Bellevue town sites, Iowa. Purchase by occupants. Vol. 5, pp. 70, 178. CHAP. 85.—An Act For the disposal of certain lands in the town sites of Fort Madison and Bellevue, Iowa. Be it enacted by the Senate and House of Representatives of the United Disposal of unsold States of America in Congress assembled, That all lots in the town sites lots in Fort Madison of Fort Madison and Bellevue, Iowa, not heretofore sold and patented under the Acts of July 2, 1836, and March 3, 1837 (Fifth Statutes, pages 70 and 178), shall be disposed of and patented to the uncontested occupants thereof holding same by themselves and their predecessors in interest, in good faith under claim and color of title, and who shall make application for patent or to purchase such lots within one year from the passage of this Act, and who shall furnish satisfactory proof of such occupancy and color of title, and pay therefor the appraised value of such lots in case the purchase price has not been paid to the United States: Provided, That lots occupied by public improvements shall be donated and patented to the municipality Proviso. Donation to municipalities. lots. owning such improvements. All lots in said town sites not so disposed, Sale of undisposed of of at the expiration of one year after the passage of this Act shall be subject to private sale at the appraised value thereof, or to competitive sale, at not less than the appraised value, in the discretion of the Secretary of the Interior. Approved, August 24, 1921. CHAP. 86.-An Act Taxing contracts for the sale of grain for future delivery, and options for such contracts, and providing for the regulation of boards of trade, and for other purposes. Be it be enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act shall be known by the short title of "The Future Trading Act." August 24, 1921. [H. R. 5676.) [Public, No. 66.] Future Trading Act. Terms construed. SEC. 2. That for the purposes of this Act "contract of sale" shall be held to include sales, agreements of sale, and agreements to sell. That the word "person" shall be construed to import the plural or singular and shall include individuals, associations, partnerships, corporations, and trusts. That the word "grain" shall be construed to mean wheat, corn, oats, barley, rye, flax, and sorghum. The term "future delivery," as used herein, shall not include any sale of cash grain for deferred shipment or delivery. The words "board of trade" shall be held to include and mean any exchange or association, whether incorporated or unincorporated, of persons who shall be engaged in the business of buying or selling grain or receiving the same for sale on consignment. The act, omission, or failure of any ble for acts of agents. official, agent, or other person acting for any individual, association, partnership, corporation, or trust within the scope of his employment or office shall be deemed the act, omission, or failure of such individual, association, partnership, corporation, or trust, as well as of such official, agent, or other person. Principals responsi Additional tax on options for sale or purchase of grain. Vol. 40, p. 1136. SEC. 3. That in addition to the taxes now imposed by law there is hereby levied a tax amounting to 20 cents per bushel on each bushel involved therein, whether the actual commodity is intended to be delivered or only nominally referred to, upon each and every privilege or option for a contract either of purchase or sale of grain, intending hereby to tax only the transactions known to the trade as "privileges," "bids," "offers," "puts and calls," "indemnities," or "ups and downs." SEC. 4. That in addition to the taxes now imposed by law there is ture delivery. hereby levied a tax of 20 cents a bushel on every bushel involved therein, upon each contract of sale of grain for future delivery except On contracts for fu Exceptions. (a) Where the seller is at the time of the making of such contract the owner of the actual physical property covered thereby, or is the etc., of property. grower thereof, or in case either party to the contract is the owner or renter of land on which the same is to be grown, or is an association of such owners, or growers of grain, or of such owners or renters of land; or If made through designated boards of trade. (b) Where such contracts are made by or through a member of a board of trade which has been designated by the Secretary of Agri-Requirements. culture as a "contract market," as hereinafter provided, and if such contract is evidenced by a memorandum in writing which shows the date, the parties to such contract and their addresses, the property covered and its price, and the terms of delivery, and provided that each board member shall keep such memorandum for a period of three years from the date thereof, or for a longer period if the Secretary of Agriculture shall so direct, which record shall at all times be open to the inspection of any representative of the United States Department of Agriculture or the United States Department of Justice. Contract markets. Designation of boards of trade as. Conditions. Located at terminal markets, etc. Conform to requirements for detailed ac tions, etc. SEC. 5. That the Secretary of Agriculture is hereby authorized and directed to designate boards of trade as "contract markets" when, and only when, such boards of trade comply with the following conditions and requirements: (a) When located at a terminal market upon which cash grain is sold in sufficient volumes and under such conditions as fairly to reflect the general value of the grain and the difference in value between the various grades of grain, and having recognized official weighing and inspection service. (b) When the governing board thereof provides for the making counting of transac- and filing, by the board or any member thereof, as the Secretary of Agriculture may direct, of reports in accordance with the rules and regulations, and in such manner and form and at such times as may be prescribed by the Secretary of Agriculture, showing the details and terms of all transactions entered into by the board, or the members thereof, either in cash transactions consummated at, on, or in a board of trade, or transactions for future delivery, and when such governing board provides, in accordance with such rules and regulations, for the keeping of a record by the board or the members of the board of trade, as the Secretary of Agriculture may direct, showing the details and terms of all cash and future transactions entered into by them, consummated at, on, or in a board of trade, such record to be in permanent form, showing the parties to all such transactions, any assignments or transfers thereof, with the parties thereto, and the manner in which said transactions are fulfilled, disPreservation, inspec- charged, or terminated. Such record shall be required to be kept for a period of three years from the date thereof, or for a longer period if the Secretary of Agriculture shall so direct, and shall at all times be open to the inspection of any representative of the United States Department of Agriculture or United States Department of Justice. tion, etc., of records. Prevent misleading reports of market prices, etc. Prevent price manipulation by opera tors. Admit cooperative associations of producers to membership. Proviso. (c) When the governing board thereof prevents the dissemination, by the board or any member thereof, of false, misleading, or inaccurate report, concerning crop or market information or conditions that affect or tend to affect the price of commodities. (d) When the governing board thereof provides for the prevention of manipulation of prices, or the cornering of any grain, by the dealers or operators upon such board. (e) When the governing board thereof admits to membership thereof and all privileges thereon on such boards of trade any duly authorized representative of any lawfully formed and conducted cooperative associations of producers having adequate financial reDistribution of earn. sponsibility: Provided, That no rule of a contract market against rebating commissions shall apply to the distribution of earnings among the bona fide members of any such cooperative association. (f) When the governing board shall provide for making effective the final orders or decisions entered pursuant to the provisions of paragraph (b) section 6 of this Act. ings among. Refuse privileges to barred operators. Post, p. 189. Commission authorized to suspend, etc., quirements, etc. SEC. 6. That any board of trade desiring to be designated a "contract market" shall make application to the Secretary of Agriculture for such designation and accompany the same with a showing that it complies with the above conditions, and with a sufficient assurance that it will continue to comply with the above requirements. (a) A commission composed of the Secretary of Agriculture, the boards violating re- Secretary of Commerce, and the Attorney General is authorized to suspend for a period not to exceed six months or to revoke the designation of any board of trade as a "contract market" upon a showing that such board of trade has failed or is failing to comply with the above requirements or is not enforcing its rules of government made a condition of its designation as set forth in section 5. Such suspension or revocation shall only be after a notice to the Hearings, etc. Provisos. in circuit court of ap certified to court. Accepted as testimony. officers of the board of trade affected and upon a hearing: Provided, rtion conclusive That such suspension or revocation shall be final and conclusive unless petition be filed unless within fifteen days after such suspension or revocation by the peals to set order aside, said commission such board of trade appeals to the circuit court of etc. appeals for the circuit in which it has its principal place of business by filing with the clerk of such court a written petition praying that the order of the said commission be set aside or modified in the manner stated in the petition, together with a bond in such sum as the court may determine, conditioned that such board of trade will pay the costs of the proceedings if the court so directs. The clerk of cecords, etc., to be the court in which such a petition is filed shall immediately cause a copy thereof to be delivered to the Secretary of Agriculture, chairman of said commission, or any member thereof, and the said commission shall forthwith prepare, certify, and file in the court a full and accurate transcript of the record in such proceedings, including the notice to the board of trade, a copy of the charges, the evidence, and the report and order. The testimony and evidence taken or submitted before the said commission duly certified and filed as aforesaid as a part of the record, shall be considered by the court as the evidence in the case. The proceedings in such cases in the circuit court of appeals shall be made a preferred cause and shall be expedited in every way. Such a court may affirm or set aside the aside, etc., orders, limorder of the said commission or may direct it to modify its order. ited. No such order of the said commission shall be modified or set aside by the circuit court of appeals unless it is shown by the board of trade that the order is unsupported by the weight of the evidence or was issued without due notice and a reasonable opportunity having been afforded to such board of trade for a hearing, or infringes the Constitution of the United States, or is beyond the jurisdiction of said commission: Provided further, That if the Secretary of Agricul- sion If board of trade ture shall refuse to designate as a contract market any board of be refused designation trade that has made application therefor, then such board of trade may appeal from such refusal to the commission described therein, consisting of the Secretary of Agriculture, the Secretary of Commerce, and the Attorney General of the United States, with the right to appeal as provided for in other cases in this section, the decision on such appeal to be final and binding on all parties interested. Expediting directed. Authority to set Appeal to commis as contract market. Decision final. Complaints against provisions hereof. persons for violating mission or referee. (b) That if the Secretary of Agriculture has reason to believe that any person is violating any of the provisions of this Act, or is attempting to manipulate the market price of any grain in violation of the provisions of section 5 hereof, or of any of the rules or regulations made pursuant to its requirements, he may serve upon such person a complaint stating his charge in that respect, to which complaint shall be attached or contained therein a notice of hearing, specifying a day and place not less than three days after the service thereof, requiring such person to show cause why an order should not be made directing that all contract markets until further notice of the said commission Hearings by comrefuse all trading privileges thereon to such person. Said hearing may be held in Washington, District of Columbia, or elsewhere, before the said commission, or before a referee designated by the Secretary of Agriculture, who shall cause all evidence to be reduced to writing and forthwith transmit the same to the Secretary of Agriculture as chairman of the said commission. That for the purpose of securing effective enforcement of the provisions of this Act the provisions, including penalties, of section 12 of the Interstate Commerce Act, as amended, relating to the attendance and testimony of witnesses, the production of documentary evidence, and the immunity of witnesses, are made applicable to the power, jurisdiction, and authority of the Secretary of Agriculture, the said commission, or said referee in proceedings under this Act, and to persons subject to its provisions. Jurisdiction for seforcement, etc. curing testimony, en Vol. 26, p. 743. |