§ 10a. Cooperative associations and corporations, exclusion from board of trade; rules of board inapplicable to payment of compensation by association

700 words·~3 min read·/usc/title-7/section-10a

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)No board of trade which has been designated or registered as a contract market or a derivatives transaction execution facility exclude 1 from membership in, and all privileges on, such board of trade, any association or corporation engaged in cash commodity business having adequate financial responsibility which is organized under the cooperative laws of any State, or which has been recognized as a cooperative association of producers by the United States Government or by any agency thereof, if such association or corporation complies and agrees to comply with such terms and conditions as are or may be imposed lawfully upon other members of such board, and as are or may be imposed lawfully upon a cooperative association of producers engaged in cash commodity business, unless such board of trade is authorized by the commission to exclude such association or corporation from membership and privileges after hearing held upon at least three days’ notice subsequent to the filing of complaint by the board of trade: Provided, however, That if any such association or corporation shall fail to meet its obligations with any established clearing house or clearing agency of any contract market, such association or corporation shall be ipso facto debarred from further trading on such contract market, except such trading as may be necessary to close open trades and to discharge existing contracts in accordance with the rules of such contract market applicable in such cases. Such commission may prescribe that such association or corporation shall have and retain membership and privileges, with or without imposing conditions, or it may permit such board of trade immediately to bar such association or corporation from membership and privileges. Any order of said commission entered hereunder shall be reviewable by the court of appeals for the circuit in which such association or corporation, or such board of trade, has its principal place of business, on written petition either of such association or corporation, or of such board of trade, under the procedure provided in section 8(b) of this title, but such order shall not be stayed by the court pending review.

(b)No rule of any board of trade designated or registered as a contract market or a derivatives transaction execution facility shall forbid or be construed to forbid the payment of compensation on a commodity-unit basis, or otherwise, by any federated cooperative association to its regional member-associations for services rendered or to be rendered in connection with any organization work, educational activity, or procurement of patronage, provided no part of any such compensation is returned to patrons (whether members or nonmembers) of such cooperative association, or of its regional or local member-associations, otherwise than as a dividend on capital stock or as a patronage dividend out of the net earnings or surplus of such federated cooperative association.

(Sept. 21, 1922, ch. 369, § 6a, as added June 15, 1936, ch. 545, § 9, 49 Stat. 1499; amended June 25, 1948, ch. 646, § 32(a), 62 Stat. 991; May 24, 1949, ch. 139, § 127, 63 Stat. 107; Pub. L. 102–546, title II, § 209(b)(4), title IV, § 402(8), Oct. 28, 1992, 106 Stat. 3607, 3625; Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(13)], Dec. 21, 2000, 114 Stat. 2763, 2763A–409.)

Connections25 cite this · traces to 2

Cited by 25 sections · top 14

statutes-at-large

statute-compilations

Sec. 6a
**[**COOPERATIVE ASSOCIATIONS AND CORPORATIONS, EXCLUSION FROM BOARD OF TRADE**]**

bill

Traces to 2 documents

U.S. Code

15 references not yet in our index

1
Sept. 21, 1922, ch. 369, § 6a
June 15, 1936, ch. 545, § 9
49 Stat. 1499
June 25, 1948, ch. 646, § 32(a)
62 Stat. 991
May 24, 1949, ch. 139, § 127
63 Stat. 107
Pub. L. 102–546, title II, § 209(b)(4)
106 Stat. 3607
Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(13)]
114 Stat. 2763
Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(13)(A)]
Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(13)(B)]
Pub. L. 102–546

Citation graph

cites case law

§ 10a

Cooperative associations and corporations, exclusion from board of trade; rules of board inapplicable to payment of compensation by association

Bills×21

Stat.×3

Stat. Comp.×1

U.S.C.§ 8

U.S.C.§ 1

Cite1

ActSept. 21, 1922, ch. 369, § 6a

ActJune 15, 1936, ch. 545, § 9

Stat.49 Stat. 1499

ActJune 25, 1948, ch. 646, § 32(a)

Cites 17 · showing 7Cited by 25 across 3 sources