
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 7USC1401]

 
                          TITLE 7--AGRICULTURE
 
             CHAPTER 35--AGRICULTURAL ADJUSTMENT ACT OF 1938
 
      SUBCHAPTER III--COTTON POOL PARTICIPATION TRUST CERTIFICATES
 
Secs. 1401 to 1407. Omitted


                          Codification

    Section 1401, act Feb. 16, 1938, ch. 30, title IV, Sec. 401, 52 
Stat. 70, authorized an appropriation of $1,800,000 to accomplish the 
purposes declared in former provisions of this subchapter and provided 
for payments by Secretary of Treasury upon order of Secretary of 
Agriculture.
    Section 1402, act Feb. 16, 1938, ch. 30, title IV, Sec. 402, 52 
Stat. 70, provided for deposit of appropriation to credit of the 
Secretary of Agriculture for disbursement for purposes stated in former 
provisions of this subchapter.
    Section 1403, acts Feb. 16, 1938, ch. 30, title IV, Sec. 403, 52 
Stat. 70; Apr. 7, 1938, ch. 107, Sec. 13, 52 Stat. 204, provided 
allotment of funds to manager of cotton pool for purchase of pool 
participation trust certificates, to be tendered by lawful holder and 
owner thereof on or before May 1, 1938, at rate of $1 per five-hundred-
pound bale, payment of costs and expenses incident to such purchases and 
covering into the Treasury as miscellaneous receipts balance remaining 
at expiration of purchase period.
    Section 1404, acts Feb. 16, 1938, ch. 30, title IV, Sec. 404, 52 
Stat. 71; Apr. 7, 1938, ch. 107, Sec. 14, 52 Stat. 204, extended the 
time limit for purchase of outstanding pool participation certificates 
to and including July 31, 1938, authorized issuance of rules and 
regulations and prohibited purchases from other than record holders on 
or before May 1, 1938.
    Section 1404a, acts June 16, 1938, ch. 464, title I, 52 Stat. 747; 
Apr. 5, 1939, ch. 44, 53 Stat. 572, extended the time limit for purchase 
of certificates to and including Sept. 30, 1939 and made the date of May 
1, 1938 inapplicable.
    Section 1404b, act June 16, 1938, ch. 464, title I, 52 Stat. 747, 
provided for issuance of regulations for payments on participation trust 
certificates in case of death, incompetence or disappearance of payee.
    Section 1405, act Feb. 16, 1938, ch. 30, title IV, Sec. 405, 52 
Stat. 71, authorized continuance of 1933 cotton producers pool as long 
as necessary to effectuate purposes of former provisions of this 
subchapter and use of funds for payment of expenses.
    Section 1406, act Feb. 16, 1938, ch. 30, title IV, Sec. 406, 52 
Stat. 71, prohibited purchase of certificates after expiration of time 
limit.
    Section 1407, acts Feb. 16, 1938, ch. 30, title IV, Sec. 407, 52 
Stat. 71; Apr. 7, 1938, ch. 107, Sec. 15, 52 Stat. 204, provided for 
payment by assignee of certificate transferred subsequent to May 1, 
1937, limited to the purchase price paid by the assignee, with interest 
at rate of four per centum from date of purchase, not exceeding an 
amount of $1 per bale, payment to be based upon affidavit of assignee.


                      Inapplicability of Subchapter

    Subchapter, with the exception of former sections 1404a and 1404b, 
inapplicable to 1996 through 2002 crops of loan commodities, peanuts, 
and sugar and inapplicable to milk during period beginning Apr. 4, 1996, 
and ending Dec. 31, 2002, see section 7301(a)(1)(I) of this title.


                Settlement of Certain Claims and Accounts

    Act June 5, 1942, ch. 349, Secs. 2, 3, 56 Stat. 324, authorized 
Comptroller General to relieve disbursing and certifying officers from 
liability for payments made under former provisions of this subchapter 
upon certificate of Secretary of Agriculture that such payments were 
made in good faith, and also provided that no action should be taken to 
recover such excess payments, if the Secretary of Agriculture should 
further certify that, in view of the good faith of the parties or other 
circumstances of the case, such attempt to recover them would be 
inadvisable or inequitable.

                                     
