
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 7USC24]

 
                          TITLE 7--AGRICULTURE
 
                     CHAPTER 1--COMMODITY EXCHANGES
 
Sec. 24. Regulations respecting commodity broker debtors; 
        definitions
        
    (a) Notwithstanding title 11, the Commission may provide, with 
respect to a commodity broker that is a debtor under chapter 7 of title 
11, by rule or regulation--
        (1) that certain cash, securities, other property, or commodity 
    contracts are to be included in or excluded from customer property 
    or member property;
        (2) that certain cash, securities, other property, or commodity 
    contracts are to be specifically identifiable to a particular 
    customer in a specific capacity;
        (3) the method by which the business of such commodity broker is 
    to be conducted or liquidated after the date of the filing of the 
    petition under such chapter, including the payment and allocation of 
    margin with respect to commodity contracts not specifically 
    identifiable to a particular customer pending their orderly 
    liquidation;
        (4) any persons to which customer property and commodity 
    contracts may be transferred under section 766 of title 11; and
        (5) how the net equity of a customer is to be determined.

    (b) As used in this section, the terms ``commodity broker'', 
``commodity contract'', ``customer'', ``customer property'', ``member 
property'', ``net equity'', and ``security'' have the meanings assigned 
such terms for the purposes of subchapter IV of chapter 7 of title 11.

(Sept. 21, 1922, ch. 369, Sec. 20, formerly Sec. 19, as added Pub. L. 
95-598, title III, Sec. 302, Nov. 6, 1978, 92 Stat. 2673; renumbered and 
amended Pub. L. 97-222, Sec. 20, July 27, 1982, 96 Stat. 241.)


                               Amendments

    1982--Subsec. (a)(3). Pub. L. 97-222, Sec. 20(b), inserted ``, 
including the payment and allocation of margin with respect to commodity 
contracts not specifically identifiable to a particular customer pending 
their orderly liquidation''.


                             Effective Date

    Section effective Nov. 6, 1978, see section 402(d) of Pub. L. 95-
598, set out as a note preceding section 101 of Title 11, Bankruptcy.
