
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: 7USC607]

 
                          TITLE 7--AGRICULTURE
 
                   CHAPTER 26--AGRICULTURAL ADJUSTMENT
 
                 SUBCHAPTER II--COTTON OPTION CONTRACTS
 
Sec. 607. Sale by Secretary; additional options; validation of 
        assignments; publication of information
        
    The Secretary shall sell cotton held or acquired by him pursuant to 
authority of this chapter at his discretion subject only to the 
conditions and limitations of this chapter: Provided, That the Secretary 
shall have authority to enter into option contracts with producers of 
cotton to sell to or for the producers such cotton held and/or acquired 
by him in such amounts and at such prices and upon such terms and 
conditions as he, the Secretary, may deem advisable, and such option 
contracts may be transferred or assigned in such manner as the Secretary 
of Agriculture may prescribe.
    Notwithstanding any provisions contained in option contracts 
heretofore issued and/or any provision of law, assignments made prior to 
January 11, 1934, of option contracts exercised prior to January 18, 
1934, shall be deemed valid upon determination by the Secretary that 
such assignment was an assignment in good faith of the full interest in 
such contract and for full value and is free from evidence of fraud or 
speculation by the assignee.
    Notwithstanding any provision of existing law, the Secretary of 
Agriculture may, in the administration of this chapter, make public such 
information as he deems necessary in order to effectuate the purposes of 
this chapter.

(May 12, 1933, ch. 25, title I, Sec. 7, 48 Stat. 34; June 16, 1933, ch. 
90, title II, Sec. 221, 48 Stat. 210; Aug. 24, 1935, ch. 641, Sec. 33, 
49 Stat. 775.)


                               Amendments

    1935--Act Aug. 24, 1935, among other changes, inserted provisions as 
to presumption of validity of assignments made prior to Jan. 11, 1934 of 
option contracts exercised prior to Jan. 18, 1934 if in good faith, for 
full value, and without fraud or speculation by the assignee.
    1933--Act June 16, 1933, amended section generally.

                  Section Referred to in Other Sections

    This section is referred to in sections 608d, 673 of this title.
