15 U.S.C. § 521 — Fishing industry; associations authorized;

Page 741 TITLE 15—COMMERCE AND TRADE § 521 (June 10, 1930, ch. 440, § 1, 46 Stat. 539.) § 502. Board of directors of Textile Foundation (a) Composition The board of directors of the corporation (in this chapter referred to as the board) shall be constituted as follows: (1) The Secretary of Commerce; (2) The Secretary of Agriculture; and (3) Three individuals, familiar with the tex- tile industry or its allied branches, including that of production of raw materials, and their successors, to be appointed by the President, one for a term of two years, one for a term of three years, and one for a term of four years, from the date the incorporation is effected. (b) Term of successor; vacancies Each successor shall be appointed for a term of four years from the date of the expiration of the term of the member whom he succeeds, ex- cept that any successor appointed to fill a va- cancy occurring prior to the expiration of the term shall be appointed only for the unexpired term of the member whom he succeeds. A va- cancy in the office of a director shall not impair the power of the remaining directors to execute the functions of the board. A majority of the di- rectors shall constitute a quorum for the trans- action of the business of the board. (c) Compensation; reimbursement for expenses The members of the board shall serve without compensation for their services as such mem- bers, but they shall be reimbursed from the cor- poration for actual expenses incurred by them while in the performance of the functions vested in the board by this chapter. (d) Prohibitions against holding two or more of- fices inapplicable Any officer or employee of the United States, or of any corporation acting as a governmental agent of the United States, may, in addition to his present office, hold the office of director of the Textile Foundation without regard to any provision of law prohibiting the holding of more than one office. (e) Election of chairman The board at its first meeting and at each an- nual meeting thereafter shall elect a chairman. (f) Board to direct corporation The board shall direct the exercise of all the powers of the corporation. (June 10, 1930, ch. 440, § 2, 46 Stat. 539.) § 503. Purpose of Foundation (a) Scientific and economic research The purposes of the corporation shall be to ad- minister and expend its funds and other prop- erty for scientific and economic research for the benefit and development of the textile industry, its allied branches, and including that of produc- tion of raw materials. (b) Payment by Textile Alliance, Incorporated The Textile Alliance, Incorporated, is author- ized to pay to the corporation the amounts pay- able in accordance with the arrangement be- tween the Textile Alliance, Incorporated, and the Department of State, in lieu of paying such amounts into the United States Treasury; ex- cept that any amounts payable in accordance with such arrangement, and paid into the United States Treasury before June 10, 1930, are author- ized to be appropriated to the credit of the cor- poration. Upon the receipt by the corporation of such amounts the liability of the Textile Alli- ance, Incorporated, under such arrangement shall be extinguished. (June 10, 1930, ch. 440, § 3, 46 Stat. 539.) § 504. Powers of Foundation The corporation— (a) Shall have perpetual succession; (b) May sue and be sued; (c) May adopt a corporate seal and alter it at pleasure; (d) May adopt and alter bylaws; (e) May appoint officers and agents; (f) May acquire by purchase, devise, bequest, gift, or otherwise, and hold, encumber, convey, or otherwise dispose of, such real and personal property as may be necessary or appropriate for its corporate purposes; (g) May invest and reinvest the principal and interest of its funds; and (h) Generally, may do any and all lawful acts necessary or appropriate to carry out the pur- poses for which the corporation is created. (June 10, 1930, ch. 440, § 4, 46 Stat. 540.) § 505. Report to Congress The corporation shall, on or before the 1st day of December in each year, transmit to Congress and to the President a report of its proceedings and activities for the preceding calendar year, including a detailed statement of its receipts and expenditures. Such reports shall not be printed as public documents. (June 10, 1930, ch. 440, § 5, 46 Stat. 540.) § 506. Amendment and repeal of chapter The right to alter, amend, or repeal this chap- ter is expressly reserved. (June 10, 1930, ch. 440, § 6, 46 Stat. 540.) CHAPTER 13A—FISHING INDUSTRY Sec. 521. Fishing industry; associations authorized; ‘‘aquatic products’’ defined; marketing agencies; requirements. 522. Monopolies or restraints of trade; service of complaint by Secretary of Commerce; hear- ing; order to cease and desist; jurisdiction of district court. § 521. Fishing industry; associations authorized; ‘‘aquatic products’’ defined; marketing agen- cies; requirements Persons engaged in the fishery industry, as fishermen, catching, collecting, or cultivating aquatic products, or as planters of aquatic prod- ucts on public or private beds, may act together in associations, corporate or otherwise, with or without capital stock, in collectively catching, producing, preparing for market, processing, Page 742 TITLE 15—COMMERCE AND TRADE § 522 handling, and marketing in interstate and for- eign commerce, such products of said persons so engaged. The term ‘‘aquatic products’’ includes all com- mercial products of aquatic life in both fresh and salt water, as carried on in the several States, the District of Columbia, the several Territories of the United States, the insular pos- sessions, or other places under the jurisdiction of the United States. Such associations may have marketing agen- cies in common, and such associations and their members may make the necessary contracts and agreements to effect such purposes: Provided, however, That such associations are operated for the mutual benefit of the members thereof, and conform to one or both of the following require- ments: First. That no member of the association is al- lowed more than one vote because of the amount of stock or membership capital he may own therein; or Second. That the association does not pay dividends on stock or membership capital in ex- cess of 8 per centum per annum. and in any case to the following: Third. That the association shall not deal in the products of nonmembers to an amount greater in value than such as are handled by it for members. (June 25, 1934, ch. 742, § 1, 48 Stat. 1213.) § 522. Monopolies or restraints of trade; service of complaint by Secretary of Commerce; hearing; order to cease and desist; jurisdic- tion of district court If the Secretary of Commerce shall have rea- son to believe that any such association monop- olizes or restrains trade in interstate or foreign commerce to such an extent that the price of any aquatic product is unduly enhanced by rea- son thereof, he shall serve upon such association a complaint stating his charge in that respect, to which complaint shall be attached, or con- tained therein, a notice of hearing, specifying a day and place not less than thirty days after the service thereof, requiring the association to show cause why an order should not be made di- recting it to cease and desist from monopoliza- tion or restraint of trade. An association so complained of may at the time and place so fixed show cause why such order should not be entered. The evidence given on such a hearing shall be taken under such rules and regulations as the Secretary of Commerce may prescribe, re- duced to writing, and made a part of the record therein. If upon such hearing the Secretary of Commerce shall be of the opinion that such as- sociation monopolizes or restrains trade in interstate or foreign commerce to such an ex- tent that the price of any aquatic product is un- duly enhanced thereby, he shall issue and cause to be served upon the association an order recit- ing the facts found by him, directing such asso- ciation to cease and desist from monopolization or restraint of trade. On the request of such as- sociation or if such association fails or neglects for thirty days to obey such order, the Secretary of Commerce shall file in the district court in the judicial district in which such association has its principal place of business a certified copy of the order and of all the records in the proceedings, together with a petition asking that the order be enforced, and shall give notice to the Attorney General and to said association of such filing. Such district court shall there- upon have jurisdiction to enter a decree affirm- ing, modifying, or setting aside said order, or enter such other decree as the court may deem equitable, and may make rules as to pleadings and proceedings to be had in considering such order. The place of trial may, for cause or by consent of parties, be changed as in other causes. The facts found by the Secretary of Commerce and recited or set forth in said order shall be prima facie evidence of such facts, but either party may adduce additional evidence. The De- partment of Justice shall have charge of the en- forcement of such order. After the order is so filed in such district court and while pending for review therein, the court may issue a temporary writ of injunction forbidding such association from violating such order or any part thereof. The court shall, upon conclusion of its hearing, enforce its decree by a permanent injunction or other appropriate remedy. Service of such com- plaint and of all notices may be made upon such association by service upon any officer, or agent thereof, engaged in carrying on its business, or on any attorney authorized to appear in such proceeding for such association and such service shall be binding upon such association, the offi- cers and members thereof. (June 25, 1934, ch. 742, § 2, 48 Stat. 1214; 1939 Reorg. Plan No. II, § 4(e), eff. July 1, 1939, 4 F.R. 2731, 53 Stat. 1431; 1970 Reorg. Plan No. 4, eff. Oct. 3, 1970, 35 F.R. 15627, 84 Stat. 2090.) Executive Documents TRANSFER OF FUNCTIONS ‘‘Secretary of Commerce’’ substituted in text for ‘‘Secretary of the Interior’’ in view of: creation of Na- tional Oceanic and Atmospheric Administration in De- partment of Commerce and Office of Administrator of such Administration; abolition of Bureau of Commer- cial Fisheries in Department of the Interior and Office of Director of such Bureau; transfers of functions, in- cluding functions formerly vested by law in Secretary of the Interior or Department of the Interior which were administered through Bureau of Commercial Fish- eries or were primarily related to such Bureau, exclu- sive of certain enumerated functions with respect to Great Lakes fishery research, Missouri River Reservoir research, Gulf Breeze Biological Laboratory, and Trans-Alaska pipeline investigations; and transfer of marine sport fish program of Bureau of Sport Fisheries and Wildlife by Reorg. Plan No. 4 of 1970, eff. Oct. 3, 1970, 35 F.R. 15627, 84 Stat. 2090, set out in the Appendix to Title 5, Government Organization and Employees. Functions of Secretary of Commerce under this sec- tion transferred to Secretary of the Interior by Reorg. Plan No. II of 1939, set out in the Appendix to Title 5, Government Organization and Employees, which trans- ferred Bureau of Fisheries from Department of Com- merce to Department of the Interior. CHAPTER 14—RECONSTRUCTION FINANCE CORPORATION Sec. 601 to 619. Repealed, Omitted, or Transferred.