7 U.S.C. § 605 — Repealed. June 30, 1947, ch. 166, title II,

Page 456 TITLE 7—AGRICULTURE § 605 or both of the methods provided in this section for obtaining funds for the purposes hereinabove enumerated. (e) The Secretary of Agriculture is authorized to use in his discretion any funds obtained by him pursuant to the provisions of subsection (a) or (b) of this section for making advances to any agency which may have been or may be estab- lished by the Secretary of Agriculture for the handling, carrying, insuring, or marketing of any cotton acquired by the Secretary of Agri- culture, to enable any such agency to perform, exercise, and discharge any of the duties, privi- leges, and functions which such agency may be authorized to perform, exercise, or discharge. (f) The proceeds derived from the sale of cot- ton shall be held for the Secretary of Agri- culture by the Treasurer of the United States in a special deposit account and shall be used by the Secretary of Agriculture to discharge the obligations incurred under authority of sections 603, 604, and 607 of this title. Whenever any cot- ton shall be marketed the net proceeds (after discharge of other obligations incurred with re- spect thereto) derived from the sale thereof shall be used, to the extent required, to reim- burse the Treasury for such portion of the funds hereby provided for as shall have been used, which shall be covered into the Treasury as a miscellaneous receipt. If when all of the cotton acquired by the Secretary of Agriculture shall have been marketed and all of the obligations incurred with respect to such cotton shall have been discharged, and the Treasury reimbursed for any and all sums which may have been ad- vanced pursuant to subsection (b), there shall remain any balance in the hands of the Sec- retary of Agriculture, such balance shall be cov- ered into the Treasury as miscellaneous re- ceipts. The word ‘‘obligation’’ when used in this sec- tion shall include (without being limited to) ad- ministrative expenses, warehouse charges, in- surance, salaries, interest, costs, commissions, and other expenses incident to handling, car- rying, insuring, and marketing of said cotton. (May 12, 1933, ch. 25, title I, § 4, 48 Stat. 33; June 19, 1934, ch. 648, title II, § 1, 48 Stat. 1058; Aug. 24, 1935, ch. 641, §§ 35, 36, 49 Stat. 775.) Editorial Notes AMENDMENTS 1935—Subsec. (b). Act Aug. 24, 1935, § 35, struck out ‘‘to be available until March 1, 1936’’ after ‘‘$100,000,000’’ and inserted last sentence relating to availability of the sum of $100,000,000. Subsec. (f). Act Aug. 24, 1935, § 36, inserted last par. defining ‘‘obligation’’. 1934—Subsec. (a). Act June 19, 1934, inserted ‘‘may in his discretion’’ after ‘‘or control and’’. Subsecs. (b) to (f). Act June 19, 1934, added subsecs. (b) to (f). § 605. Repealed. June 30, 1947, ch. 166, title II, § 206(d), 61 Stat. 208 Section, acts May 12, 1933, ch. 25, title I, § 5, 48 Stat. 33; June 19, 1934, ch. 648, title II, § 1, 48 Stat. 1059, re- lated to loans from Reconstruction Finance Corpora- tion and warehouse receipts as collateral. § 606. Repealed. Aug. 24, 1935, ch. 641, § 34, 49 Stat. 775 Section, act May 12, 1933, ch. 25, title I, § 6, 48 Stat. 33, related to option contracts. § 607. Sale by Secretary; additional options; vali- dation of assignments; publication of infor- mation The Secretary shall sell cotton held or ac- quired by him pursuant to authority of this chapter at his discretion subject only to the conditions and limitations of this chapter: Pro- vided, 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 con- ditions as he, the Secretary, may deem advis- able, and such option contracts may be trans- ferred or assigned in such manner as the Sec- retary of Agriculture may prescribe. Notwithstanding any provisions contained in option contracts heretofore issued and/or any provision of law, assignments made prior to Jan- uary 11, 1934, of option contracts exercised prior to January 18, 1934, shall be deemed valid upon determination by the Secretary that such as- signment 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 admin- istration of this chapter, make public such in- formation as he deems necessary in order to ef- fectuate the purposes of this chapter. (May 12, 1933, ch. 25, title I, § 7, 48 Stat. 34; June 16, 1933, ch. 90, title II, § 221, 48 Stat. 210; Aug. 24, 1935, ch. 641, § 33, 49 Stat. 775.) Editorial Notes 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. SUBCHAPTER III—COMMODITY BENEFITS § 608. Powers of Secretary (1) Investigations; proclamation of findings Whenever the Secretary of Agriculture has reason to believe that: (a) The current average farm price for any basic agricultural commodity is less than the fair exchange value thereof, or the average farm price of such commodity is likely to be less than the fair exchange value thereof for the period in which the production of such commodity during the current or next suc- ceeding marketing year is normally marketed, and (b) The conditions of and factors relating to the production, marketing, and consumption of such commodity are such that the exercise of any one or more of the powers conferred upon the Secretary under subsections (2) and