§ 1441-1a. — Marketing certificates for rice.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC1441-1a]
TITLE 7--AGRICULTURE
CHAPTER 35A--PRICE SUPPORT OF AGRICULTURAL COMMODITIES
SUBCHAPTER II--BASIC AGRICULTURAL COMMODITIES
Sec. 1441-1a. Marketing certificates for rice
(a) Authority of Commodity Credit Corporation to issue negotiable
marketing certificates
Notwithstanding any other provision of law, whenever, during the
period beginning August 1, 1986, and ending July 31, 1991, the world
price for a class of rice (adjusted to United States qualities and
location), as determined by the Secretary of Agriculture, is below the
current loan repayment rate for that class of rice, to make United
States rice competitive in world markets and to maintain and expand
exports of rice produced in the United States, the Commodity Credit
Corporation, under such regulations as the Secretary may prescribe,
shall make payments, through the issuance of negotiable marketing
certificates, to persons who have entered into an agreement with the
Commodity Credit Corporation to participate in the program established
under this section. Such payments shall be made in such monetary amounts
and subject to such terms and conditions as the Secretary determines
will make rice produced in the United States available at competitive
prices consistent with the purposes of this section, including such
payments as may be necessary to make rice in inventory on August 1,
1986, available on the same basis.
(b) Determination of value of certificates
The value of each certificate issued under subsection (a) of this
section shall be based on the difference between--
(1) the loan repayment rate for the class of rice; and
(2) the prevailing world market price for the class of rice, as
determined by the Secretary of Agriculture under a published formula
submitted for public comment before its adoption.
(c) Commodity Credit Corporation assistance in redemption, marketing, or
exchange of certificates
The Commodity Credit Corporation, under regulations prescribed by
the Secretary of Agriculture, may assist any person receiving marketing
certificates under this section in the redemption of certificates for
cash, or marketing or exchange of such certificates for (1) rice owned
by the Commodity Credit Corporation or (2) (if the Secretary and the
person agree) other agricultural commodities or the products thereof
owned by the Commodity Credit Corporation, at such times, in such
manner, and at such price levels as the Secretary determines will best
effectuate the purposes of the program established under this section.
Notwithstanding any other provision of law, any price restrictions that
may otherwise apply to the disposition of agricultural commodities by
the Commodity Credit Corporation shall not apply to the redemption of
certificates under this section.
(d) Exchange of certificates for commodities and products
Insofar as practicable, the Secretary shall permit owners of
certificates to designate the commodities and the products thereof,
including storage sites thereof, such owners would prefer to receive in
exchange for certificates. If any certificate is not presented for
redemption, marketing, or exchange within a reasonable number of days
after the issuance of such certificate (as determined by the Secretary),
reasonable costs of storage and other carrying charges, as determined by
the Secretary, shall be deducted from the value of the certificate for
the period beginning after such reasonable number of days and ending
with the date of the presentation of such certificate to the Commodity
Credit Corporation.
(e) Prevention of adverse effects
The Secretary of Agriculture shall take such measures as may be
necessary to prevent the marketing or exchange of agricultural
commodities and the products thereof for certificates under this section
from adversely affecting the income of producers of such commodities or
products.
(f) Transfer of certificates
Under regulations prescribed by the Secretary of Agriculture,
certificates issued to rice exporters under this section may be
transferred to other exporters and persons approved by the Secretary.
(Pub. L. 99-198, title VI, Sec. 603, Dec. 23, 1985, 99 Stat. 1429.)
Codification
Section was enacted as part of the Food Security Act of 1985, and
not as part of the Agricultural Act of 1949 which is classified
principally to this chapter. For complete classification of the 1949 Act
to the Code, see Short Title note set out under section 1421 of this
title and Tables.
