§ 204. — Bond and suspension of registrants.
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and December 19, 2003]
[CITE: 7USC204]
TITLE 7--AGRICULTURE
CHAPTER 9--PACKERS AND STOCKYARDS
SUBCHAPTER III--STOCKYARDS AND STOCKYARD DEALERS
Sec. 204. Bond and suspension of registrants
On and after July 12, 1943, the Secretary may require reasonable
bonds from every market agency (as defined in this subchapter), every
packer (as defined in subchapter II of this chapter) in connection with
its livestock purchasing operations (except that those packers whose
average annual purchases do not exceed $500,000 will be exempt from the
provisions of this paragraph), and every other person operating as a
dealer (as defined in this subchapter) under such rules and regulations
as he may prescribe, to secure the performance of their obligations, and
whenever, after due notice and hearing, the Secretary finds any
registrant is insolvent or has violated any provisions of this chapter
he may issue an order suspending such registrant for a reasonable
specified period. Such order of suspension shall take effect within not
less than five days, unless suspended or modified or set aside by the
Secretary or a court of competent jurisdiction. If the Secretary finds
any packer is insolvent, he may after notice and hearing issue an order
under the provisions of section 193 of this title requiring such packer
to cease and desist from purchasing livestock while insolvent, or while
insolvent purchasing livestock except under such conditions as the
Secretary may prescribe to effectuate the purposes of this chapter.
(July 12, 1943, ch. 215, 57 Stat. 422; Pub. L. 94-410, Secs. 1, 4, Sept.
13, 1976, 90 Stat. 1249.)
Codification
Section was enacted as part of the Department of Agriculture
Appropriation Act, 1944, act July 12, 1943, and not as part of the
Packers and Stockyards Act, 1921, which comprises this chapter.
Amendments
1976--Pub. L. 94-410 inserted provisions exempting market agencies
and packers whose average annual purchases do not exceed $500,000 from
bonding requirement and authorizing Secretary, after notice and hearing,
to issue cease and desist orders to insolvent packers prohibiting the
purchase of livestock except under conditions prescribed by Secretary,
respectively.
Prior Provisions
Provisions similar to those in this section were contained in the
following prior appropriation acts:
July 22, 1942, ch. 516, 56 Stat. 689.
July 1, 1941, ch. 267, 55 Stat. 432.
June 25, 1940, ch. 421, 54 Stat. 557.
June 30, 1939, ch. 253, title I, 53 Stat. 970.
June 16, 1938, ch. 464, title I, 52 Stat. 721.
June 29, 1937, ch. 404, 50 Stat. 406.
June 4, 1936, ch. 489, 49 Stat. 1432.
May 17, 1935, ch. 131, title I, 49 Stat. 257.
Mar. 26, 1934, ch. 89, 48 Stat. 477.
Mar. 3, 1933, ch. 203, 47 Stat. 1441.
July 7, 1932, ch. 443, 47 Stat. 620.
Feb. 23, 1931, ch. 278, 46 Stat. 1252.
May 27, 1930, ch. 341, 46 Stat. 402.
Feb. 16, 1929, ch. 227, 45 Stat. 1198.
May 16, 1928, ch. 572, 45 Stat. 547.
Jan. 18, 1927, ch. 39, 44 Stat. 1002.
May 11, 1926, ch. 286, 44 Stat. 527.
Feb. 10, 1925, ch. 200, 43 Stat. 851.
June 5, 1924, ch. 266, 43 Stat. 460.
Section Referred to in Other Sections
This section is referred to in section 228c of this title; title 11
section 525.
