U.S Code last checked for updates: Apr 29, 2024
All TitlesTitle 7Chapter 1
§ 15b.
Cotton futures contracts
(a)
Short title
(b)
Omitted
(c)
Definitions
For purposes of this section—
(1)
Cotton futures contract
The term “cotton futures contract” means any contract of sale of cotton for future delivery made at, on, or in any exchange, board of trade, or similar institution or place of business which has been designated a “contract market” by the Commodity Futures Trading Commission pursuant to the Commodity Exchange Act [7 U.S.C. 1 et seq.] and the term “contract of sale” as so used shall be held to include sales, agreements of sale, and agreements to sell, except that—
(A)
any cotton futures contract that, by its terms, is settled in cash is excluded from the coverage of this paragraph and section; and
(B)
any cotton futures contract that permits tender of cotton grown outside of the United States is excluded from the coverage of this paragraph and section to the extent that the cotton grown outside of the United States is tendered for delivery under the cotton futures contract.
(2)
Future delivery
(3)
Person
(4)
Secretary
(5)
Standards
(d)
Bona fide spot markets and commercial differences
(1)
Definition
(2)
Determination
(3)
Withholding information
(e)
Form and validity of cotton futures contracts
(f)
Basis grade contracts
(1)
Conditions
Each basis grade cotton futures contract shall comply with each of the following conditions:
(A)
Conformity with regulations
(B)
Specification of grade, price, and dates of sale and settlement
(C)
Provision for delivery of standard grades only
(D)
Provision for settlement on basis of actual commercial differences
(E)
Prohibition of delivery of inferior cotton
(F)
Provisions for tender in full, notice of delivery date, and certificate of grade
(G)
Provision for tender and settlement in accordance with Government classification
(2)
Incorporation of conditions in contracts
(3)
Delivery allowances
(g)
Tendered grade contracts
(1)
Conditions
Each tendered grade cotton future contract shall comply with each of the following conditions:
(A)
Compliance with subsection (f)
(B)
Provision for contingent specific performance
(2)
Incorporation of conditions in contract
(3)
Application of subsection
(h)
Specific grade contracts
(1)
Conditions
Each specific grade cotton futures contract shall comply with each of the following conditions:
(A)
Conformity with rules and regulations
(B)
Specification of grade, price, dates of sale and delivery
(C)
Prohibition of delivery of other than specified grade
(D)
Provision for specific performance
(2)
Incorporation of conditions in contract
(3)
Application of subsection
(i)
Liability of principal for acts of agent
(j)
Regulations
(k)
Violations
(l)
Applicability to contracts prior to effective date
(m)
Authorization
(Pub. L. 94–455, title XIX, § 1952(a)–(m), Oct. 4, 1976, 90 Stat. 1841–1846; Pub. L. 97–35, title I, § 156(c), Aug. 13, 1981, 95 Stat. 374; Pub. L. 102–237, title I, § 123, Dec. 13, 1991, 105 Stat. 1844; Pub. L. 106–472, title III, § 311, Nov. 9, 2000, 114 Stat. 2076; Pub. L. 114–36, § 1(a), July 20, 2015, 129 Stat. 435.)
cite as: 7 USC 15b
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