text:
Page:United States Statutes at Large Volume 82.djvu/49

 82 STAT. ]

PUBLIC LAW 90-255-FEB. 14, 1968

voting shares of such insured institution, or controls in any manner the election of a majority of the directors of such institution; " (B) any other company if the person directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing, more than 25 per centum of the voting shares or rights of such other company, or controls in any manner the election or appointment of a majority of the directors or trustees of such other company, or is a general partner in or has contributed more than 25 per centum of the capital of such other company; " (C) a trust if the person is a trustee thereof; or " (D) an insured institution or any other company if the Corporation determines, after reasonable notice and opportunity for hearing, that such person directly or indirectly exercises a controlling influence over the management or policies of such institution or other company. "(3) Notwithstanding any other provision of this subsection, the term 'savings and loan holding company' does not include— " (A) any company by virtue of its ownership or control of voting shares of an insured institution or a savings and loan holding company acquired in connection with the underwriting of securities if such shares are held only for such period of time (not exceeding one hundred and twenty days unless extended by the Corporation) as will permit the sale thereof on a reasonable basis; and " (B) any trust (other than a pension, profit-sharing, shareholders', voting, or business trust) which controls an insured institution or a savings and loan holding company if such trust by its terms must terminate within twenty-five years or not later than twenty-one years and ten months after the death of individuals living on the effective date of the trust, and is (i) in existence on June 26, 1967, or (ii) a testamentary trust created on or after June 26, 1967. " (b) REGISTRATION AND EXAMINATION.— (1) Within one hundred

and eighty days after the enactment of the Savings and Loan Holding Company Amendments of 1967, or within ninety days after becoming a savings and loan holding company, whichever is later, each savings and loan holding company shall register with the Corporation on forms prescribed by the Corporation, which shall include such information, under oath or otherwise, with respect to the financial condition, ownership, operations, management, and intercompany relationships of such holding company and its subsidiaries, and related matters, as the Corporation may deem necessary or appropriate to carry out the purposes of this section. Upon application, the Corporation may extend the time within which a savings and loan holding company shall register and file the requisite information. "(2) Each savings and loan holding company and each subsidiary rg^^o^^j"^ °^ thereof, other than an insured institution, shall file with the Corporation, and the Federal home loan bank of the district in which its prin-i cipal office is located, such reports as may be required by the Corporation. Such reports shall be made under oath or otherwise, and shall be in such form and for such periods, as the Corporation may prescribe.

96-600 O - 69

�


text:
Page:United States Statutes at Large Volume 82.djvu/50

 PUBLIC LAW 90-255-FEB. 14, 1968

Recordkeeping. Examinations; costs; reports.

Service of process.

Release from registration.

[82 STAT.

Each report shall contain such information concerning the operations of such savings and loan holding company and its subsidiaries as the Corporation may require. "(3) Each savings and loan holding company shall maintain such books and records as may be prescribed by the Corporation. "(4) Each savings and loan holding company and each subsidiary thereof ^ a l l be subject to such examinations as the Corporation may prescribe. The cost of such examinations shall be assessed against and paid by such holding company. Examination and other reports may be furnished by the Corporation to the appropriate State supervisory authority. The Corporation shall, to the extent deemed feasible, use for the purposes of this subsection reports filed with or examinations made by other Federal agencies or the appropriate State supervisory authority. "(5) The Corporation shall have power to require any savings and loan holding company, or persons connected therewith if it is not a corporation, to execute and file a prescribed form of irrevocable appointment of agent for service of process. "(6) The Corporation may at any time, upon its own motion or upon application, release a registered savings and loan holding company from any registration theretofore made by such company, if the Corporation shall determine that such company no longer has control of any insured institution. " (c) HOLDING COMPANY ACTIVITIES.—Except as otherwise provided

in this subsection— " (1) no savings and loan holding company or subsidiary thereof which is not an insured institution shall, for or on behalf of a subsidiary insured institution, engage in any activity or render any services for the purpose or with the effect of evading law or regulation applicable to such insured institution; and "(2) no multiple savings and loan holding company or subsidiary thereof which is not an insured institution shall commence, or continue for more than two years after the enactment of this amendment or for more than one hundred and eighty days after becoming a savings and loan holding company or subsidiary thereof (whichever is later), any business activity other than (A) furnishing or performing management services for a subsidiary insured institution, (B) conducting an insurance agency or an escrow business, (C) holding or managing or liquidating assets owned by or acquired from a subsidiary insured institution, (D) holding or managing properties used or occupied by a subsidiary insured institution, (E) acting as trustee under deed of trust, or (F) furnishing or performing such other services or engaging in such other activities as the Corporation may approve or may prescribe by regulation as being a proper incident to the operations of insured institutions and not detrimental to the interests of savings account holders therein. The Corporation may, upon a showing of good cause, extend such time from year to year, for an additional period not exceeding three years, if the Corporation finds such extension would not be detrimental to the public interest. " (d) PROHIBITED TRANSACTIONS.—No savings and loan holding company's subsidiary insured institution shall— "(1) invest any of its funds in the stock, bonds, debentures, notes, or other obligations of any affiliate (other than a service corporation as authorized by law); "(2) accept the stock, bonds, debentures, notes, or other obligations of any affiliate as collateral security for any loan or extension of credit made by such institution;

�

license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/


text:
Page:United States Statutes at Large Volume 82.djvu/51

 82 STAT. ]

PUBLIC LAW 90-255-FEB. 14, 1968

"(3) purchase securities or other assets or obligations under repurchase agreement from any affiliate; "(4) make any loan, discount^ or extension of credit to (A) any affiliate, except in a transaction authorized by subparagraph (A) of p a r a ^ a p h (6) of this subsection, or (B) any third party on the security of any property acquired from any affiliate, or with knowledge that the proceeds of any such loan, discount, or extension of credit, or any part thereof, are to be paid over to or utilized for the benefit of any affiliate; " (5) guarantee the repayment of or maintain any compensating balance for any loan or extension of credit granted to any affiliate by any third party; "(6) except with the prior written approval of the Corporation— " (A) engage in any transaction with any affiliate involving the purchase, sale, or lease of property or assets (other than participating interests in mortgage loans to the extent authorized by regulations of the Corporation) in any case where the amount of the consideration involved when added to the aggregate amount of the consideration given or received by such institution for all such transactions during the preceding twelve-month period exceeds the lesser of $100,000 or 0.1 per centum of the institution's total assets at the end of the preceding fiscal year; or " (B) enter into any agreement or understanding, either in writing or orally, with any affiliate under which such affiliate is to (i) render management or advertising services for the institution, (ii) serve as a consultant, adviser, or agent for any phase of the operations of the institution, or (iii) render services of any other nature for the institution, other than those which may be exempted by regulation or order of the Corporation, unless the aggregate amount of the consideration required to be paid by such institution in the future under all such existing agreements or understandings cannot exceed the lesser of $100,000 or 0.1 per centum of the institution's total assets at the end of the preceding fiscal year; or " (C) make any payment to any affiliate under any agreement or understanding hereinabove referred to in subparagraph (B) where the institution has previously paid to affiliates during the preceding twelve-month period, pursuant to any such agreements or understandings, an amount aggregating in excess of the lesser of $100,000 or 0.1 per centum of the institution's total assets at the end of the preceding fiscal year. The Corporation shall grant approval under this paragraph (6) if, in the opinion of the Corporation, the terms of any such transaction, agreement, or understanding, or any such payment by such institution, would not be detrimental to the interests of its savings account holders or to the insurance risk of the Corporation with respect to such institution. "(e) ACQUISITIONS.—(1) I t shall be unlawful for— " (A) any savings and loan holding company directly or indirectly, or through one or more subsidiaries or through one or more transactions— " (i) to acquire, except with the prior written approval of the Corporation, the control of an insured institution or a savings and loan holding company, or to retain the control of such an institution or liolding company acquired or retained in violation of this section as heretofore or hereafter in effect:

�


text:
Page:United States Statutes at Large Volume 82.djvu/52

 10

PUBLIC LAW 90-255-FEB. 14, 1968

[82 STAT.

"(ii) to acquire, except with the prior written approval of the Corporation, by the process of merger, consolidation, or purchase of assets, another insured or uninsured institution or a savings and loan holding company, or all or substantially all of the assets of any such institution or holding company; "(iii) to acquire by purchase or otherwise, or to retain for more than one year after the enactment of this amendment, any of the voting shares of an insured institution not a subsidiary, or of a savings and loan holding company not a subsidiary, or, in the case of a multiple savings and loan holding company^, to so acquire or retain more than 5 per centum of the voting shares of any company not a subsidiary which is engaged in any business activity other than those specified in paragraph (2) of subsection (c) of this section; or "(iv) to acquire the control of an uninsured institution, or to retain for more than one year after the effective date of this amendment or from the date on which such control was acquired, whichever is later, the control of any such institution; " (B) any other company, without the prior written approval of the Corporation, directly or indirectly, or through one or more subsidiaries or through one or more transactions, to acquire the control of one or more insured institutions, except that such approval shall not be required in connection with the control of an insured institution (i) acquired by devise under the terms of a will creating a trust which is excluded from the definition of 'savings and loan holding company' under subsection (a) of this section, or (ii) acquired in connection with a reorganization in which a person or group of persons, having had control of an insured institution for more than three years, vests control of that institution in a newly formed holding company subject to the control of the same person or group of persons. The Corporation shall approve an acquisition of an insured institution under this subparagraph unless it finds the financial and managerial resources and future prospects of the company and institution involved to be such that the acquisition would be detrimental to the institution or the insurance risk of the Corporation, and shall render its decision within ninety days after submission to the Board of the complete record on the application. "(2) The Corporation shall not approve any acquisition under subparagraphs (A)(i) or (A) (ii), or of more than one insured institution under subparagraph (B), of paragraph (1) of this subsection except in accordance with this paragraph. I n every case, the Corporation shall take into consideration the financial and managerial resources and future prospects of the company and institution involved, and the convenience and needs of the community to be served, and shall render its decision within ninety days after submission to the Board of the complete record on the application. Before approving any such acquisition, the Corporation shall request from the Attorney General and consider any report rendered within thirty days on the competitive factors involved. The Corporation shall not approve any proposed acquisition— " (A) which would result in a monopoly, or which would be in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize the savings and loan business in any part of the United States, or " (B) the effect of which in any section of the country may be substantially to lessen competition, or tend to create a monopoly, or which in any other manner would be in restraint of trade, un-

�


text:
Page:United States Statutes at Large Volume 82.djvu/53

 82 STAT. ]

PUBLIC LAW 90-255-FEB. 14, 1968

less it finds that the anticompetitive effects of the proposed acquisition are clearly outweighed in the public interest by the probable effect of the acquisition in meeting the convenience and needs of the community to be served. " (3) No acquisition shall be approved by the Corporation under this subsection which will— " (A) result in the formation by any company, through one or more subsidiaries or through one or more transactions, of a multiple savings and loan holding company controlling insured institutions in more than one State; or " (B) enable an existing multiple savings and loan holding company to acquire an insured institution the principal office of which is located in a State other than the State which such savings and loan holding company shall designate^ by writing filed with the Corporation within sixty days after its registration hereunder, as the State in which the principal savings and loan business of such holding company is conducted. "(4) The provisions of this subsection and of subsections (c)(2) and (g) of this section shall not apply to any savings and loan holding company which acquired the control of an insured institution or of a savings and loan holding company pursuant to a pledge or hypothecation to secure a loan, or in connection with the liquidation of a loan, made in the ordinary course of business, but it shall be unlawful for any such company to retain such control for more than one year after the enactment of this amendment or from the date on which such control was acquired, whichever is later, except that the Corporation may upon application by such company extend such one-year period from year to year, for an additional period not exceeding three years, if the Corporation finds such extension is warranted and would not be detrimental to the public interest. " (f) DECLARATION OF DIVTOEND.—Every subsidiary insured institution of a savings and loan holding company shall give the Corporation not less than thirty days' advance notice of the proposed declaration by its directors of any dividend on its guaranty, permanent, or other nonwithdrawable stock. Such notice period shall commence to run from the date of receipt of such notice by the Corporation. Any such divident declared with such period, or without the giving of such notice to the Corporation, shall be invalid and shall confer no rights or benefits upon the holder of any such stock. " (g) HOLDING COMPANY INDEBTEDNESS.—(1) No savings and loan holding company or any subsidiary thereof which is not an insured institution shall issue, sell, renew, or guarantee any debt security of such company or subsidiary, or assume any debt, without the prior written approval of the Corporation. "(2) The provisions of paragraph (1) of this subsection shall not apply to— " (A) a diversified savings and loan holding company or any subsidiary thereof; or " (B) the issuance, sale, renewal, or guaranty of any debt security, or the assumption of any debt, by any other savings and loan holding company or any subsidiary thereof, if such security or debt aggregates, together with all such other securities or debt then outstanding as to which such holding company or subsidiary is primarily or contingently liable, not more thnn 15 per centum of the consolidated net worth of such holding company or subsidiary at the end of the preceding fiscal year. "(3) The Corporation shall, upon application, approve any act or transaction not exempted from the application of paragraph (1) of this subsection if the Corporation finds that—

11

�


text:
Page:United States Statutes at Large Volume 82.djvu/54

 12

PUBLIC LAW 90-255-FEB. 14, 1968

[82 S TAT

" (A) the proceeds of any such act or transaction will be used for (i) the purchase of permanent, guaranty, or other nonwithdrawable stock to be issued by a subsidiary insured institution, or *(ii) the purpose of making a capital contribution to a subsidiary insured institution; or " (B) such act or transaction is required for the purpose of refunding, extending, exchanging, or discharging an outstanding debt security, or for other necessary or urgent corporate needs, and would not impose an unreasonable or imprudent financial burden on the applicant. The Corporation may also approve any application under this paragraph if it finds that the act or transaction would not be injurious to the operation of any subsidiary insured institution in the light of its financial condition and prospects. "Applications filed with the Corporation pursuant to this subsection shall be in such form and contain such information as the Corporation may prescribe. "(4) If a State authority or any other agency of the United States, having jurisdiction of any act or transaction within the scope of paragraph (1) of this subsection, shall inform the Corporation, upon request by the Corporation for an opinion or otherwise, that State or Federal laws applicable thereto have not been complied with, the Corporation shall not approve such act or transaction until and unless the Corporation is satisfied that such compliance has been effected. "Debt security." u^g^ ^ g ^g^^ jj^ ^yg subsection, the term 'debt security' includes any note, draft, bond, debenture, certificate of indebtedness, or any other instrument commonly used as evidence of indebtedness, or any contract or agreement under the terms of which any party becomes, or may become, primarily or contingently liable for the payment of money, either in the present or at a future date. "(6)(A) If the Corporation finds that a diversified savings and loan holding company does not meet the test prescribed in subparagraph (B) of this paragraph, such holding company or any subsidiary thereof may not accept, use, or receive the benefit of any dividend on stock from'a subsidiary insured institution, and such institution may not declare or pay any dividend on its stock to such holding company or subsidiary, unless the Corporation fails to object, within thirty days of receipt of notification under subsection (f) of this section, to such dividend as being injurious to the insured institution in the light of its financial condition and prospects. " (B) The prohibition of subparagraph (A) of this paragraph shall not apply to a diversified savings and loan holding company or any subsidiary thereof if, excluding its subsidiary insured institution, its consolidated net income available for interest for its preceding fiscal year was twice its consolidated debt service requirements for the twelve-month period next succeeding such fiscal year, as determined in accordance with regulations issued by the Corporation. ,fio!fs^ ^"'^'*^" " ( ^) ADMINISTRATION AND ENFORCEMENT.— (1) The Corporation is authorized to issue such rules, regulations, and orders as it deems necessary or appropriate to enable it to administer and carry out the purposes of this section, and to require compliance therewith and prevent evasions thereof. Investigations. «^2) The Corporation may make such investigations as it deems necessary or appropriate to determine whether the provisions of this section, and rules, regulations, and orders thereunder, are being and have been complied with by savings and loan holding companies and subsidiaries and affiliates thereof. For the purpose of any investigation

�


text:
Page:United States Statutes at Large Volume 82.djvu/55

 82 STAT. ]

PUBLIC LAW 90-255-FEB. 14, 1968

13

under this section, the Corporation or its designated representatives shall have power to administer oaths and affirmations, to issue subpenas and subpenas duces tecum, to take evidence, and to require the production of any books, papers, correspondence, memorandums, or other records whicn may be relevant or material to the inquiry. The attendance of witnesses and the production of any such records may be required from any place in any State or in any territory. The Corporation may apply to the United States district court for the judicial district or the United States court in any territory in which any witness or company subpenaed resides or carries on business, for enforcement of any subpena or subpena duces tecum issued pursuant to this paragraph, and such courts shall have jurisdiction and power to order and require compliance therewith. "(3)(A) I n the course of or in connection with any proceeding under subsection (a)(2)(D) of this section, the Corporation or its designated representatives, including any person designated to conduct any hearing under said subsection, shall have power to administer oaths and affirmations, to take or cause to be taken depositions, and to issue, revoke, quash, or modify subpenas and subpenas duces tecum; and the Corporation is empowered to make rules and regulations with respect to any such proceedings. The attendance of witnesses and the production of documents provided for in this paragraph may be required from any place in any State or in any territory at any designated place where such proceeding is being conducted. Any party to such proceedings may apply to the United States District Court for the District of Columbia, or the United States district court for the judicial district or the United States court in any territory in which such proceeding is being conducted, or where the witness resides or carries on business, for enforcement of any subpena or subpena duces tecum issued pursuant to this paragraph, and such courts shall have jurisdiction and power to order and require compliance therewith. Witnesses subpenaed under this section shall be paid the same fees and mileage that are paid witnesses in the district courts of the United States. " (B) Any hearing provided for in subsection (a)(2)(D) of this section shall be held in the Federal judicial district or in the territory in which the principal office of the institution or other company is located unless the party afforded the hearing consents to another place, and shall be conducted in accordance with the provisions of chapter 5 of title 5 of the United States Code. si'staJ^'igs"'' "(4) Whenever it shall appear to the Corporation that any person s use soo ot is engaged or has engaged or is about to engage in any acts or practices ®'*^which constitute or will constitute a violation of the provisions of this section or of any rule, regulation, or order thereunder, the Corporation may in its discretion bring an action in the proper United States district court, or the United States court of any territory or other place subject to the jurisdiction of the United States, to enjoin such acts or practices, to enforce compliance with this section or any rule, regulation, or order thereunder, or to require the divestiture of any acquisition in violation of this section, or for any combination of the fore^ i n g, and such courts shall have jurisdiction of such actions, and upon a proper showing an injunction, decree, restraining order, order of divestiture, or other appropriate order shall be granted without bond. " (5) All expenses of the Federal Home Loan Bank Beard or of ti^^exJ^isiVf^' the Corporation under this section shall be considered as nonadministrative expenses.

�


text:
Page:United States Statutes at Large Volume 82.djvu/56

 14

PUBLIC LAW 90-255-FEB. 14, 1968

l82 STAT.

" (i) PROHIBITED ACT S. — I t shall be unlawful for— "(1) any savings and loan holding company or subsidiary thereof, or any director, officer, employee, or person owning, controlling, or holding with power to vote, or holding proxies representing, more than 25 per centum of the voting shares, of such holding company or subsidiary, to hold, solicit, or exercise any proxies in respect of any voting rights in an insured institution which is a mutual institution; "(2) any director or officer of a savings and loan holding company, or any person owning, controlling, or holding with power to vote, or holding proxies representing, more than 25 per centum of the voting shares of such holding company (A), except with the prior approval of the Corporation, to serve at the same time as a director, officer, or employee of an insured institution or another savings and loan holding company, not a subsidiary of such holding company, or (B) to acquire control, or to retain control for more than two years after the enactment of this subsection, of any insured institution not a subsidiary of such holding company; or "(3) any individual, except with the prior approval of the Corporation, to serve or act as a director, officer, or trustee of, or become a partner in, any savings and loan holding company after having been convicted of any criminal offense involving dishonesty or breach of trust. " (j) PENALTIES.—(1) Any company which willfully violates any provision of this section, or any rule, regulation, or order thereunder, shall upon conviction be fined not more than $1,000 for each day during which the violation continues. "(2) Any individual who willfully violates or participates in a violation of any provision of this section, or any rule, regulation, or order thereunder, shall upon conviction be fined not more than $10,000 or imprisoned not more than one year, or both. "(3) Every director, officer, partner, trustee, agent, or employee of a savings and loan holding company shall be subject to the same penalties for false entries in any book, report, or statement of such savings and loan holding company as are applicable to officers, agents, and employees of an institution the accounts of which are insured by the Corporation for false entries in any books, reports, or statement of such institution under section 1006 of title 18 of the United States 62 Stat. 7 5 0; 70 Stat. 7 1 4.

Pnrlp VyUUC.

" (k) JUDICIAL REVIEW.—Any party aggrieved by an order of the Corporation under this section may obtain a review of such order by filing in the court of appeals of the United States for the circuit in which the principal office of such party is located, or in the United States Court of Appeals for the District of Columbia Circuit, within thirty days after the date of service of such order, a written petition praying that the order of the Corporation be modified, terminated, or set aside. A copy of such petition shall be forthwith transmitted by the clerk of the court to the Corporation, and thereupon the Corporation shall file in the court the record in the proceeding, as provided in secsJltTt^'islW' tion 2112 of title 28 of the United States Code. Upon the filing of such petition, such court shall have jurisdiction, which upon the filing of the record shall be exclusive, to affirm, modify, terminate, or set aside, in whole or in part, the order of the Corporation. Review of such proceedings shall be had as provided in chapter 7 of title 5 of the 5°u^s*c*7o^i^-706. United States Code. The judgment and decree of the court shall be

�


text:
Page:United States Statutes at Large Volume 82.djvu/57

 82 STAT. ]

PUBLIC LAW 90-256-FEB. 14, 1968

final, except that the same shall be subject to review by the Supreme Court upon certiorari as provided in section 1254 of title 28 of the United States Code. . . . . " (1) SAVING CLAUSE,—Nothing contained in this section, other than mergers or acquisitions approved under section 408(e)(2), shall be interpreted or construed as approving any act, action, or conduct which is or has been or may be in violation of existing law, nor shall anything herein contained constitute a defense to any action, suit, or proceeding pending or hereafter instituted on account of any act, action, or conduct in violation of the antitrust laws." Approved February 14, 1968.

15

62 Stat. 928.

Public Law 90-256 AN ACT

February 14, 1968

To determine the rights and interests of the Navajo Tribe and the Ute Mountain Tribe of the Ute Mountain Reservation in and to certain lands in the State of New Mexico, and for other purposes.

!^^- '*^^^

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may B^ndliy^ofspute be cited as the "Navajo-Ute Boundary Dispute Act". Act. SEC. 2. The consent of the United States is hereby given to either or both the Navajo Tribe of Indians and the Ute Mountain Tribe of the Ute Mountain Reservation to bring suit against each other, and against any other tribe of Indians, persons, or entities, to (juiet the beneficial title in and to such lands in the State of New Mexico as are common to the description contained in article II of the treaty concluded June 1, 1868, between the United States and the Navajo Nation or Tribe of Indians and proclaimed August 12, 1868 (15 Stat. 667), setting apart certain lands for the use and occupation of the Navajo Tribe of Indians, and to the description contained in section 3 of the Act approved February 20, 1895 (28 Stat. 677), setting apart certain lands for the sale and exclusive use and occupancy of the Southern Ute Indians described therein. The United States asserts no beneficial claim to or interest in such land, acknowledges that it holds the legal title to the land in trust, recognizes that the beneficial title cannot be litigated without the consent of the United States, and consents to litigation between the two Indian tribes only in order that their conflicting claims of beneficial title may be conclusively determined. The United States shall not be joined as a party defendant in the litigation, and nothing in this Act shall be construed to authorize a claim against the United States. The Secretary of the Interior shall administer the land in accordance with the judicial determination of be4ieficial title. SEC. 3. Any action commenced pursuant to section 2 of this Act shall be heard and determined by a district court of three judges in the United States District Court for the District of New Mexico, in accordance with the provisions of title 28, United States Code, section 2284, ^^ ^'^*- ^^'*and, subject to the provisions of section 4 of this Act, any party may appeal as of right directly to the Supreme Court of the United States from the final determination by such three-judge district court. SEC. 4. I t is hereby declared to be the intent and the objective of the con*rels°^ Congress that the relative rights and interests of all parties making claims against each other in and to the surface and the subsurface of the lands identified in section 2 of this Act be judicially determined in accordance with such principles as may be just and fair in law and equity, including a consistent award or awards or release or releases to either or both the Navajo Tribe and the Ute Mountain Tribe of the

�


text:
Page:United States Statutes at Large Volume 82.djvu/58

 16

PUBLIC LAW 90-257-FEB. 15, 1968

[82 STAT.

Ute Mountain Reservation of such bonus sums, rentals, and royalties, or other moneys paid or received on account of the leasing of any portion of such lands and now held in a joint account in the Treasury of the United States pursuant to the agreement dated May 9, 1957, between the two tribes, approved by the Area Director of the Bureau of Indian Affairs. In furtherance of the accomplishment of this intent and the attainment of this objective, the parties are hereby authorized to enter into a settlement agreement, i n which provision may be made for a recognition in perpetuity of their relative rights to use and to enjoy the surface and the subsurface of the lands identified in section 2 of this Act, including the division of any and all of such bonus sums, rentals, and royalties, or other moneys paid or received on account of the leasing of any portion of said lands for any purpose or purposes. Such settlement agreement may be embodied in and be made a part of any decree of the court, which thereupon shall be final and conclusive with respect to the rights and interests of all parties. SEC. 5. Nothing in this Act shall be deemed to be a congressional determination of the merits of the conflicting tribal, individual Indian, or other claims w4th respect to the lands that are the subject of this Act. Approve([i February 14, 1968.

Public Law 90-257 February 15, 1968 [ H. R. 14563]

Railroad Retirement Act of 1937 and Railroad Unemployment Insurance Act, amendment.

50 Stat. 309. 45 USC 228a.

68 Stat. 1038; 73 Stat. 2 6. 45 USC 228b.

65 Stat. 6 8 3; 80 Stat. 1075.

AN ACT To amend the Railroad Retirement Act of 1937 and the Railroad Unemployment Insurance Act to provide for increase in benefits, and for other purposes. Be it enacted by the Senate and House of Representatives United States of America in Congress assembled, That—

of the

TITLE I—AMENDMENTS TO THE RAILROAD RETIREMENT ACT SEC. 101. The eighth sentence of section 1(h) of the Railroad Retirement Act of 193Tis amended by inserting "before 1968" after "calendar month" and by adding after such eighth sentence the following new sentence: " I n making such a determination there shall be attributable as compensation paid to him for each calendar month after 1967 in which he is in military service so creditable the amount of $260." SEC. 102. The second paragraph of section 2(d) of the Railroad Retirement Act of 1937 is amended b ^ striking out "$1,200" wherever this figure appears and inserting in lieu thereof "$2,400"; by striking out "$100" wherever such figure appears and inserting in lieu thereof "$200"; and by striking out ^'$50" and inserting in lieu thereof "$100". SEC. 103. (a) Section 2(e^ of the Railroad Retirement Act of 1937 is amended by striking out reduction" and inserting in lieu thereof

�


text:
Page:United States Statutes at Large Volume 82.djvu/59

 82 STAT. ]

PUBLIC LAW 90-257-FEB. 15, 1968

17

"reductions", and by striking out "section 3(a)(1) of this Act" and all that follows and inserting in lieu thereof "section 3(a)(2).". (b) Section 2(i) of such Act is amended by striking out "the firet so Stat. 1075. two provisos in section 3(a)(1) " and all that follows and inserting in lieu thereof "the second proviso in section 3(a)(2), except that, notwithstanding other provisions of this subsection, the spouse's annuity shall (before any reduction on account of age) not be less than one-half of the amount computed in section 3(a)(1) increased by $5 or, if the spouse is entitled to benefits under title II of the Social Security Act, '•^ use 4oi. by the excess of $5 over 5.8 per centum of the lesser of (i) any benefit to which such spouse is entitled under title II of the Social Security Act, or (ii) the spouse's annuity to which such spouse would be entitled without regard to section 3(a)(2) and before any reduction on account of age, but in no case shall such an annuity (before any reduction on account of age) be more than the maximum amount of a spouse's annuity as provided in subsection (e)." SEC. 104. (a) Section 3(a) of the Railroad Retirement Act of 1937 „ c°^p"t«ti°'^ °f T -, - ^ ^ 1

.-1.

^ '•,,

,

,

.

_

.

.

.

IS amended by striking out all that appears therein and inserting m lieu thereof the following: "SEC. 3. (a)(1) The annuity of an individual shall be computed by multiplying his 'years of service' by the following percentages of his 'monthly compensation': 3.58 per centum of the first $50; 2,69 per centum of the next $100; and 1.79 per centum of the remainder up to a total of (i) $450, or (ii) an amount equal to one-twelfth of the current maximum and taxable 'wages' as defined in section 3121 of the Internal Revenue Code of 1954, whichever is greater. "(2) The annuity of the individual (as computed under paragraph (1) of this subsection, or under that part of subsection (e) of this section preceding the first proviso) shall be increased in an amount deter^ mined from his monthly compensation by use of the following table: "Monthly compensation: U p to $100 $101 to $150 $151 to $200 $201 to $250 $251 to $300 $301 to $350 $351 to $400 $401 to $450 $451 to $500 $501 to $550 $551 to $600 $601 and over

annuities.

so Stat. 1075. 45 USC 228c.

68A Stat. 4 1 7. 26 USC 3121.

Increase $9.13 11. 22 12.87 14.63 16.17 17. 82 19. 47 20. 90 22.55 24.09 27. 83 31.46

The amount of the increase shall be the amount on the same line as that in which the range of monthly compensation includes his monthly compensation: Provided, however, That, for months with respect to which the individual is entitled to a supplemental annuity under subsection (j), the increase provided in this paragraph shall be reduced by *° ^*^* • ^ °^^ • 6.55 per centum of the amount determined under paragraph (1), or

�


text:
Page:United States Statutes at Large Volume 82.djvu/60

 18

PUBLIC LAW 90-257-FEB. 15, 1968

[82 STAT.

under that part of subsection (e) of this section which precedes the first proviso, which is based on the first $450 of the monthly compensation or an amount equal to the amount of the supplemental annuity payable to him, whichever is less: Provided further. That for months with respect to which the individual is entitled to a benefit under title 42 USC 401. J J ^f ^j^g Social Security Act, the increase shall be reduced by (i) 17.3 per centum of such social security benefit if the increase has not been reduced pursuant to the preceding proviso or (ii) 11,5 per centum of such social security benefit if the increase has been reduced pursuant to the preceding proviso (disregarding for the purpose of this and the following proviso any increase in such benefit based on recomputations other than for the correction of errors after the first adjustment and any increases derived from legislation enacted after the Social Security 81 Stat. 821. Amendments of 1967): And provided furthers That the amount computed under this subsection for any month shall not be less than the amount computed in accordance with paragraph (1), or under that part of subsection (e) of this section which precedes the first proviso, plus (i) $10 minus any reduction made pursuant to the first proviso of this paragraph or (ii) if the individual is entitled to a benefit under title II of the Social Security Act and no reduction is made pursuant to the first proviso of this paragraph, $10 minus 5.8 per centum of the lesser of the amount of such social security benefit, or of the amount computed in accordance with paragraph (1), or under that part of subsection (e) of this section which precedes the first proviso.'' nJuy.''""™ °"' (b) The first paragraph of section 3(e) of such Act is amended by 80 Stat. 1076. stHking out the languag;e before the first proviso beginning with 45 USC 22 8c. "except that" and continuing through "amended in 1966"; by striking out the language beginning with "(deeming" and continuing through "the Social Security Act) "; and by adding at the end thereof the following three new paragraphs: " For the purposes of the first proviso in the first paragraph of this subsection, (i) completely and partially insured individuals shall be deemed to be fully and currently insured, respectively; (ii) individuals entitled to insurance annuities under subsections (a)(1) and (d) of section 5 of this Act shall be deemed to have attained age 62 (the provisions of this clause shall not apply to individuals who, though entitled to insurance annuities under section 5(a)(1) of this Act, were entitled to an annuity under section 5(a)(2) of this Act for the month before the month in which they attained age 6 0); (iii) individuals entitled to insurance annuities under section 5(a)(2) of this Act shall be deemed to be entitled to insurance benefits under section 202(e) or 42 USC 402. (f) QI the Social Security Act on the basis of disability; (iv) individuals entitled to insurance annuities under section 5(c) of this Act on the basis of disability shall be deemed to be entitled to insurance benefits under section 202(d) of the Social Security Act on the basis of disability; and (v) women entitled to spouses' annuities pursuant 45 USC 22^8b. t^ elections made under section 2(h) of this Act shall be deemed to be

�


text:
Page:United States Statutes at Large Volume 82.djvu/61

 82 STAT. ]

PUBLIC LAW 90-*257-FEB. 15, 1968

entitled to wives'insurance benefits determined under section 202(q) of the Social Security Act; and, for the purposes of this subsecticm, any possible deductions nnder subsections (g) and (h)(2) of section 42 USC 403. 203 of the Social Security Act shall be disregarded. "Notwithstanding the provisions of section 202(q) of the Social Security Act, the amount determined under the proviso in the first 42 USC 402. paragraph of this subsection for a widow or widower who is or has been entitled to an annuity under section 5(a)(2) of this Act, shall be equal to 90.75 per centum of the primary insurance amount (reduced in accordance with section 203(a) of the Social Security Act) of the employee as determined under this subsection, and the amount so determined shall be reduced by three-tenths of 1 per centum for each month the annuity would be subject to a reduction under section 5 (a)(2) of this Act (adjusted upon attainment of age 60 in the same manner as an annuity under section 5(a)(1) of this Act which, before attainment of age 60, had been payable under section 5(a)(2) of this Act); and the amount so determined shall be reduced by the amount of any benefit under title II of the Social Security Act to which she or 42 USC 401, he is, or on application would be, entitled. "In cases where an annuity under this Act is not payable under the first proviso in the first paragraph of this subsection on the date of enactment of the Social Security Amendments of 1967, the primary 81 Stat. 821. insurance amount used in determining the applicability of such proviso shall, except in cases where the employee died before 1939, be derived after deeming the individual on whose service and compensation the annuity is based (i) to have become entitled to social security benefits, or (ii) to have died without being entitled to such benefits, after the date of the enactment of the Social Security Amendments of 1967. For this purpose, the provision of section 215(b)(3) of the Social Security Act that the employee must have reached age 65 (62 in the case of a 42 USC 415. woman) after 1960 shall be disregarded and there shall be substituted for the nine-year period prescribed in section 215(d)(1)(B)(i) of the Social Security Act, the number of years elapsing after 1936 and up to 81 Stat. 864. the year of death if the employee died before 1946," Annuities SEC. 105. (a) Section 5(a) of the Railroad Retirement Act of 1937 survivors. for is amended by inserting " (1) " before "A widow''; by inserting before 60 Stat. 729; Stat. the colon the following: ", except that if the widow or widower will 6545 u s e685. 228e. have b ^ n paid an annuity under paragraph (2) of this subsection the annuity for a month under this paragraph shall be in an amount equal to the amount calculated under such paragraph (2) except that, in such calculation, any month with respect to which an annuity under paragraph (2) is not paid shall be disregarded"; and by inserting at the end thereof the following new paragraph: "(2) A widow or widower of a completely insured employee who will have attained the age of fifty but will not have attained age sixty and is under a disability, as defined in this paragraph, and such disability began before the end of the period prescribed in the last sentence of this paragraph, shall be entitled to an annuity for each month, unless she or he has remarried in or before such month, equal to such employee's basic amount but subject to a reduction by three-tenths of 1 per centum for each calendar month she or he is under age sixty when the annuity begins. A widow or widower shall be under a dis-

19

�


text:
Page:United States Statutes at Large Volume 82.djvu/62

 20

60 Stat. 727. 45 USC 228b.

80 Stat. 1076. 45 USC 228e. 68 Stat. 1098; 73 Stat. 27.

80 Stat. 1083.

80 stat^ 1083,' 1084.

42 USC 416.

42 USC 402.

PUBLIC LAW 90-257-FEB. 15, 1968

[82 STAT.

ability within the meaning of this paragraph if her or his permanent physical or mental condition is such that she or he is unable to e n g a ^ in any regular employment. The provisions of section 2(a) of this Act as to the proof of disability shall apply with regard to determinations with respect to disability under this paragraph. The annuity of a widow or widower under this paragraph shall cease upon the last day of the second month following the month in which she or he ceases to be under a disability unless such annuity is otherwise terminated on an earlier date. The period referred to in the first sentence of this paragraph is the period beginning with the latest of (i) the month of the employee's death, (ii) the last month for which she was entitled to an annuity under subsection (b) as the widow of such employee, or (iii) the month in which her or his previous entitlement to an annuity as the widow or widower of such employee terminated because her or his disability had ceased and ending with the month before the month in which she or he attains age sixty, or, if earlier with the close of the eighty-fourth month following the month with which such period began." (b) Section 5(h) of such Act is amended by striking out all that follows "be increased to $18.14" and inserting in lieu thereof a period. (c) Section 5(i)(l) ( i i) of such Act is amended by inserting ", deeming such an individual who is entitled to an annuity under subsection (a)(1) of this section to have attained age sixty-two unless such individual will have been entitled to an annuity under subsection (a)(2) of this section for the month before the month in which he attained age sixty", after "an activity within the United States". (d) Section 5(j) of such Act is amended by striking out all after the colon and inserting in lieu thereof the following: '"'• Provided, however, That the annuity of a child, qualified under subsection (1)(1) (ii) (C) of this section, snail cease upon the last day of the second month following the month in which he ceases to be unable to engage in any regular employment by reason of a permanent physical or mental condition unless in such second month he qualifies for an annuity under one of the other provisions of this Act and unless his annuity is otherwise terminated on an earlier date." (®) Section 5(1)(1) of such Act is amended by changing the period at the end of subdivision (i) thereof to a semicolon; hj striking out "which began" from subdivision (ii)(C) and inserting in lieu thereof "which disability began"; and by striking out "216(h)(1) of the Social Security Act, as in effect prior to 1957, shall be applied" where such language first appears and inserting in lieu thereof "216(h) of the Social Security Act shall be applied deeming, for this purpose, individuals entitled to an annuity under section 2(e) or (h) to be entitled to benefits under subsection (b) or (c) of section 202 of the Social Security Act and individuals entitled to an annuity under subsection (a) or (b) of this section to be entitled to a benefit under subsection (e), (f), or (g) of section 202 of the Social Security Act", (f) Section 5(1)(9) of such Act is amended by inserting "or January 1, 1951, whichever is later" before ", eliminating any excess over $300"; by striking out "for any calendar year before 1955 is less than $3,600" and inserting in lieu thereof "in the period before 1951 is less than $50,400, or for any calendar year after 1950 and before 1955 is less than $3,600"; by inserting "period or such" before "calendar year 'wages' as defined in paragraph (6) hereof"; by striking out "for such year and $3,600 for years before 1955" and inserting in lieu thereof "for such period and $50,400, and between the compensation for such year and $3,600 for years after 1950 and before 1955"; by striking out "closing date: Provided, That for the period prior to and including" and inserting in lieu thereof "closing date or January 1, 1951, which-

�


text:
Page:United States Statutes at Large Volume 82.djvu/63

 82 STAT. ]

PUBLIC LAW 90-257-FEB. 15, 1968

ever is later: Provided, That for the period after 1950 but prior to and including"; by inserting "after 1950" after "That there shall be excluded from the divisor any calendar quarter"; and by inserting ", any calendar quarter before 1951 in which a retirement annuity will have been payable to him and any calendar quarter before 1951 and before the year in which he will have attained the age of 20" before ". An employee's 'closing date' shall mean (A) ". (g) Subdivision (i) of section 5(1) (10) of such Act is am»nded by striking out beginning with "$450; plus (C) " down to and including "multiplied by" and inserting in lieu thereof " (i) $450, or (ii) an amount equal to one-twelfth of the current maximum annual taxable 'wages' as defined in section 3121 of the Internal Revenue Code of 1954, whichever is greater, plus (C) 1 per centum of the sum of (A) plus (B) multiplim by"; and by striking out "after 1936 in each of which the compensation, wages, or both, paid to him will have been equal to $200 or more" and inserting in lieu thereof "after 1950 in each of which the compensation, wages, or both, paid to him will have been equal to $200 or more plus, for the years after 1936 and before 1951, a number of years determined in accordance with regulations prescribed by the Board". (h) Section 5(m) of such Act is amended by striking out all that appears therein and inserting in lieu thereof the following: " (m) The amount of an individual's annuity calculated under the other provisions of this section (except an annuity in the amount determined under the proviso in subsection (a) or (b)) shall (before any reduction on account of age) be increased in the amount of 82.5 per centum in the case of a widow, widower, or parent and 75 per centum in the case of a child of the increase shown in the table in section 3(a)(2) on the same line on which the range of monthly compensation includes an amount equal to the average monthly wage determined for the purposes of section 3(e) (except that for cases involving earnings before 1951 and for cases on the Board's rolls on the enactment date of the 1967 amendments to the Railroad Retirement Act, an amount equal to the highest average monthly wage that can be found on the same line of the table in section 215(a) of the Social Security Act as is the primary insurance amount recorded in the records of the Railroad Retirement Board shall be used, and if such an average monthly wage cannot be determined, the employee's monthly compensation on which his annuity was computed shall be used: and in the case of a pensioner, his monthly compensation shall be deemed to be the earnings which are used to compute his basic amount): Provided, however, That the increase shall (before any reduction on account of age) be reduced by 17.3 per centum of any benefit under title II of the Social Security Act to which the individual is entitled (disregarding for the purpose of this and the following proviso any mcrease in such benefit based on recomputations other than for the correction of errors after the first adjustment and any increases derived from legislation enacted after the Social Security Amendments of 1967): And provided further, That the amount computed under this subsection shall (before any reduction on account of age) not be less than $5, or, in the case of an individual entitled to bencSts under title II of ih^ Social Security Act, such amount shall not be less than $5 minus 5.8 per centum of the lesser of the social security benefit to which such individual is entitled or the benefit computed under the other provisions of this section." SEC. 106. Section 10(a) of the Railroad Retirement Act of 1937 is amended by striking therefrom the last sentence and inserting in lieu thereof the following new sentence: "Upon the expiration of his term of office a member shall continue to serve until his successor is appointed and shall have qualified."

21

'^^l\^^^^f^" 45 USC 228e."

68A Stat. 417. 26 USC 3121.

Reduction of ^ annuities.

""so'Stat. 1077.

^^ ^^^ ^'^^•

''^ "^^ ^^^ •

^i Stat. 821.

^o ft^jt. 314. 45 USC ^ ° '" '""^ 228j.

�


text:
Page:United States Statutes at Large Volume 82.djvu/64

 22

PUBLIC LAW 90-257-FEB. 15, 1968

[82 STAT.

SEC, 107. All pensions under section 6 of the Railroad Retirement 45 USC 228f. ^^^ ^^ 1937, and all annuities under the Railroad Retirement Act of 49 Stat. 967. 1935, are increased as provided in that part of section 3(a)(2) of the 45 USC 215-228 Railroad Retirement Act of 1937 which precedes the provisos (deeming notes for this purpose (in the case of a pension) the monthly compensation to be the earnings which would be used to compute the basic amount if the pensioner were to die); joint and survivor annuities shall be comuted under section 3(a) of the Ilailroad Retirement Act and reduced y the percentage determined in accordance with the election of such annuity; all survivor annuities deriving from joint and survivor annuities under the Railroad Retirement Act of 1937 in cases where the employee died before the month following the month in which the increases in annuities provided by section 104(a) of this Act are effective are increased by the same amount they would have been increased by this Act if the employee from whose joint and survivor annuity the survivor annuity is derived had been alive during all of the month in which the increases in annuities provided by section 104(a) of this Act are effective; and all widows' and widowers' insurance annuities which began to accrue before the month following the month in which the increases in annuities provided by section 104(a) of this Act are effective and which, in accordance with the proviso in section 5(a) or 65 Stat. 685. section 5(b) of the Railroad Retirement Act of 1937, are payable in the 45 USC 228e. amount of the spouse's annuity to which the widow or widower was entitled are increased by the amount by which the spouse's annuity would have been increased by this Act had the individual from whom the annuity is derived been alive during all of the month in which the increases in annuities provided by section 104(a) of this Act are effective: Provided, however, That in cases where the individual entitled to such a pension or annuity (other than an individual who has made a joint and survivor election) is entitled to a benefit under title II of the Social Security Act, the additional amount payable by reason of 42 USC 401. this subsection shall be reduced by 11.5 per centum of such benefit (disregarding any increases in such benefit based on recomputations other than for the correction of errors after such reduction is first applied and any increases derived from legislation enacted after the Social Security Amendments of 1967): And provided further, That (i) such 81 Stat. 821. an annuity under the Railroad Retirement Act of 1935 or a pension shall be increased by not less than $10, (ii) such a survivor annuity derived from a joint and survivor annuity shall be increased by not less than $5, and (iii) such a widow's or widower's annuity in an amount formerly received as a spouse's annuity shall be increased by not less than $5, but not to an amount above the maximum of the spouse's annuity payable in the month in which the increases in annuities provided by section 104(a) of this Act are effective. Effective date. SEC. 108. (a) Except as otherwise provided, the amendments made by this title, other than section 102, subsections (f) and (g) of section 105, and section 106j shall be effective with respect to annuities accruing for months beginning with the month with respect to which the increase in benefits under title II of the Social Security Act provided 81 Stat. 821. for by the Social Security Amendments of 1967 is effective, and with respect to pensions due in calendar months next following the month with respect to which the increase in benefits under title II of the Social Security Act provided for by the Social Security Amendments of 1967 is effective. The amendments made by section 102 shall be effective with respect to annuities accruing for months in calendar years after 1967. The amendments made by section 105(f) and (g) shall be effective with respect to benefits payable on deaths occurring on or after the date of enactment of this Act. The amendments made by section 106 shall be effective on the enactment date of this Act.

E

�


text:
Page:United States Statutes at Large Volume 82.djvu/65

 82 STAT. I

PUBLIC LAW 90-257-FEB. 15, 1968

23

(b) In cases where an annuity is payable in the month before the month with respect to which increases in benefits under title II of the Social Security Act provided for by the Social Security Amendments of 1967 become effective in an amount determined under the Railroad Retirement Act, other than under the first proviso of section 3(e) of such Act, the provisions of this Act shall be presumed, in the absence of a claim to the contrary, to provide a higher amount of increase in the annuity than the provisions of the Social Security Amendments of 1967 would provide as an increase in the amount determined under the first proviso of section 3(e) of the Railroad Retirement Act. (c) All recertifications required by reason of the amendments made by this title shall be made by the Railroad Retirement Board without application therefor.

^^ ^*^*- ^^i45 USC 228c.

TITLE II — AMENDMENTS TO THE R A I L R O A D UNEMPLOYMENT INSURANCE ACT SEC. 201. (a)(1) Section l (k) of the Railroad Unemployment Insurance Act is amended by striking out "or which is included in ^t ^'^*- ^^^'^'' •

•

.

"^

.

t

^^•

•

60 Stat

736

a maternity period" and inserting in lieu thereof ", or, with respect 45 USC 35:1. to a female employee, a calendar day on which, because of pregnancy, miscarriage, or the birth of a child, (i) she is unable to work or (ii) working would be injurious to her health". (2) The said section l (k) is further amended by striking out from ^° ^*^*- ^^^^• the first proviso "$750" and inserting in lieu thereof "$1,000". (b) Section 1(1) of such Act is amended by redesi^iating subsections ^° ^*^*" ^^^' " (1) " and "(1)(1) " a s " (l)(1) " and"(1)(2)", respectively; by striking out from subsection (1)(2), as redesignated, "and the term 'statement of maternity sickness' means a statement with respect to a maternity ]>eriod of a female employee, in each case"; and by striking out the present subsection (1)(2). SEC. 202. (a)(1) The first paragraph of section 2(a) of the Railroad Unemployment Insurance Act is amended by striking out (i) "(other " ^ ^^^ ^^2^ than a day of sickness in a maternity period)"; and (ii) ", and (iii) for each day of sickness in a maternity period". (2) The said section 2(a) is further amended by striking out the third paragraph thereof. (3) The said section 2(a) is further amended by striking out the first line from the table thereof; by striking out "5.50", "6.00", "6.50", "7.00", "7.50", "8.00", "8.50", "9.00", "9.50" and "10.20" and inserting in lieu thereof "$8.00", "8.50", "9.00", "9.50", "10.00", "10.50", "11.00'^ "11.50", "12.00" and "12.70", respectively; and by striking from the proviso "$10.20" and inserting in lieu thereof "$12.70". (b)(1) Section 2(c) of such Act is amended by striking out ", other than days of sickness in a maternity period," wherever it appears; by inserting "and" after "base year;" where it first appears, and by striking out "; and the total amount of benefits which may be paid to an employee for days of sickness in a maternity period shall in no case exceed the employee's compensation in the base year on the basis of which the employee was determined to be qualified for benefits in such maternity period". (2) The said section 2(c) is further amended (i) by striking out "leave work without good cause or voluntarily retire" from the second proviso and inserting in lieu thereof the follownng: "retire and (in a case involving exhaustion of rights to benefits for days of unemployment) did not voluntarily leave work without good cause"; (ii) by inserting after the words "normal benefits for days of unemployment", the first time they appear in the second proviso, the following: "^or days

�


text:
Page:United States Statutes at Large Volume 82.djvu/66

 24

77 Stat. 222. 45 USC 353. 45 USC 354.

45 USC 360.

Transfer of

PUBLIC LAW 90-257-FEB. 15» 1968

[82 STAT.

of sickness"; (iii) by inserting after "for, unemployment" in the second proviso the following: "or sickness (clepending on the type of benefit rights exhausted)"; (iv) by inserting after "compensable days of unemployment" in the second proviso the following: "or days of sickness, as the case may be,"; (v) by inserting after "first day of unemployment" in the schedule in the second proviso the following: "or sickness, as the case may be,"; (vi) by inserting after the words "days of unemployment" in the schedule in the second proviso the following: "or days of sickness"; (vii) by striking out "leave work without good cause or voluntarily retire" from the second sentence and inserting in lieu thereof the following: "retire and (in a case involving unemployment) did not voluntarily leave work without good cause"; (viii) by inserting after "unemployment," in the second sentence, the following: "or fourteen or more consecutive days of sickness,"; (ix) by inserting after the words "such unemployment", wherever they appear in the last sentence, the following: "or sickness"; and (x) by adding the following two sentences at the end of such section: "Notwithstanding the other provisions of this subsecl hxa, an extended benefit period for sickness benefits shall terminate on the day next preceding the date on which the employee attains age 65, except that it may continue for the purpose of the payment of unemployment benefits; and, in the case of a succeeding benefit year beginning in accordance with the next preceding sentence by reason of sickness, such sentence shall not operate to l>ermit the payment of benefits in the period provided for in such sentence for any day of sickness beginning with the day on which age 65 is attained and continuing through the day preceding the first day of the next succeeding general benefit year. For purposes of this subsection and section 10(h), the Board may rely on evidence of age available in its records and files at the time determinations of age are made." SEC. 203. Section 3 of the Railroad Unemployment Insurance Act is amended by striking out "$750" and inserting in lieu thereof "$1,000". SEC. 204. (a) Section 4 ( a - l) of the Railroad Unemployment Insurance Act is amended by inserting at the end thereof the following new paragraph: "(iii) if he is paid a separation allowance, any of the days in the period beginning with the day following his separation from service and continuing for that number of consecutive fourteenday periods which is equal, or most nearly equal, to the amount of the separation allowance divided (i) by ten times his last daily rate of compensation prior to his separation if he normally worl^ five days a week, (ii) by twelve times such rate if he normally works six days a week, and (iii) by fourteen times such rate if.he normally works seven days a week;". (b) Section 4(a-2)(i) of such Act is amended by striking out from paragraph (A) thereof "$750" and inserting in lieu thereof "$1,000". gj,(3 205. Section 10 of the Railroad Unemployment Insurance Act is amended by inserting in subsection (a) thereof before "; (iii)" the following: "and pursuant to subsection (h) of this section", and by inserting at the end thereof the following new subsection: "(jj) At the close of the fiscal year ending June 30, 1968, and each fiscal year thereafter, the Board shall determine the amount, if any, which, if added to the railroad unemployment' insurance account, would place such account in the same position it would have been in at the close of such fiscal year if every employee who had been paid benefits in the fiscal year for days of sickness in an extended benefit eriod under the first sentence of section 2(c), or in a 'succeeding enefit year' begun in accordance with the second sentence of section 2 (c), and who upon application therefor would have been entitled to a disability annuity under section 2(a) of the Railroad Retire-

E

�


text:
Page:United States Statutes at Large Volume 82.djvu/67

 82 STAT. ]

PUBLIC LAW 90-257-FEB. 15, 1968

ment Act of 1937 with respect to some or all of the days for which such benefits were paid, had been paid such annuity with respect to all days of sickness for which he was paid benefits which were also days with respect to which such annuity could have accrued. I n determining such amount, the Board shall presume that every such employee was, in respect to his permanent physical or mental condition, qualified for such an annuity from the date of onset of the last spell of illness for which he was paid such benefits, if (a) he died without applying for such an annuity and before fully exhausting all rights to such benefits; or (b) he died without applying for such an annuity but within a year after the last day of sickness for which he had been paid such benefits, and had not meanwhile engaged in substantial gainful employment; or (c) he applied for such an annuity within one year after the last day of sickness for which he was paid such benefits and had not engaged in substantial gainful employment after that day and before the day on which he filed an application for such an annuity. The Board shall also have authority to make reasonable approximations deemed necessary in computing annuities for this purpose. The Board shall determine such amount no later than June 15 following the close of the fiscal year, and within ten days after such determination shall certify such amount to the Secretary of the Treasury for transfer from the Kailroad Ketirement Account to the railroad unemployment insurance account, and the Secretary of the Treasury shall make such transfer. The amount so certified shall include interest (at a rate determined, as of the close of the fiscal year, in accordance with subsection (d) of this section) payable from the close of such fiscal year to the date of certification." SEC. 206. (a) Section 12(f) of the Railroad Unemployment Insurance Act is amended by striking out ", or maternity" wherever it appears; and by substituting "or" (i) for the comma between "unemployment-compensation" and "sickness" in the first sentence, (ii) for the comma between "unemployment" and "sickness" in the second sentence, and (iii) for the comma between "unemployment-compensation" and "sickness" in the second sentence. (b) The first paragraph of section 12(g) of such Act is amended by substituting "or" for the comma between "unemployment" and "sickness", and by striking out ", or maternity". The second paragraph of such section is amended by striking out ", or maternity" wherever it appears, and by substituting "or" for the comma wherever it appears between "unemployment" and "sickness". (c) The third paragraph of section 12(i) of such Act is amended by striking out "and, m case of maternity sickness, the expected date of birth and the actual date of birth of the child". (d) Section 12(n) of such Act is amended by striking out (i) "or maternity" wherever it appears, and (ii) "or as to the expected date of birth of a female employee's child, or the birth of such a child". SEC. 207. Section 13 of the Railroad Unemployment Insurance Act is amended by striking out the following phrases: "and maternity"; "of for maternity"; "or maternity" wherever it appears; and "or to maternity". EFFECTIVE DATES

SEC. 208. The amendments made by sections 201(a)(1), 201(b), 202(a)(1), 202(a)(2), 202(b)(1), 206 and 207 shall be effective as of July 1, 1968. The amendments made by sections 201(a)(2) and 203 shall be effective with respect to base years beginning in calendar years after December 31, 1966, except that with respect to the base year in

25 45 USC 228b.

" ^ ^^^ ^^^' ^

" ^ ^^^ 3^'^^

�


text:
Page:United States Statutes at Large Volume 82.djvu/68

 26

PUBLIC LAW 90-258-FEB. 19, 1968

[82 STAT.

calendar year 1967 the amendments made by section 203 shall not be applicable to an employee whose compensation with respect to that base year was not less than $750 but less than $1,000; further, as to such an employee, the amendments made by section 202(a)(3) shall not be applicable with respect to days of unemployment and days of sickness m registration periods in the benefit year beginning July 1, 1968. The amendments made by section 202(a)(3) shall otherwise be effective with respect to days of unemployment and days of sickness in registration periods beginning on or after July 1, 1968. The amendments made by sections 202(b)(2)(i) through (vi) shall be effective to provide the beginning of extended benefit penoas on or after July 1, 1968. The amendments made by section 202(b)(2) (vii) through (ix) shall be effective to provide lor the early beginning of a benefit year on or after July 1^ 1967. The amendment made by section 204 (a) shall be effective with respect to calendar days in benefit years beginning after June 30, 1968, and the amendment made by section 204(b) shall be effective with respect to voluntary leaving of work (within the meaning of section 4(a-2)(i) of the Railroad Unemployment Insurance Act) after the enactment date of this Act. Approved February 15, 1968.

Public Law 90-258 February 19, 1968 [H. R. 13094]

Commodity Exchange Act, amendment. 49 Stat. 1491. Definitions.

Trading limits.

AN ACT To amend the Commodity Exchange Act, as amended.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 2(a) of the Commodity Exchange Act (42 Stat. 998), as amended (7 U.S.C. 2), is amended as follows: (a) By adding a comma after the word "soybeans" in the third sentence of the section and deleting the phrase "and soybean meal" in such sentence and substituting therefor the phrase "soybean meal, livestock, and livestock products"; (b) By changing the eleventh sentence defining "floor broker" to read as follows: "The words 'floor broker' shall mean any person who, in or surrounding any 'pit', 'ring', 'post', or other place provided by a contract market for the meeting of persons similarly engaged, shall purchase or sell for any other person any commodity for future delivery on or subject to the rules of any contract market."; and (c) By substituting a comma for the period at the end of the last sentence of the section and adding thereafter the following: "or an official or employee of each of the executive departments concerned, designated by the Secretary of Agriculture, the Secretary of Commerce, and the Attorney General, respectively; and the Secretary of Agriculture or his designee shall serve as Chairman," SEC. 2. Section 4 a (l) of the Commodity Exchange Act, as amended (7 U.S.C. 6 a (l)), is amended by deleting the second and third sentences thereof and substituting the following: "For the purpose of diminishing, eliminating, or preventing such burden, the commission shall, from time to time, after due notice and opportunity for hearing, by order, proclaim and fix such limits on the amounts of trading which may be done or positions which may be held by any person under contracts of sale of such commodity for future delivery on or subject to the rules of any contract market as the commission finds are necessary to diminish, eliminate, or prevent such burden. I n determining whether any person has exceeded such limits, the positions held and trading done by any persons directly or indirectly controlled by such person

�


text:
Page:United States Statutes at Large Volume 82.djvu/69

 82 STAT. ]

PUBLIC LAW 90-258-FEB. 19, 1968

27

shall be included with the positions held and trading done by such person; and further, such limits upon positions and trading shall apply to positions held by, and trading done by, two or more persons acting pursuant to an expressed or implied agreement or understanding, the same as if the positions were held by, or the trading were done by, a single person. Nothing in this section shall be construed to prohibit the commission from fixing different trading or position limits for different commodities, markets, futures, or delivery months, or different trading limits for buying and selling operations, or different limits for the purposes of subparagraphs 2 (A) and (B) of this section, or from exempting transactions normally known to the trade as 'spreads' or 'straddles' or from fixing limits applying to such transactions or positions different from limits fixed for other transactions or positions." SEC. 3. Section 4a(2)(B) of the Commodity Exchange Act, as amended (7 U.S.C. 6a(2)(B)), is amended to read as follows: ^l^} ^°"K °'' //•/-r-»\T

1

' \-

1

111

1

ii

snort position.

" (B) directly or indirectly to hold or control a net long or a net short position in any commodity for future delivery on or subject to the rules of any contract market in excess of any position limit fixed by the commission for or with respect to such commodity r Provided, That such position limit shall not apply to a position acquired in good faith prior to the effective date of such order." SEC. 4. Section 4a (3) of the Commodity Exchange Act, as amended ^^^^^^"^^ *'"^"^' (7 U.S.C. 6a (3)), is amended by deleting the first two sentences thereof 49 Stat. 1493. and substituting the following: "No order issued under paragraph (1) of this section shall apply to transactions or positions which are shown to be bona fide hedging transactions or positions. For the purposes of determining the bona fide hedging transactions or positions of any person under this paragraph (3), they shall mean sales of, or short positions in, any commodity for future delivery on or subject to the rules of any contract market made or held by such person to the extent that such sales or short positions are offset in quantity by the ownership or purchase of the same cash commodity by the same person or, conversely, purchases of, or long positions in, any commodity for future delivery on or subject to the rules of any contract market made or held by such person to the extent that such purchases or long positions are offset by sales of the same cash commodity by the same person." SEC. 5. Section 4b of the Commodity Exchange Act, as amended Fraud. (7 U.S.C. 6b), is amended as follows: (a) By deleting the portion of said section which begins with the phrase " I t shall be unlawful" and extends through the phrase "for or on behalf of any person" and by substituting for the deleted portion, the following: "It shall be unlawful (1) for any member of a contract market, or for any correspondent, agent, or employee of any member, in or in connection with any order to make, or the making of, any contract of sale of any commodity in interstate commerce, made, or to be made, on or subject to the rules of any contract market, for or on behalf of any other person, or (2) for any person, in or in connection with any order to make, or the making of, any contract of sale of any commodity for future delivery, made, or to be made, on or subject to the rules of any contract market, for or on behalf of any other person"; and (b) By inserting the word "other" before the word "person" where the latter word appears in subparagraph (A), and the first time it appears in subparagraphs (B) and (C). SEC. 6. Section 4d of the Commodity Exchange Act, as amended fundr°i^ves'tment. (7 U.S.C. 6d), is amended as follows: (a) By deleting the second proviso from the last sentence of the section and substituting therefor the following: '•''Provided further,

�


text:
Page:United States Statutes at Large Volume 82.djvu/70

 28

Depositories, obligations.

Registrants, eligibility.

49 Stat. 1496. Reports.

Recordkeeping.

PUBLIC LAW 90-258-FEB. 19, 1968

[82 STAT.

That such money may be invested in obligations of the United States, in general obligations of any State or of any political subdivision thereof, and in obligations fully guaranteed as to principal and interest by the United States, such investments to be made in accordance with such rules and regulations and subject to such conditions as the Secretary of Agriculture may prescribe."; and (b) By adding at the end of the section the following new paragraph: " I t shall be unlawful for any person, including but not limited to any clearing agency of a contract market and any depository, that has received any money, securities, or property for deposit in a separate account as provided in paragraph (2) of this section, to hold, dispose of, or use any such money, securities, or property as belonging to the depositing futures commission merchant or any person other than the customers of such futures commission merchant." SEC. 7. Section 4f of the Commodity Exchange Act, as amended (7 U.S.C. 6f), is amended as follows: (a) By deleting from the last sentence of paragraph (1) the words "section 4g of"; and (b) By deleting paragraph (2) thereof and substituting the following: "(2) Notwithstanding any other provisions of this Act, no person desiring to register as futures commission merchant shall be so registered unless he meets such minimum financial requirements as the Secretary of Agriculture may hj regulation prescribe as necessary to insure his meeting his obligations as a registrant, and each person so registered shall at all times continue to meet such prescribed minimum financial requirements: Provided, That such minimum financial requirements will be considered met if the applicant for registration or registrant is a member of a contract market and conforms to minimum financial standards and related reporting requirements set by such contract market in its bylaws, rules, regulations, or resolutions and approved by the Secretary of Agriculture as adequate to effectuate the purposes of this paragraph (2)." SEC. 8. Section 4g of the Commodity Exchange Act, as amended (7 U.S.C. 6g), is amended to read as follows: "SEC. 4g. Every person registered hereunder as futures commission merchant or floor broker shall make such reports as are required by the Secretary of Agriculture regarding the transactions and positions of such person, and the transactions and positions of the customer thereof, in commodities for future delivery on any board of trade in the United States or elsewhere; shall keep books and records pertaining to such transactions and positions in such form and manner and for such period as may be required by the Secretary; and shall keep such books and records open to inspection by any representative of the United States Department of Agriculture or the United States Department of Justice." SEC. 9. Section 4i of the Commodity Exchange Act, as amended (7 U.S.C. 6i), is amended by deleting the last sentence and adding the following at the end of the section. "Such person shall keep books and records of all futures transactions and positions coming within the provisions of (1) and (2) hereof, and shall keep books and records of such cash or spot transactions in such commodity entered into, and inventories and purchase and sale commitments of such commodity held, in any month in which such person is required to make any report under the provisions of (1) or (2), as the Secretary of Agriculture may require. Such books and records shall show complete details concerning all such transactions, positions, inventories, and commitments, including the names and addresses of all persons having any interest therein, and shall be open at all times to inspection by any representative of the

�


text:
Page:United States Statutes at Large Volume 82.djvu/71

 82 STAT.]

PUBLIC LAW 90-258-FEB. 19, 1968

29^

United States Department of Agriculture or the United States Department of Justice. For the purposes of this section, the futures and cash or spot transactions and positions of any person shall include such transactions and positions of any persons directly or indirectly controlled by such person." SEC. 10. Section 5(b) of the Commodity Exchange Act, as amended (7 U.S.C. T (b)), is amended as follows: (a) By deleting, from the first sentence, the phrase "in cash transactions consummated at, on, or in a board of trade, or transactions for future delivery" and substituting the following: "in cash transactions or transactions for future delivery consummated on or subject to the rules of a board of trade"; and (b) By deleting, from the first sentence, the phrase "consummated at, on, or in a board of trade" the second time it appears in said sentence and substituting the following: "consummated on or subject to the rules of a board of trade". Compliance SEC. 11. Section 5(f) of the Commodity Exchange Act, as amended condition. (7 U.S.C. 7 (f)), is amended to read as follows: 42 Stat. 1000. " (f) When the governing board provides for making effective the final orders or decisions entered pursuant to the provisions of paragraph (b) of section 6, and the orders issued pursuant to the provisions of section 5a of this Act, and for compliance in all other respects with the requirements applicable to such board of trade under this Act." SEC. 12. Section 5a of the Commodity Exchange Act, as amended 49 Stat. 1497(7 U.S.C. 7a), is amended as follows: (a) By deleting paragraph (2) thereof and substituting therefor Recordkeeping. the following: "(2) keep all books, records, minutes, and journals of proceedings of such contract market, and its governing board, committees, subsidiaries, and affiliates in a manner that will clearly describe all matters discussed by such contract market, governing board, committees, subsidiaries and affiliates and reveal any action taken in such matters, and allow inspection at all times by any authorized representative of the United States Department of Agriculture or United States Department of Justice of all such books, records, minutes, and journals of proceedings. Such books, records, minutes, and journals of proceedings shall be kept for a period of three years from the date thereof, or for a longer period if the Secretary of Agriculture shall so direct;" (b) By deleting the word "and" at the end of paragraph (6) and substituting a semicolon for the period at the end of paragraph (7); and (c) By adding after paragraph (7) the following paragraphs: Bylaws, e "(8) enforce all bylaws, rules, regulations, and resolutions, enforcement.t c. made or issued by it or by the governing board thereof or any committee, which relate to terms and conditions in contracts of sale to be executed on or subject to the rules of such contract market or relate to other trading requirements, and which have not been disapproved by the Secretary of Agriculture pursuant to paragraph (7) of section 8a of this Act; and revoke and not enforce any such bylaw, rule, regulation, or resolution, made, issued, or proposed by it or by the governing board thereof or any committee, which has been so disapproved; and " (9) enforce all bylaws, rules, regulations, and resolutions made or issued by it or by the governing board thereof or by any committee, which provide minimum financial standards and related reporting requirements for futures commission merchants who are members of such contract market, and which have been approved by the Secretary of Agriculture."

�


text:
Page:United States Statutes at Large Volume 82.djvu/72

 30 Enforcement of orders.

Contract market designation. Hearing and right of appeal. 42 Stat. 1001; 72 Stat. 944.

Suspension conditions.

Filing of petition.

72 Stat. 941.

Trading privil e g e s, denial. 49 Stat. 1498.

PUBLIC LAW 90-258-FEB. 19, 1968

[82 STAT,

SEC. 13. Section 5b of the Commodity Exchange Act, as amended (7 U.S.C. 7b), is amended as follows: (a) By deleting the phrase "rules and regulations" and substituting the phrase "rules, regulations, or orders"; and (b) By adding immediately after the phrase "Secretary of Agriculture" the phrase "or the commission". SEC. 14. Section 6 of the Commodity Exchange Act, as amended (7 U.S.C. 8, 9), is amended by adding at the end of the first paragraph thereof (7 U.S.C. 8) the following sentence: "In the event of a refusal to designate as a 'contract market' any board of trade that has made application therefor, such board of trade shall be afforded an opportunity for a hearing before the commission, with the right to appeal an adverse decision after such hearing to the court of appeals as provided for in other cases in paragraph (a) of this section." SEC. 15. Section 6(a) of the Commodity Exchange Act, as amended (7 U.S.C. 8), is amended to read as follows: " (a) The commission is authorized to suspend for a period not to exceed six months or to revoke the designation of any board of trade as a 'contract market' upon a showing that such board of trade is not enforcing or has not enforced its rules of government made a condition of its designation as set forth in section 5 of this Act or that such board of trade, or any director, officer, agent, or employee thereof, otherwise is violating or has violated any of the provisions of this Act or any of the rules, regulations, or orders of the Secretary of Agriculture or the commission thereunder. Such suspension or revocation shall only be after a notice to the officers of the board of trade affected and upon a hearing: Provided, That such suspension or revocation shall be final and conclusive, unless within fifteen days after such suspension or revocation by the commission such board of trade appeals to the court of appeals for the circuit in which it has its principal place of business, by filing with the clerk of such court a written petition praying that the order of the commission be set aside or modified in the manner stated in the petition, together with a bond in such sum as the court may determine, conditioned that such board of trade will pay the costs of the proceedings if the court so directs. The clerk of the court in which such a petition is filed shall immediately cause a copy thereof to be delivered to the Secretary of Agriculture, who shall thereupon notify the other members of the commission and file in the court the record in such proceedings, as provided in section 2112 of title 28, United States Code. The testimony and evidence taken or submitted before the commission, duly filed as aforesaid as a part of the record, shall be considered by the court of appeals as the evidence in the case. The proceedings in such cases in the court of appeals shall be made a preferred cause and shall be expedited in every way. Such a court may affirm or set aside the order of the commission or may direct it to modify its order. No such order of the commission shall be modified or set aside by the court of appeals unless it is shown by the board of trade that the order is unsupported by the weight of the evidence or was issued without due notice and a reasonable opportunity having been afforded to such board of trade for a hearing, or infringes the Constitution of the United States, or is beyond the jurisdiction of the commission." SEC. 16. Section 6(b) of the Commodity Exchange Act, as amended (7 U.S.C. 9,15), is amended by changing the first and fourth sentiences thereof to read, respectively: "If the Secretary of Agriculture has reason to believe that any person (other than a contract market) is manipulating or attempting to manipulate or has manipulated or attempted to manipulate the market price of any commodity, in inter-

�


text:
Page:United States Statutes at Large Volume 82.djvu/73

 82 STAT. ]

PUBLIC LAW 90-258-FEB. 19, 1968

state commerce, or for future delivery on or subject to the rules of any contract market, or has willfully made any false or misleading statement of a material fact in any registration application or any report filed with the Secretary of Agriculture under this Act, or willfully omitted to state in any such application or report any material fact which is required to be stated therein, or otherwise is violating or has violated any of the provisions of this Act or of the rules, regulations, or orders of the Secretary of Agriculture or the commission thereunder, he may serve upon such person a complaint stating his charges in that respect, which complaint shall have attached or shall contain therein a notice of hearing, specifying a day and place not less than three days after the service thereof, requiring such person to show cause why an order should not be made prohibiting him from trading on or subject to the rules of any contract market, and directing that all contract markets refuse all trading privileges to such person, until further notice of the Secretary of Agriculture, and to show cause why the registration of such person, if registered as futures commission merchant or as floor broker hereunder, should not be suspended or revoked." and "Upon evidence received, the Secretary of Agriculture may prohibit such person from trading on or subject to the rules of any contract market and require all contract markets to refuse such person all trading privileges thereon for such period as may be specified in the order, and, if such person is registered as futures commission merchant or as floor broker hereunder, may suspend, for a period not to exceed six months, or revoke, the registration of such person." SEC. 17. Section 6 of the Commodity Exchange Act, as amended Cease and desist orders, (7 U.S.C. 8, 9), is further amended by adding at the end thereof the vloiaUon following new paragraph: 42 Stat. 1001. "(c) If any person (other than a contract market) is manipulating or attempting to manipulate or has manipulated or attempted to manipulate the market price of any commodity, in interstate commerce, or for future delivery on or subject to the rules of any contract market, or otherwise is violating or has violated any of the provisions of this Act or of the rules, regulations, or orders of the Secretary of Agriculture or the commission thereunder, the Secretary may, upon notice and hearing, and subject to appeal as in other cases provided for in paragraph (b) of this section, make and enter an order directing that such person shall cease and desist therefrom and, if such person thereafter and after the lapse of the period allowed for appeal of such order or after the affirmance of such order, shall fail or refuse to obey or comply with such order, such person shall be guilty of a misdemeanor and, upon conviction thereof, shall be fined not less than $500 nor more than $10,000, or imprisoned for not less than six months nor more than one year, or both, except that if such failure or refusal to obey or comply with such order involves any offense within paragraph (a) or (b) of section 9 of this Act, such person shall be guilty of a felony and, upon conviction thereof, shall be subject to the penalties of said paragraph 9(a) or 9(b): Provided, That any such cease and desist order against any respondent in any case of manipulation of, or attempt to manipulate, the price of any commodity shall be issued only in conjunction with an order issued against such respondent under section 6(b) of this Act. Each day during which such failure or refusal to obey or comply with such order continues shall be deemed a separate offense." SEC. 18. Section 6b of the Commodity Exchange Act, as amended ^^g^^^^^ °"*^ ^^' (7 U.S.C. 13a), is amended to read as follows: vioiauon"' "SEC. 6b. If any contra<!t market is not enforcing or has not enforced 49 Stat. 1500. its rules of government made a condition of its designation as set forth in section 5 of this Act, or if any contract market, or any director, officer, agent, or employee of any contract market otherwise is violating or has violated any of the provisions of this Act or any of the rules,

31

�


text:
Page:United States Statutes at Large Volume 82.djvu/74

 32

Investigations; idisclosure. 42 Stat. 1003.

Registration refusal. 49 Stat. 1500.

PUBLIC LAW 90-258-FEB. 19, 1968

[82 STAT.

regulations, or orders of the Secretary of Agriculture or the commission thereunder, the commission may, upon notice and hearing and subject to appeal as in other cases provided for in paragraph (a) of section 6 of this Act, make and enter an order directing that such contract market, director, officer, agent, or employee shall cease and desist from such violation, and if such contract market, director, officer, agent, or employee thereafter and after the lapse of the period allowed for appeal of such order or after the affirmance of such order, shall fail or refuse to obey or comply with such order, such contract market, director, officer, a^ent, or employee shall be guilty of a misdemeanor and, upon conviction thereof, shall be fined not less than $500 nor more than $10,000 or imprisoned for not less than six months nor more than one year, or both. Each day during which such failure or refusal to obey such order continues shall be deemed a separate offense." SEC. 19. Section 8 of the Commodity Exchange Act, as amended (7 U.S.C. 12), is amended as follows: (a) By adding, in the first sentence, after the phrase "make such investigations as he may deem necessary to ascertain the facts regarding the operations of boards of trade", the following phrase: "and other persons subject to any of the provisions of this Act"; and (b) By changing the period at the end of the last paragraph of the section to a semicolon and adding at the end of said paragraph the following phrase: "and when requested by any department or agency of the executive branch of the Government of the United States, acting within the scope of its jurisdiction, may, in his discretion, furnish to such department or agency any information in the possession of the Department of Agriculture obtained in connection with the administration of this Act: Provided, however, That information so furnished to any such department or agency shall not be disclosed by such department or agency except in any action or proceeding under the laws of the United States to which it, or the Secretary of Agriculture, or the United States is a party." SEC. 20. Section 8a (2) of the Commodity Exchange Act, as amended (7 U.S.C. 12a(2)), is amended to read as follows: " (2) to refuse to register any person— " (A) if the prior registration of such person has been suspended (and the period of such suspension shall not have expired) or has been revoked; " (B) if it is found, after opportunity for hearing, that the applicant is unfit to engage in the business for which the application for registration is made, (i) because such applicant, or, if the applicant is a partnership, any general partner, or, if the applicant is a corporation, any officer or holder of more than 10 per centum of the stock, at any time engaged in any practice of the character prohibited by this Act or was convicted of a felony in any State or Federal court, or was debarred by any agency of the United States from contracting with the United States, or the applicant willfully made any material false or misleading statement in his application or willfully omitted to state any material fact in connection with the application, or (ii) for other good cause shown; or " (C) in the case of an applicant for registration as futures commission merchantj if it is found after opportunity for hearing that the applicant has not established that he meets the minimum financial requirements under section 4f of this Act: Provided, That pending final determination under clause (B) or (C), registration shall not be granted: And provided further, That the applicant may appeal from a refusal of registration under clause (B) or (C) m the manner provided in paragraph (b) of section 6 of this Act; and".

�