§1141j Miscellaneous Provisions

Summary

Defines what a cooperative association is and sets rules for cooperatives, Farm Credit Administration officials, and others who get confidential information. A cooperative association means farmers working together on things like processing, marketing, buying supplies, testing, grading, and providing farm services. The group must operate for members’ benefit and must either give each member only one vote or limit dividends on stock to no more than 8% per year. The coop also must not do more business with nonmembers than with members. Any business done for the United States or its agencies is not counted when comparing member and nonmember business. It is illegal for the governor or any officer or employee of the Farm Credit Administration to speculate in agricultural commodities, related contracts, or in stock/membership interests of companies that handle those commodities. Violation can bring up to a $10,000 fine, up to ten years in prison, or both. It is also illegal for cooperatives, stabilization corporations, clearing-house associations, commodity committees, or their officers or members to reveal confidential information given by the Administration. That violation can bring up to a $5,000 fine, up to five years in prison, or both. If any part of the law is found invalid, the rest stays in effect. The chapter is called the "Agricultural Marketing Act." The term "agricultural commodity" also includes crude gum (oleoresin) from a living tree and, when processed by the original producer, gum spirits of turpentine and gum rosin (see section 92 of title 7).