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FEDERAL REGISTER

Saturday, F eb ru a ry 25, 1956

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producer, and d which will yield tur pentine of the prescribed quality, and rosin of the prescribed grades and qual ity. When a producers eligible oleo resin was commingled with oleoresin produced by other producers in the proc essing operation, the turpentine and rosin tendered for loan by the producer as representing the processed equivalent of his eligible oleoresin will be deemed to be, if otherwise eligible, eligible tur pentine and eligible rosin produced by such producer.

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438.707
Eligible metal drums.
Eligible metal drums are drums con forming to the specifications for metal drums approved by CCC, obtainable from and on file in the office of the Association.

CODIFICATION GUIDE Con.
Title 7 Continued Chapter V II:
Part 728 _________________

Part 729 _______ ______ . _____ _
Chapter V IH :
Part 814 proposed___________
Chapter IX :
Part 914_____
Part 953__________
Part 1002 proposed___________
Part 1009 proposed ___________
Chapter X I:
Part 1101__________________

Part 1103________________________
Part 1104________________________
Part 1105

Title 12

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438.708 Availability of loans, a
Under the Loan Agreement, CCC will 1276 make a loan to the Association for the purpose of enabling the Association to 1275 make loans available, or to make loans to eligible producers of eligible naval Title 14
stores produced in 1956. The loan to the Chapter II:
263 Association will be in an amount equal Part 609-
to 1 the amount of the loans made Title 16
by the Association to producers, 2 the Chapter I:
administrative and operating expenses, Part 13 5 documents_____ 1267,1268 approved by CCC, incurred by the Asso Title 18
ciation in connection with making loans Chapter I:
available and the making of loans, and Part 157 proposed____________
1276 the handling, preservation and sale of pledged naval stores, 3 the storage Title 21
charges after naval stores are pledged, Chapter I:
Part 19__________________________ 1269 and 4 an indemnification charge to Part 120______________
1269 cover the assumption by CCC of the risk of loss on rosin and rosin content in Title 32A
oleoresin the storage rate for turpentine Chapter I O D M :
includes insurance.
DMO 1-21_______________________ 1269
b Each producer desiring to obtain loans will execute a Producers Market Title 33
ing Agreement with the Association.
Chapter II:
1270 Each loan will be secured by a pledge by Part 202_____________________
Part 207____
1270 the producer to the Association of eligible turpentine, eligible rosin, or unprocessed Title 47
turpentine or rosin content in eligible Chapter I:
oleoresin, and the Association, in turn, Part 1---------------------------1270
will pledge the same to CCC as security Part 3 2 documents ____
1271 for the loan made by CCC to the asso Proposed rules________
1275 ciation. Loans on rosin will be made Part 16 2 documents_____ 1272,1273 only on full drums thereof, and loans on the rosin content in oleoresin, only upon the equivalent of full drums thereof. No packed to the net weight approved by loans will be made later than December CCC, in eligible metal drums, f is 31,1956. .
transparent, g is free from visible for c Eligible naval stores will be eign materials and contains no extrane ous matter resulting from chemical or deemed tendered for loan by the pro ducer to the Association only when such other treatment of the rosin, or of the naval stores have been 1 processed oleoresin or the trees from which it came, and h conforms as to softening point except where unprocessed turpentine or to not less than Federal Specifications rosin content in oleoresin is offered for LLL-R-626, to-wit: 158 degrees Fahren loan, 2 placed in storage in the heit American Society for Testing M a custody of an approved warehouseman terials Methods No. E 28-5I T .
Rosin who has entered into and is fully com must be federally inspected and v/eighed plying with a Warehouse Agreement or the weights checked prior to tender for A TFA Form 2-1956, and 3 offered for loan on a Producers Offer A T F A
loan.
Form 3A-1956 the date of which, un 438.706 Eligible oleoresin. Eligi less a first offer and dated not later than ble oleoresin is oleoresin a which was April 30, 1956, shall be not later than produced in 1956 in the United States by thirty 30 days from the date of delivery an eligible producer, b which is free of eligible oleoresin for processing. If and clear from all liens and encum brances, c the turpentine or rosin con there are any liens or encumbrances on tent in which has not been theretofore the naval stores offered for loan, proper pledged for a loan under this or any sim waivers are required on a Lien-holders ilar program and in which the beneficial Waiver and Agreement A TFA Form interest is and always has been in the 3-1956.
Chapter II:
Part 217 proposed_____________
Chapter III:
Part 329 proposed____ _____

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438.709 Rate of loan to producers.
The Association will make loans to pro ducers based on the rate of $27.66 per standard barrel 435 lbs. net weight each of crude pine gum, processed basis; this rate will remain fixed throughout the loan period. Initially, the rate of $27.66 p lr barrel of crude pine gum, processed basis, will be allocated to the individual commodities to provide a loan rate for turpentine of fifty cents 500 per gallon of 7.2 pounds in bulk, and loan rates of $7.49 for rosin of the average grade W G , $7.59 for grades X and W W , and $7.39 for grades N, M, K and I per hundred pounds net packed in eligible metal drums. CCC reserves the right to revise such allocation of loan values between turpentine and rosin during the loan period, within the fixed loan rate on the barrel of gum. The amount which the Association will lend to any producer will be determined by applying the applicable loan rates in effect for turpentine and rosin on the date of the applicable Producers Offer to the quantities thereof tendered for loan.
438.710 Storage provisions.
The producer will be required to place naval stores offered for loan in storage in the custody of an approved warehouseman who has entered into and is fully com plying with a Warehouse Agreement with the Association. This Agreement will be asigned by the Association to CCC. All processing charges, including the cost of the eligible metal drums for rosin, and all storage and other warehouse charges to the date of tender for loan will be borne by the producer. Storage charges ac cruing after the naval stores are pledged are payable by CCC, and comprise part of the loan by CCC to the Association.
438.711 Maturity. The loan made by CCC to the Association and the loans made by the Association to producers will be due and payable upon demand, or on July 1,1957, whichever is earlier.
438.712 Redemption, a Subject to terms and conditions of the Producers Marketing Agreement, the producer may redeem pledged naval stores, prior to maturity of the loan, upon application to the Association and payment of the redemption price. The producers right to redeem may be exercised for him and in his behalf by the Association and the producers exercise of the right of re demption is subject to the prior exercise thereof by the Association. Subject to the terms and conditions of the Loan Agreement, the Association may redeem naval stores pledged by the Association to CCC, upon application to CCC therefor prior to the maturity of the loan and payment of the redemption price.
b The redemption price shall be de termined by CCC and shall be the amount outstanding under the Loan Agreement, including any unpaid accrued expenses and charges, plus interest at the rate of three and one-half percent 3 Vz% per annum, applied to the gallons of turpen tine, pounds of rosin, or the content thereof in oleoresin, respectively, to be redeemed. Any naval stores redeemed shall not be thereafter eligible for loan.