[Code of Federal Regulations]
[Title 7, Volume 7]
[Revised as of January 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR738.28]

[Page 295-296]
 
                          TITLE 7--AGRICULTURE
 
                            CHAPTER VII--FARM
                SERVICE AGENCY, DEPARTMENT OF AGRICULTURE
 
PART 738--WOOL WAREHOUSES--Table of Contents
 
Sec. 738.28  System of accounts.

    (a) Each warehouseman shall use for his warehouse a system of 
accounts, approved for the purpose by the Department, which shall show 
for each lot of wool received, its weight, the number of bags or bales, 
its grade when its grade is required to be, or is, ascertained, its 
location in the warehouse, the dates received for and delivered out of 
storage, the receipt issued and canceled, and a separate record for each 
depositor of wool, and such accounts shall include a detailed report of 
all moneys received and disbursed and of all insurance policies taken 
out and canceled. In addition, for wool the identity of which is to be 
preserved, the accounts shall show its identification in accordance with 
Sec. 738.34, and for wool the identity of which is not preserved the 
accounts shall show the designation of the lot or pile of which it is a 
part and the estimate of the shrinkage of such wool stated on the 
receipt therefor. Such records shall be retained by the warehouseman for 
a period of six years after December 31 of the year in which created, 
and for such longer period as may be necessary for the purposes of any 
litigation which the warehouseman knows to be pending, or as may be 
required by the Administrator in particular cases to carry out the 
purposes of the Act.
    (b) Each warehouseman shall provide a metal fireproof safe, a 
fireproof vault, or a fireproof compartment in which he shall keep, when 
not in actual use, all records, books, and papers pertaining to the 
warehouse, including his current receipt book, copies of receipts 
issued, and canceled receipts, except that, with the written approval of 
the Department upon a showing by such warehouseman that it is not 
practicable to provide such fireproof safe, vault, or compartment, he 
may keep such records, books, and papers in some other place of safety 
approved by the Administrator or his representatives. Each canceled 
receipt shall be retained by the warehouseman for a period of six years 
after December 31 of

[[Page 296]]

the year in which the receipt is canceled and for such longer period as 
may be necessary for the purposes of any litigation which the 
warehouseman knows to be pending, or as may be required by the 
Administrator in particular cases to carry out the purposes of the act. 
Canceled receipts shall be arranged by the warehouseman in numerical 
order and otherwise in such manner as shall be directed, for purposes of 
audit, by authorized officers or agents of the Department of 
Agriculture.

(Approved by the Office of Management and Budget under control number 
0560-0120)

[5 FR 3607, Sept. 10, 1940, as amended at 22 FR 1629, Mar. 14, 1957; 29 
FR 13369, Sept. 26, 1964; 47 FR 745, Jan. 7, 1982. Redesignated at 50 FR 
1814, Jan. 14, 1985]