[Code of Federal Regulations]
[Title 7, Volume 8]
[Revised as of January 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR932.40]

[Page 302-303]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER IX--AGRICULTURAL MARKETING SERVICE (Marketing Agreements and 
      Orders; Fruits, Vegetables, Nuts), DEPARTMENT OF AGRICULTURE
 
PART 932_OLIVES GROWN IN CALIFORNIA--Table of Contents
 
                    Subpart_Order Regulating Handling
 
Sec. 932.40  Accounting.

    (a) If, at the end of a fiscal year, the assessments collected are 
in excess of expenses incurred, such excess shall be accounted for in 
accordance with one of the following:
    (1) If such excess is not retained in a reserve as provided in 
paragraph (a)(2) of this section, the committee shall refund or credit 
to handler accounts the aforesaid excess. Each handler's share of such 
excess funds shall be the amount of assessments such handler has paid in 
excess of such handler's pro rata share of the actual net expenses of 
the committee for such fiscal year. Excess funds may be used temporarily 
by the committee to defray expenses of the subsequent fiscal year: 
Provided, That each handler's share of such excess shall be made 
available to the handler by the committee within five months after the 
end of the fiscal year.
    (2) The committee, with the approval of the Secretary, may carry 
over such excess into subsequent fiscal years as a reserve: Provided, 
That funds already in the reserve do not exceed approximately one fiscal 
year's expenses. Such reserve funds may be used for any expenses 
authorized pursuant to Sec. 932.38 and for necessary expenses of 
liquidation in the event of termination of this part. Upon such 
termination, any funds not required to defray the necessary expenses of 
liquidation shall be disposed of in such manner as the Secretary may 
determine to be appropriate: Provided, That to the extent practicable, 
such funds shall be returned pro rata to the persons from whom such 
funds were collected.

[[Page 303]]

    (b) All funds received by the committee pursuant to the provisions 
of this part shall be used solely for the purpose specified in this part 
and shall be accounted for in the manner provided in this part. The 
Secretary may at any time require the committee and its members to 
account for all receipts and disbursements.
    (c) Upon the removal or expiration of the term of office of any 
member of the committee, such member shall account for all receipts and 
disbursements and deliver all property and funds in his possession to 
the committee, and shall execute such assignments and other instruments 
as may be necessary or appropriate to vest in the committee full title 
to all of the property, funds, and claims vested in such member pursuant 
to this part.

[30 FR 12629, Oct. 2, 1965, as amended at 47 FR 32908, July 30, 1982]

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