[Code of Federal Regulations]
[Title 7, Volume 9]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1160.502]

[Page 200]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER X--AGRICULTURAL MARKETING SERVICE (Marketing Agreements and 
                 Orders; Milk) DEPARTMENT OF AGRICULTURE
 
PART 1160_FLUID MILK PROMOTION PROGRAM--Table of Contents
 
                   Subpart_Fluid Milk Promotion Order
 
Sec.  1160.502  Proceedings after suspension or termination.

    (a) Upon the suspension or termination of this subpart, the Board 
shall recommend to the Secretary not more than five of its members to 
serve as trustees for the purpose of liquidating the affairs of the 
Board. Once the Secretary has designated such members as trustees, they 
shall become trustees of all the funds and property that the Board owns, 
possesses, or controls, including unpaid and undelivered property or any 
other unpaid claim existing at the time of such termination. The actions 
of such trustees shall be subject to approval by the Secretary.
    (b) The said trustees shall:
    (1) Serve as trustees until discharged by the Secretary;
    (2) Carry out the obligations of the Board under any contract or 
agreements that it entered pursuant to Sec.  Sec.  1160.208 and 1160.209;
    (3) Account for all receipts and disbursements and deliver to any 
person designated by the Secretary all property on hand, together with 
all books and records of the Board and the trustees; and
    (4) At the request of the Secretary, execute such assignments or 
other instruments necessary or appropriate to vest in the Secretary's 
designee full title and right to all of the funds, property, and claims 
of the Board or the trustees.
    (c) The Secretary's designee shall be subject to the same 
obligations with respect to funds, property or claims transferred or 
delivered pursuant to this subpart as the Board and the trustees.
    (d) The Board, the trustees or the Secretary's designee shall 
deliver to the Secretary any residual funds not required to pay 
liquidation expenses, which funds may be used, to the extent 
practicable, to continue one or more of the promotion, research or 
nutrition education plans or projects authorized pursuant to this 
subpart.

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