[Code of Federal Regulations]
[Title 7, Volume 8]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR916.42]

[Page 106-107]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER IX--AGRICULTURAL MARKETING SERVICE (Marketing Agreements and 
      Orders; Fruits, Vegetables, Nuts), DEPARTMENT OF AGRICULTURE
 
PART 916_NECTARINES GROWN IN CALIFORNIA--Table of Contents
 
                    Subpart_Order Regulating Handling
 
Sec.  916.42  Accounting.

    (a) If, at the end of a fiscal period, 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, it shall be refunded proportionately 
to the persons from whom it was collected: Provided, That any sum paid 
by a person in excess of his pro rata share of the expenses during any 
fiscal period may be applied by the committee at the end of such fiscal 
period to any outstanding obligations due the committee from such 
person.
    (2) The committee, with the approval of the Secretary, may carry 
over such excess into subsequent fiscal periods as a reserve: Provided, 
That funds already in the reserve do not equal approximately one fiscal 
period's expenses. Such reserve funds may be used (i) to defray 
expenses, during any fiscal period, prior to the time assessment income 
is sufficient to cover such expenses, (ii) to cover deficits incurred 
during any fiscal year when assessment income is less than expenses, 
(iii) to defray expenses incurred during any period when any or all 
provisions of

[[Page 107]]

this part are suspended or are inoperative, (iv) to cover 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 
practical, such funds shall be returned pro rata to the persons from 
whom such funds were collected.
    (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.

                                Research