[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: 7CFR953.35]

[Page 407-408]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER IX--AGRICULTURAL MARKETING SERVICE (Marketing Agreements and 
      Orders; Fruits, Vegetables, Nuts), DEPARTMENT OF AGRICULTURE
 
PART 953_IRISH POTATOES GROWN IN SOUTHEASTERN STATES--Table of Contents
 
                    Subpart_Order Regulating Handling
 
Sec.  953.35  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)

[[Page 408]]

of this section, it shall be refunded proportionately and to the extent 
practical to the persons from whom it was collected: Provided, That each 
handler may be credited with such refund, for the operations of the 
following fiscal period, unless he demands payment thereof, in which 
event such proportionate refund shall be paid to him.
    (2) The committee, with the approval of the Secretary, may establish 
an operating monetary reserve, and may carry over into subsequent fiscal 
periods such excess in a reserve so established: Provided, That funds in 
the reserve shall not exceed approximately one fiscal period's expenses. 
Such reserve funds may be used by the committee (i) to defray expenses 
authorized pursuant to Sec.  953.33, (ii) to defray expenses during any 
fiscal period, prior to the time assessment income is sufficient to 
cover such expenses, (iii) to cover deficits incurred during any fiscal 
period when assessment income is less than expenses, (iv) to defray 
expenses incurred during any period when any or all provisions of this 
part are suspended or are inoperative, and (v) 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 and after reasonable effort by the committee it 
is found impracticable to return such remaining funds to handlers from 
whom collected, such funds shall be disposed of in such manner as the 
Secretary may determine to be appropriate.
    (b) The committee may make recommendations to the Secretary for one 
or more of the members thereof, or any other person or persons to act as 
trustee or trustees for holding records, funds, or any other committee 
property during periods of suspension of this part, or during any period 
or periods when regulations are not in effect; and, if the Secretary 
determines such action appropriate, he may direct that such person or 
persons shall act as trustee or trustees for the committee.

[33 FR 8504, June 8, 1968]