[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: 7CFR985]

[Page 583-584]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER IX--AGRICULTURAL MARKETING SERVICE (Marketing Agreements and 
      Orders; Fruits, Vegetables, Nuts), DEPARTMENT OF AGRICULTURE
 
PART 985_MARKETING ORDER REGULATING THE HANDLING OF SPEARMINT OIL 
 
                    Subpart_Order Regulating Handling
 
Sec.  985.57  Reserve pool requirements.

    (a) On November 1, or such other date as the Committee, with the 
approval of the Secretary may establish, the Committee shall pool 
identified excess oil

[[Page 584]]

as reserve oil in such manner as to accurately account for its receipt, 
storage, and disposition. The Committee shall store reserve oil for the 
account of the producer and maintain the identity of the reserve oil by 
producer's name, the year produced, the class of oil, and such other 
identification as may be used in normal commercial trade practices. The 
Committee shall designate a Committee employee as reserve pool manager.
    (b) Disposition. (1) When, in any marketing year, a producer has 
produced less than the annual allotment of a class of oil, the producer 
may, upon notification of the Committee, fill the deficiency with the 
same class of reserve oil from the producer's prior production.
    (2) Prior to March 15 of any year, or such other date as recommended 
by the Committee and approved by the Secretary, a producer may notify 
the Committee of a possible deficiency in the producer's ensuing year's 
production of oil and wishes to use reserve oil from own production to 
fill the ensuing year's annual allotment. The Committee shall approve 
the producer's request if the oil is still available at the time of the 
request.
    (3) Under supervision of the Committee, a producer may exchange 
salable oil for the same class and quantity of reserve oil from own 
production so long as the oil is properly identified.
    (4) When the Committee finds that additional oil is needed to fill 
the normal market demand, it shall offer all or a portion of the reserve 
oil for sale to handlers. Offers to sell, extension of offers and 
withdrawal of offers shall be subject to disapproval by the Secretary. 
The Committee may establish rules and regulations governing the offers 
and sale to handlers.
    (5) The Committee may use reserve oil for market development 
projects approved by the Secretary. Such projects may be conducted by 
the Committee or in conjunction with or through handlers.
    (c) Pool expenses and proceeds. Expenses incurred by the Committee 
in handling and storing reserve oil shall be paid by the equity holders. 
The proceeds from the disposition of reserve oil shall be distributed, 
after deduction of any expenses incurred by the Committee in receiving, 
handling, storing, and disposing thereof, to the equity holders or their 
successors in interest, on the basis of the number of pounds, class of 
oil and quality credited to each equity holder's account in the pool. A 
full accounting to each equity holder, or successor in interest, in each 
reserve pool shall be made by the Committee annually.