[Code of Federal Regulations]
[Title 7, Volume 2]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR46.14]

[Page 265]
 
                          TITLE 7--AGRICULTURE
 
                        DEPARTMENT OF AGRICULTURE
 
PART 46_REGULATIONS (OTHER THAN RULES OF PRACTICE) UNDER THE 
PERISHABLE AGRICULTURAL COMMODITIES ACT, 1930--Table of Contents
 
Sec. 46.14  General.

    (a) Every commission merchant, dealer, and broker shall prepare and 
preserve for a period of two years from the closing date of the 
transaction the accounts, records, and memoranda required by the Act, 
which shall fully and correctly disclose all transactions involved in 
his business. Licensees shall keep records which are adapted to the 
particular business that the licensee is conducting and in each case 
such records shall fully disclose all transactions in the business in 
sufficient detail as to be readily understood and audited. It is 
impracticable to specify in detail every class of records which may be 
found essential since many different types of business are conducted in 
the produce industry and many different types of contracts are made 
covering a wide range of services by agents and others. The 
responsibility is placed on every licensee to maintain records which 
will disclose all essential facts regarding the transactions in his 
business.
    (b) Every commission merchant, dealer, and broker shall prepare and 
preserve records and memoranda required by the Act which shall fully and 
correctly disclose the true ownership and management of such business 
during the preceding four years. Such records shall include the number 
and location of all branches or additional business facilities operated 
by or for the commission merchant, dealer or broker. In the case of a 
corporation, such records shall include the corporate charter, record of 
stock subscription and stock issued, the amounts paid in for stock and 
minutes of stockholders' and directors' meetings showing the election of 
directors and officers, resignations and other pertinent corporate 
actions. In the case of a partnership, the records shall contain a copy 
of the partnership agreement showing the type of partnership, the full 
names and addresses of all partners including general, special or 
limited partners, the partnership interest of each individual and any 
other pertinent records of the partnership.

[28 FR 7067, July 11, 1963; 28 FR 7287, July 17, 1963, as amended at 44 
FR 50576, Aug. 29, 1979]