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7 U.S. Code § 15b. Cotton futures contracts
(a) Short title
This section may be cited as the “United States Cotton Futures Act”.
(b) Omitted
(c) DefinitionsFor purposes of this section—
(1) Cotton futures contractThe term “cotton futures contract” means any contract of sale of cotton for future delivery made at, on, or in any exchange, board of trade, or similar institution or place of business which has been designated a “contract market” by the Commodity Futures Trading Commission pursuant to the Commodity Exchange Act [7 U.S.C. 1 et seq.] and the term “contract of sale” as so used shall be held to include sales, agreements of sale, and agreements to sell, except that—
(A)
any cotton futures contract that, by its terms, is settled in cash is excluded from the coverage of this paragraph and section; and
(B)
any cotton futures contract that permits tender of cotton grown outside of the United States is excluded from the coverage of this paragraph and section to the extent that the cotton grown outside of the United States is tendered for delivery under the cotton futures contract.
(2) Future delivery
The term “future delivery” shall not include any cash sale of cotton for deferred shipment or delivery.
(3) Person
The term “person” includes an individual, trust, estate, partnership, association, company, or corporation.
(4) Secretary
The term “Secretary” means the Secretary of Agriculture of the United States.
(5) Standards
The term “standards” means the official cotton standards of the United States established by the Secretary pursuant to the United States Cotton Standards Act, as amended [7 U.S.C. 51 et seq.].
(d) Bona fide spot markets and commercial differences
(1) Definition
For purposes of this section, the only markets which shall be considered bona fide spot markets shall be those which the Secretary shall, from time to time, after investigation, determine and designate to be such, and of which he shall give public notice.