Perishable Agricultural Commodities Act to Increase the Statutory Ceilings on License Fees: Hearing Before the Subcommittee on Domestic Marketing, Consumer Relations, and Nutrition of the Committee on Agriculture, House of Representatives, One Hundredth Congress, Second Session, on H.R. 4694, July 7, 1988

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Page 120 - broker" means any person engaged in the business of negotiating sales and purchases of any perishable agricultural commodity in interstate or foreign commerce for or on behalf of the vendor or the purchaser, respectively, except that no person shall be deemed to be a "broker...
Page 120 - ... broker" within the meaning of the Act if such person is an independent agent negotiating sales for or on behalf of the vendor and if the only sales of such commodities negotiated by such person are sales of frozen fruits and vegetables having an invoice value not in excess of $230,000 in any calendar year. (o) Shipper...
Page 113 - ... and to protect the public interest. (2) Perishable agricultural commodities received by a commission merchant, dealer, or broker in all transactions, and all inventories of food or other products derived from perishable agricultural commodities, and any receivables or proceeds from the | sale of such commodities or products, shall be held by such commission merchant, dealer, or broker in trust for the benefit of all unpaid suppliers or sellers of such commodities or agents involved in the...
Page 50 - I again thank you for the opportunity to appear before you today, and would be happy to answer any questions you might have.
Page 126 - ZAUCHA Mr. Chairman and members of the subcommittee, my name is Thomas K. Zaucha and I am President and Chief Executive Officer of the National Grocers Association (NGA). The National Grocers Association is the national trade association representing retail and wholesale grocers that comprise the independently owned and operated sector of the food distribution industry. This industry segment accounts for half of all food store sales in the United States more than $200 billion.
Page 113 - ... them on behalf of another person, encumber or give lenders a security interest in such commodities, or on inventories of food or other products derived from such commodities, and any receivables or proceeds from the sale of such commodities or products, and that such arrangements are contrary to the public interest. This subsection is intended to remedy such burden on commerce in perishable agricultural commodities and to protect the public interest.
Page 20 - I want to thank you again for the opportunity to appear before the...
Page 86 - ... after the day on which the broker's invoice is received by the buyer; (4) Payment of brokerage earned and other expenses in connection with produce purchased or sold, within 10 days after the day on which the broker's invoice is received by the principal; (5) Payment for produce purchased by a buyer, within 10 days after the day on which the produce is accepted...

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