of animal sold, the name of the purchaser, the date of sale, the commission, yardage, and other lawful charges, and such other facts as may be necessary to complete the account and show fully the true nature of the transaction. Each licensee, acting as a broker, factor, or commission merchant, shall, before the close of the next business day following the sale of live poultry consigned to it for sale, transmit or deliver to the consignor or shipper of the live poultry, or his duly authorized agent, in the absence of any knowledge that any other person, or persons, has any interest in the live poultry, the net proceeds received from the sale and a true written account of such sale showing the number of pounds and the price of each kind of poultry sold, the date of sale, the name of the purchaser, the commission, and other lawful charges, and such other facts as may be necessary to complete the account and show fully the true nature of the transaction.

§201.44 Market agencies and licensees to render prompt accounting for purchases on order. Each market agency and licensee shall, promptly following the purchase of livestock or live poultry on a commission or agency basis, transmit or deliver to the person for whose account such purchase was made, or his duly authorized agent, a true written account of the purchase showing the number, weight, and price of each kind of animal purchased, or the weight and price of each kind of live poultry purchased, the names of the persons from whom purchased, the date of purchase, the commission and other lawful charges, and such other facts as may be necessary to complete the account and show fully the true nature of the transaction.

$201.45 Market agencies and licensees to make records available for inspection by owners, consignors, and purchasers. Each market agency and licensee engaged in the business of selling or buying livestock or live poultry on a commission or agency basis shall, on request from an owner, consignor, or purchaser, make available copies of bills covering charges paid by such market agency or licensee for and on behalf of the owner, consignor, or purchaser which were deducted from the gross proceeds of the sale of livestock or live poultry or added to the purchase price thereof when accounting for the sale or purchase.

$201.46 Stockyard owners, registrants, and licensees to keep daily record. (a) Each stockyard owner, in addition to other necessary records, shall make and keep an accurate record of the number of head of each class of livestock received, shipped, or disposed of locally each day. Each registrant buying or selling livestock on a commission basis or otherwise, except packer buyers registered as dealers to purchase livestock for slaughter only, in addition to other necessary records, shall make and keep an accurate record of the number and weight of livestock bought, sold, or otherwise disposed of each business day, the prices paid or received therefor, and the charges made for services.

(b) Each licensee buying or selling live poultry on a commission basis or otherwise, in addition to other necessary records, shall make and keep an accurate record of the number of pounds of live poultry bought or sold each business day, the prices paid or received therefor, and the charges made for services and facilities.

$201.47 Market agencies and licensees to disclose business relationships, if any, with purchasers. No market agency or licensee acting as a broker, factor, or commission merchant shall knowingly sell or dispose of consigned livestock or live poultry to any person in whose business such market agency or licensee, or any stockholder, owner, officer, or employee thereof, has a financial interest, or to any person who has a financial interest in such market agency or licensee, unless the market agency or licensee discloses on the accounts of sales issued to the consignors concerned the nature of the relationship existing between the market agency or licensee and the buyers of the livestock or live poultry and then only if the livestock or live poultry has been offered for sale on the open market and the purchaser's bid exceeds that of other bidders. The provisions of this section shall not be construed to permit any transaction prohibited by §§ 201.57 and 201.60 relating to sales of livestock or live poultry out of consignments to owners, officers, agents, or employees of market agencies or licensees to which the livestock or live poultry was consigned.

$201.48 Sellers of live poultry to issue sales tickets at designated markets. With respect to each purchase or sale of live poultry by licensees at designated markets a ticket shall be prepared by the seller at the time of sale. Each ticket shall show the name of the designated market, the date of the transaction, the names of the seller and buyer, the number of coops, kinds of poultry, price per

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ticket shall be legibly signed by the seller and the buyer or authorized represenpound, and such terms and conditions as the parties may agree upon. Each atives thereof and when thus signed shall constitute the contract of purchase and sale. One copy of such ticket shall be retained by the seller. On request a copy shall be furnished to the buyer. A copy shall be transmitted with an accounting of the sale to the owner or consignor of the live poultry if the transaction is one on an agency basis. Settlement between seller and buyer shall be on the basis of the duly executed and signed tickets required by this section unless good cause is shown for settlement on some other basis.

§ 201.49 Requirements regarding scale tickets evidencing weighing of livestock or live poultry. When livestock or live poultry is weighed for purposes of purchase or sale, a scale ticket shall be issued which shall show the name of the agency performing the weighing service, the date of the weighing, the number of the scale or other information identifying the scale upon which the weighing is performed, the name of the seller, the name of the buyer, and the name of the consignor, or understandable abbreviations of such names. In the case of livestock, in addition to the information referred to in this section, the scale ticket shall show the number of head, kind, and actual weight of the livestock, the amount of dockage, if any, and the name or initials of the person who weighed the livestock. In the case of live poultry, in addition to the information referred to in this section, the scale ticket shall show the number of coops weighed, the gross, tare, and net weights, and the name or initials of the person operating the scale at the time the weighing is done. At posted stockyards only stockyard owners, or State agencies registered as market agencies (when weighing is required to be performed by State agencies) shall weigh livestock and execute and issue scale tickets. In live poultry marketing areas designated under the act only licensees shall weigh live poultry and execute and issue scale tickets. Scale tickets issued under this section shall be in triplicate form, serially numbered, and if such tickets are used on a type-registering beam they shall conform to the specifications of the National Bureau of Standards. One copy shall be retained by the stockyard owner, market-agency, or licensee issuing the same, and one copy shall be furnished to the seller and one copy to the buyer. Duly authenticated copies shall be furnished on request to any owner or consignor of livestock or live poultry. No change in weight shall be made except upon a reweighing of the livestock or live poultry. In the case of an error of the weighmaster in preparing the scale ticket, other than in the weight, he shall prepare a corrected scale ticket showing the corrections made and stating on the back thereof the reasons for such changes. In the event of an error in the preparation of a scale ticket, other than in the weight, due to misinformation having been furnished by the seller or buyer, the weighmaster upon request of the seller or buyer shall issue another ticket bearing appropriate corrections or a correction slip which shall show thereon the changes made and on the back thereof the reasons for such changes. Before such correction ticket or slip shall be issued the weighmaster shall require the person requesting the change to sign such ticket or slip. The correction ticket or slip shall be attached to the original ticket, bear the same serial number, and show on its face that it is a correction ticket or slip.

§ 201.50 Records; disposition. Except as otherwise provided in these regula tions, or in a general order which the Chief is hereby authorized to issue, no stockyard owner, registrant, or licensee shall, without the consent in writing of the Chief. destroy or dispose of any books, records, documents, or papers which contain, explain or modify transactions in his business under the act.

§ 201.51 Contracts; stockyard owners to furnish copies of. Each stockyard owner shall furnish to the Chief at Washington, D. C., true copies of all contracts, and amendments thereof, between such stockyard owner and packing, rendering, serum, fertilizer, or other establishments relating to the business of the stockyard owner, except when it is shown that copies of such documents in the form in which they are effective are already in the possession of the United States Government at Washington, D. C., and available to the Secretary.

$201.52 Information as to sales on commission or agency basis not to be furnished to unauthorized parties. No market agency or licensee, in connection with the sale of livestock or live poultry on a commission or agency basis, shall give to any person, except a person authorized by the Deputy Administrator to obtain such information or a person who has a financial interest in the consignment or a statement in writing from the owner thereof authorizing the market agency or licensee to furnish such information, any copy of an account of sale or other paper or information which will reveal to such person information relating to the price at which livestock or live poultry was sold or the amount of the net

proceeds thereof remitted to the owner or consignor: Provided, however, That this shall not prevent a market agency or licensee from furnishing to a trucker, hauling livestock or live poultry for hire, information as to the weight of such livestock or live poultry in order that the trucker may have the necessary facts on which to base his hauling charges: And provided further, That this shall not prevent a market agency or licensee from giving to recognized market news reporting services such information as may be necessary to enable such reporting services to furnish the public with market news data.

TRADE PRACTICES

8 201.53 Livestock and live poultry market conditions and prices; persons subject to act not to circulate misleading reports. No packer, stockyard owner, registrant, or licensee shall knowingly make, issue, or circulate any false or misleading report, record, or representation concerning livestock or live poultry market conditions or the price or sale of any livestock or live poultry.

§201.54 Gratuities. (a) No stockyard owner, or market agency or licensee engaged in the business of selling or buying livestock or live poultry on a commission basis or otherwise, shall give any trucker delivering livestock or live poultry for owners or consignors any gratuities, money, meals, or things of value except advertising novelties having a total value not in excess of 50 cents. This regulation shall not preclude loans by a stockyard owner, market agency, or licensee to a trucker or shipper of livestock or live poultry which are evidenced by an interest-bearing note, properly secured, and having a definite due date. (b) No stockyard owner shall receive or knowingly permit any officer, agent, or employee of the stockyard to receive, from any market agency, dealer, packer, or other user of such stockyard, and no market agency, dealer, or packer shall offer, make, or give to any stockyard owner, or to any officer, agent, or employee of a stockyard, any gift, payment, loan, or other consideration, except the established charges for, or in connection with, the furnishing of stockyard services. (c) No market agency, engaged in selling or buying livestock on a commission basis or otherwise, shall receive, or knowingly permit any owner, officer, agent, or employee of the market agency to receive, from any consignor, principal, dealer, packer, or other user of such market agency services, and no dealer, packer, or market agency shall offer, make, or give to any owner, officer, agent, or employee of a market agency, any gift, payment, loan, or other consideration except the established charges for, or in connection with, the furnishing of market agency services.

$201.55 Purchases and sales to be made on actual weights. When livestock or live poultry is bought or sold on a weight basis in transactions subject to the provisions of the act, settlement therefor shall be on the basis of the weight shown on the scale ticket or correction ticket, as the case may be. Any weight figures shown on accounts of sale, accounts of purchase, invoices, bills, or statements issued in connection with transactions subject to the act shall be actual weights obtained on stockyard scales, in the case of livestock, or on scales operated by licensees, in the case of live poultry, at the place and at the time of the consummation of the transactions in question or, if not, shall be appropriately explained on the accountings, bills, or statements issued.

§201.56 Filling orders; price to be paid. No market agency engaged in the business of selling and buying livestock on a commission basis shall use any livestock consigned to it for sale to fill orders, except as provided in § 201.62, and then only at a price higher than the highest available bid on such livestock after it has been offered for sale on the open market in the customary manner. $201.57 Livestock sold at auctions; purchases from consignments. (a) No market agency engaged in selling consigned livestock at auction shall permit its owners, officers, agents, or employees to purchase livestock from consignments for resale for their own speculative accounts, nor shall it permit its owners, officers, agents, or employees to enter into any agreements, relationships, or associations with other parties whereby such owners, officers, agents, or employees shall share, directly or indirectly, in profits realized from resale of livestock purchased out of consignments; nor shall such market agency permit auctioneers or weighmasters, or other employees performing duties of comparable responsibility in connection with the actual conduct of auction sales by the market agency, to purchase livestock out of consignments for any purpose for their own account. This shall not preclude employees of the market agency, whose duties in connection with the selling of livestock by auction do not involve the making of determinations or decisions directly affecting the interests of consignors, from purchasing livestock from consignments for their own accounts for purposes other than speculative resale, provided all such purchases are made by such employees

bidding openly and competitively at auction against other buyers and, on the accounts of sale issued, disclosure is made to the consignors concerned of the relationship of the buyers to the market agency.

(b) No market agency engaged in selling livestock at auction shall weigh livestock from its consignments to a dealer account it maintains except when necessary to protect the legitimate interests of consignors and then only after having complied with the requirements of $201.59. Whenever consigned livestock is offered for sale at auction and is bought by the market agency or by any person in whose business the market agency has a financial interest, the name of the buyer shall be publicly announced by the market agency at the conclusion of the transaction with respect to such livestock and the accounts of sales furnished the consignors concerned shall disclose the information required by $201.47. The provisions of this section shall not preclude bona fide owners or consignors of livestock from exercising such rights as are conferred on them by the laws of the State in which the auction market is located relating to sales of livestock at auction.

$201.58 Sales to be to highest bidder without intermingling and not conditioned on sales of other consignments. Every market agency and licensee engaged in the business of selling livestock or live poultry on a commission or agency basis shall offer the livestock or live poultry consigned to it for sale on the open market and shall sell such livestock or live poultry at the highest available bid. In all instances the market agency or licensee shall sell each consignment of livestock or live poultry on its merits and shall not intermingle, prior to sale and for purpose of sale, the livestock or live poultry belonging to one consignor with the livestock or live poultry belonging to another and different consignor unless the consent of the several consignors has been obtained in advance. A market agency or licensee shall not make the sale of one consignment of livestock or live poultry conditional on the sale of another and different consignment of livestock or live poultry without the consent of the owners. If livestock or live poultry belonging to different owners is graded and sold in lots, settlement shall be on the basis of the weight shown on the scale ticket or correction ticket, as the case may be, issued at the time the livestock or live poultry is weighed or graded.

$201.59 Taking consignments into own account, accounting; resales. If a person registered to operate both as a market agency and dealer, or licensed under the act, takes to his own account livestock or live poultry consigned to him for sale on a commission or agency basis, he shall do so only after he has offered such livestock or live poultry for sale on the open market in the customary manner, and then such livestock or live poultry shall be taken into his account only at a price higher than the highest available bid. In such event the market agency or licensee, in accounting to the owner or consignor of the livestock or live poultry, shall show on the account of sale as the purchaser of the livestock or live poultry the full, true, and correct name of the market agency or licensee. In the event a market agency or licensee takes to its account livestock or live poultry belonging to one owner and resells such livestock or live poultry in one lot on the same day at a price higher than that remitted to the owner, such additional price shall be remitted to the owner in a separate accounting.

§ 201.60 Consignments on commission; sale of livestock-(a) Consignments on commission; officer, agent, or employee of consignee not to purchase from. No market agency or licensee, except as provided in § 201.57, shall sell any consigned livestock or live poultry to any owner, officer, agent, or employee of the market agency or licensee for his own account, or enter, or permit any such owner, officer, agent, or employee, to enter, into any agreement, relationship, or association with anyone whereby such market agency or licensee, or any owner, officer, agent, or employee thereof, shares in the profits realized from the resale of livestock or live poultry purchased from a consignment to such market agency or licensee: Provided, That the provisions of this paragraph shall not be construed to prohibit any market agency or licensee from selling consigned livestock or live poultry to its wholly-owned subsidiary if such transaction is handled in compliance with the provisions of § 201.47.

(b) Sale of livestock belonging to a market agency or its officers or employees. No market agency shall sell livestock belonging to it or to its owners, officers, agents, or employees, or sell livestock in which it or its owners, officers, agents, or employees have an ownership interest, in such manner as to prejudice the interests of consignors who have consigned livestock to the market agency for sale for their accounts.

§ 201.61. Market agencies engaged in selling or purchasing livestock on commission-(a) Market agencies engaged in selling livestock on commission not to clear or finance dealers. No market agency registered to sell livestock on commission shall on and after September 1, 1954, enter into any new arrangements to clear, finance, or furnish bookkeeping or similar services to independently operated and separately registered dealers nor shall such a market agency enter into any agreement, relationship, or association with dealers or other buyers which might have a tendency to lessen the loyalty of the market agency to its consignors or impair the quality of the market agency's selling services. On and after September 1, 1956, no market agency registered to sell livestock on commission shall clear, finance, or furnish bookkeeping or similar services to an independently operated and separately registered dealer. This shall not preclude a market agency registered to sell and to buy livestock on a commission basis from purchasing livestock on order for buyers, provided such orders are handled in accordance with the requirements of §§ 201.56 and 201.62.

(b) Market agencies engaged in purchasing livestock on commission not to purchase livestock from clearees to fill orders. No market agency registered to buy livestock on commission shall, in filling orders, purchase livestock from dealers whose operations it clears, nor shall it enter into any agreement, relationship, or association with dealers or others which will impair the quality of the buying services furnished its principals.

§201.62 Using consigned livestock to fill orders. Whenever a market agency uses livestock consigned to it for sale to fill, in whole or in part, an order which it has received from a buyer, the market agency shall be presumed with respect to such livestock to be acting solely as the agent of the consignor and shall collect for its services only the selling commissions provided in its tariff: Provided, That to offset expenses incurred by market agencies in soliciting bids on consigned livestock from off-the-market buyers, the market agencies at a stockyard may provide in their tariffs for assessing such buyers a uniform expense charge not to exceed one-half of the order-buying charges in effect at the market.

§ 201.63 Consignments; when not to be solicited. No market agency or licensee shall solicit consignments of livestock or live poultry at or on stockyard premises or in designated areas or after such livestock or live poultry has been billed or consigned to a market agency or licensee and is in course of transportation for delivery to the consignee at a posted stockyard or in a designated area. $201.64 Consignments; guarantees not to be given. No market agency or licensee, in soliciting consignments of livestock or live poultry, shall guarantee to the owner or consignor thereof that such livestock or live poultry will be sold at a specific price or prices if consigned to the market agency or licensee for sale on a commission basis.

$201.65 Restrictions on employment of salesmen on split commission basis. No market agency engaged in selling livestock on a commission basis for the accounts of consignors shall employ a livestock salesman under an agreement or arrangement whereby such salesman is to assume the responsibility of selling a species or class of livestock received by the market agency from all consignors but whose compensation is to be based on a split of only those commission charges assessed consignors considered to be "followers" of the particular salesman. This shall not preclude a market agency handling a small volume of livestock of a certain species from employing a salesman to sell such species under an agreement or arrangement whereby the compensation for such salesman's services is to be based on a split of the commissions realized by the market agency from all consignors whose livestock the salesman is to sell; nor shall it preclude a market agency from making incentive payments, or bonus payments, to salesmen based on the over-all operating results of the market agency.

$201.66 Market agencies not to employ packers or dealers. No market agency engaged in selling livestock on a commission basis for the accounts of consignors or in purchasing livestock on a commission basis for the accounts of principals shall, after having accepted delivery of consignments, or after having accepted orders from buyers, and until the completion of the weighing of the livestock to buyers, utilize the services of packers or independently operated and separately registered dealers, or their employees, in the furnishing by such market agency of its services. In times of emergency, to the extent the District Supervisor finds it necessary to prevent interruption of reasonable services, he may waive the requirements of this section.