U.S. Code of Federal Regulations
Regulations most recently checked for updates: Aug 18, 2022
(a) For a cooperative to be eligible to participate in the MAL and LDP Programs as an approved CMA, the cooperative must submit an application to CCC. The application must include:
(1) A completed Form CCC-846 indicating commodities for which it seeks approval;
(2) A current financial statement, dated within the last year, prepared for the cooperative and accompanied by a letter from an independent Certified Public Accountant, certifying that the financial statement was prepared in accordance with generally accepted accounting principles;
(3) A copy of the articles of incorporation or articles of association and all marketing agreements for loan pools, together with a certification that this material is current;
(4) Resolutions made by the cooperative's board of directors stating the cooperative will abide by provisions of this part, the nondiscrimination provisions thereof, and all other related CCC policies;
(5) A detailed description of how proceeds from each loan pool will be distributed to members as provided for in § 1425.18;
(6) An executed form CCC-Cotton G, Cotton Cooperative Loan Agreement, by cooperatives applying for approval to participate in the cotton MAL and LDP program; and
(7) Other information as requested by CCC concerning the organizational, operational, financial or any other aspect of the cooperative requested by CCC related to the cooperative's proposed methods of conducting MAL and LDP business.
(b) A CMA must submit, on an annual basis, the following information to CCC:
(1) A completed Form CCC-846-1, which discloses:
(i) The number of active and inactive CMA members;
(ii) The CMA's allocated equity;
(iii) The CMA's unallocated equity; and
(iv) Quantity of each loan pool commodity delivered to the CMA for marketing and the portion of such commodities received from active members during the prior year.
(2) The CMA's latest financial statement. The financial statement must be dated within the past year and be accompanied by a letter from an independent Certified Public Accountant certifying that the financial statement was prepared in accordance with generally accepted accounting principles.
(c) A CMA must furnish information to CCC within thirty calendar days relating to any:
(1) Change in its articles of incorporation and loan pool marketing agreements;
(2) Resolution affecting MAL or LDP operations;
(3) Change to the CMA's name, address, phone number, or related data shown on the CCC-846-1;
(4) Change in loan pool operations with an explanation and justification; and
(5) Additional information CCC may request related to the CMA's continued approval by CCC.
(d) CCC may require a CMA to submit a new initial application instead of a recertification application when it questions whether the CMA is operating according to documents previously submitted.