7 CFR 946.142 - Operating reserve.
(a) The Committee, with the approval of the Secretary, may carry over excess funds into subsequent fiscal periods as an operating reserve:Provided, That funds in the operating reserve may not exceed approximately two fiscal periods' expenses.
(1) To defray expenses incurred during any fiscal period prior to the time assessment income is sufficient to cover such expenses,
(2) To cover deficits incurred during any fiscal period when assessment income is less than expenses,
(3) To defray expenses incurred during any period when assessments are suspended or are inoperative and
(c) Upon termination of this part any funds not required to defray the necessary expenses of liquidation shall be disposed of in such manner as the Secretary may determine to be appropriate. To the extent practical, such funds shall be returned pro rata to the handlers from whom they were collected.
(d) Terms used in this section shall have the same meaning as when used insaid marketing agreement and this part.
[32 FR 16199, Nov. 28, 1967. Redesignated at 44 FR 73012, Dec. 17, 1979; 60 FR 27683, May 25, 1995]
Title 7 published on 2015-01-01.
No entries appear in the Federal Register after this date, for 7 CFR Part 946.