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1 | | (D) execute a cooperative agreement between
itself |
2 | | and the Department.
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3 | | (2) The cooperative agreement shall, at a minimum,
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4 | | provide each of the following to the extent permitted by |
5 | | federal law:
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6 | | (A) Authorization for the Department to obtain
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7 | | information about the federal warehouseman including, |
8 | | but
not limited to, bushel capacity of storage space,
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9 | | financial stability, and examinations performed by
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10 | | employees of the United States Department of |
11 | | Agriculture.
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12 | | (B) That the federal warehouseman submits itself |
13 | | to the jurisdiction of
the Department and that it |
14 | | agrees to be subject to and bound by this Code and
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15 | | deemed a licensee under this Code.
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16 | | (C) That in the event of a failure of the federal
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17 | | warehouseman, the Department shall have authority to
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18 | | seize, liquidate, and collect upon all grain assets,
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19 | | collateral, and guarantees relating to the federal
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20 | | warehouseman as in the case of any other licensee.
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21 | | (D) Such other requirements as established by
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22 | | rule.
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23 | | (3) A federal warehouseman that participates in the
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24 | | Fund shall at a minimum meet the licensing requirements of
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25 | | this Code and shall comply with all requirements of a |
26 | | licensee
and a warehouseman under this Code to the extent |
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| | SB0732 | - 3 - | LRB098 04940 MGM 34970 b |
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1 | | permitted by federal law.
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2 | | (d) A federal warehouseman that participates in the Fund or
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3 | | a warehouseman that desires to or has become a federal
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4 | | warehouseman cannot withdraw from participation in the Fund for
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5 | | the benefit of existing depositors until the occurrence of all |
6 | | of
the following:
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7 | | (1) Payment in full by the federal warehouseman or
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8 | | withdrawing warehouseman of all assessments under
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9 | | subsection (a) of Section 5-30.
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10 | | (2) Payment in full by the federal warehouseman or
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11 | | withdrawing warehouseman of all assessments instituted |
12 | | under
subsection (d) of Section 5-30
on or after an |
13 | | assessment determination date that occurs before the |
14 | | federal warehouseman or withdrawing warehouseman notifies
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15 | | the Department that it desires to withdraw from |
16 | | participation in the Fund and
before the issuance by the |
17 | | Department of a
certificate of withdrawal from the Fund.
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18 | | (3) The expiration of 30 days following the later of:
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19 | | (A) the date the federal warehouseman or
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20 | | withdrawing warehouseman has ceased providing its
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21 | | depositors with coverage under the Fund;
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22 | | (B) the date the federal warehouseman or
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23 | | withdrawing warehouseman has posted at each of its
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24 | | locations a notice stating when it will cease providing |
25 | | its
depositors with coverage under the Fund;
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26 | | (C) notification of all potential claimants by the
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1 | | federal warehouseman or withdrawing warehouseman of |
2 | | the
date on which it will cease providing its |
3 | | depositors with coverage
under the Fund; and
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4 | | (D) Completion of an audit and examination |
5 | | satisfactory to the
Department as provided for in this |
6 | | Code and by rule, which is to be the
Department's final |
7 | | examination.
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8 | | (4) Obtaining releases of liability from all existing |
9 | | depositors or
posting collateral with the Department for |
10 | | 270 days after withdrawing from the
Fund in an amount equal |
11 | | to the liability to existing depositors who have not
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12 | | executed releases before the completion of the |
13 | | Department's final examination.
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14 | | (5) Compliance with all notification requirements as |
15 | | provided
for in this Code and by rule.
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16 | | (6) Issuance by the Department of a certificate of |
17 | | withdrawal from the
Fund when the federal warehouseman or |
18 | | withdrawing warehouseman has met all
requirements for |
19 | | withdrawal from participation in the Fund.
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20 | | (e) Before a federal warehouseman or a warehouseman that
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21 | | desires to or has become a federal warehouseman may withdraw |
22 | | from
participation in the Fund, it must pay for an audit and |
23 | | examination
and must provide to the Department all names and |
24 | | addresses of
potential claimants for the purposes of |
25 | | notification of withdrawal
of participation in the Fund.
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26 | | (Source: P.A. 93-225, eff. 7-21-03.)
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