INCENTIVES ON ADVANCE-SWAPPED SUGAR AND OBLIGATIONS OF HOLDERS OF “A” QUEDANS: PENALTIES FOR FAILURE TO REPLACE
by this Office to insure the filling of 1989 U.S. sugar quotas as per
schedules set forth by the U.S. Department of Agriculture;
WHEREAS, advance swapping was necessary to enhance early arrival of the sugar in the Continental U.S.;
WHEREAS, it redounded to the benefit of the sugar industry;
WHEREAS, those who advance-swapped assumed the obligation to replace
sugar in order to restore sugar allocations to the percentages set forth
during the crop year,
NOW, THEREFORE, pursuant to the powers vested in the Sugar Regulatory Administration, it is hereby ordered that:
SECTION 1. Exporters who availed of authorized
advance-swapped sugar and shipped against the 1989 quota and who
unjustifiably failed to purchase 1989-1990 “A” sugar to replace their
advance-swapped sugar on or before July 15, 1990 shall suffer such fines
and penalties as the Sugar Regulatory Administration may impose.SECTION 2. Any 1989-1990 “A” sugar that may be
produced beginning July 15, 1990 shall not be covered by the penalty
under Section 1 hereof.
Adopted: 25 June 1990
(SGD.) ARSENIO B. YULO, JR.
Chairman/Administrator