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2006 Georgia Code - 13-9-2
13-9-2. (a) All contracts of sale for future delivery of
cotton, grain, stocks, or other commodities (1) made in accordance
with the rules of any board of trade, exchange, or similar
institution, (2) actually executed on the floor of such board of
trade, exchange, or similar institution and performed or discharged
according to the rules thereof, and (3) placed with or through a
regular member in good standing of a cotton exchange, grain
exchange, board of trade, or similar institution organized under
the laws of this state or any other state shall be valid and
enforceable in the courts according to their terms, provided that
contracts of sale for future delivery of cotton, in order to be
valid and enforceable as provided in this Code section, must not
only conform to the requirements of clauses (1), (2), and (3) of
this subsection, but must also be made subject to the United States
Cotton Futures Act, approved August 11, 1916, and any amendments
thereto; provided, further, that if this clause should for any
reason be held inoperative, then contracts for future delivery of
cotton shall be valid and enforceable if they conform to the
requirements of clauses (1), (2), and (3) of this
subsection. (b) All contracts
as defined in Code Section 13-9-1, where it is not contemplated by
a party to the contract that there shall be an actual delivery of
the commodities sold or bought, shall be unlawful.
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