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30 U.S.C. § 192a — Cancellation or modification of contracts

submitted 77 years ago by ch. 529 to r/title-30-MINERAL-LANDS-AND-MINING · 170 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law lets certain refineries change or end their government oil contracts. It applies where a refinery must pay a premium price for government royalty oil. The refinery can end the contract or keep it without the premium payments.

This section applies when a refinery signed a contract (under the first proviso of the second paragraph of section 192) that requires it to pay a premium price to buy the government's royalty oil. That refinery can send the Secretary of the Interior written notice choosing one of two options: (1) End the contract. The contract ends at the close of the calendar month after the month the refinery gives notice. (2) Keep the contract, but with these changes: (a) starting March 1, 1949, the price is whatever the contract says, with no premium added; (b) any credit built up from past premium payments gets added to the refinery's account; and (c) the Secretary can choose to end this modified contract too, effective at the close of the third calendar month after the month the Secretary gives written notice.
the actual law source: uscode.house.gov ↗public domain

Where, under any existing contract entered into pursuant to the first proviso in the second paragraph of section 192 of this title, any refinery is required to pay a premium price for the purchase of Government royalty oil, such refinery may, at its option, by written notice to the Secretary of the Interior, elect either—

(1)

to terminate such contract, the termination to take place at the end of the calendar month following the month in which such notice is given; or

(2)

to retain such contract with the modifications, that (a) the price, on and after March 1, 1949, shall be as defined in the contract, without premium payments, (b) any credit thereby resulting from past premium payments shall be added to the refinery’s account, and (c) the Secretary may, at his option, elect to terminate the contract as so modified, such termination to take place at the end of the third calendar month following the month in which written notice thereof is given by the Secretary.

Source credit: (Sept. 1, 1949, ch. 529, § 1, 63 Stat. 682.)

history & why it existsrecord from the source credit
  • 1949Enacted · Act of Sept. 1, 1949, ch. 529 · 63 Stat. 682

A history note hasn’t been published yet. The record shows enactment by ch. 529 on 1949-09-01.

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