OCR Text |
Show Auction Okeyed As Registered Market Agency Richfidd Auction Co., Inc., Richfidd, operated by Eugene King, has been reinstated as a registered market agency and dealer under the Packers and Stockyards Act, the U.S. Department of Agriculture (USDA) said. The firm's trade territory includes Utah and northern Arizona. It had been suspended July 23, 1976, tot violating finandal "and trust account -requirements of the Packers and Stockyards (P&S) Act. USDA said that the firm has now demonstrated that it is no longer insolvent and that the shortage in its trust account has been corrected. A supplemental order has been issued terminating the suspension. However, the cease and desist portions of the order relating to both Richfidd Auction Co. and Eugene King, are still in force. Market agencies and dealers are required under the P&S Act to maintain a solvent financial position. Market agencies must also properly maintain a trust account for proceeds received from the sale of consigned livestock. These are designed as measures of finandal protection for the sellers of livestock. The P&S Act Is a fair trade practices law. It promotes and maintains fair and open competition in the marketing of livestock, poultry, and meat. The record in this case is open to the public. Copies of this order, P&S Docket 5238, may be obtained from the Information Office, Packers and Stockyards Administration USDA, Washington, D.C. 20250. |