Title 10, Chapter 5A, Section 1
As used in this chapter, the term:
(1) "Board of trade" means any person or group of persons engaged
in buying or selling any commodity or receiving the same for sale
on consignment, whether such person or group of persons is
characterized as a board of trade, exchange, or other form of
(2) "Commissioner" means the Commissioner of Securities.
(3) "Commodity" means, except as otherwise specified by the
Commissioner by rule, regulation, or order, any agricultural,
grain, or livestock product or by-product, any metal or mineral
(including a precious metal set forth in paragraph (12) of this
Code section), any gem or gemstone (whether characterized as
precious, semiprecious, or otherwise), any fuel (whether liquid,
gaseous, or otherwise), any foreign currency, all other goods,
articles, products, or items of any kind or any other "commodity"
as defined in the Commodity Exchange Act or Commodity Futures
Trading Commission rule, provided that the term commodity shall
not include (A) a numismatic coin whose fair market value is at
least 15 percent higher than the value of the metal it contains,
(B) real property or any timber, agricultural, or livestock
product grown or raised on real property and offered or sold by
the owner or lessee of such real property, or (C) any work of art
offered or sold by art dealers, at public auction, or through a
private sale by the owner thereof.
(4) "Commodity contract" means any account, agreement, or contract
for the purchase or sale, primarily for speculation or investment
purposes and not for use or consumption by the offeree or
purchaser, of one or more commodities, whether for immediate or
subsequent delivery or whether or not delivery is intended by the
parties, and whether characterized as a cash contract, deferred
shipment or deferred delivery contract, forward contract, futures
contract, installment or margin contract, leverage contract, or
otherwise. Any commodity contract offered or sold, in the absence
of evidence to the contrary, shall be presumed to be offered or
sold for speculation or investment purposes. A commodity contract
shall not include any contract or agreement which requires, and
under which the purchaser receives, physical delivery of the total
amount of each commodity to be purchased under the contract or
agreement within 29 calendar days from the date of payment in good
funds of any portion of the purchase price.
(5) "Commodity Exchange Act" means the act of Congress codified at
7 U.S.C. Section 1, et seq., known as the Commodity Exchange Act,
as amended to July 1, 1988, and all subsequent amendments,
additions, or other revisions thereto.
(6) "Commodity Futures Trading Commission" means the independent
regulatory agency designated by Congress to administer the
Commodity Exchange Act.
(7) "Commodity Futures Trading Commission rule" means any rule,
regulation, or order of the Commodity Futures Trading Commission
in effect on July 1, 1988, and all subsequent amendments,
additions, or other revisions thereto.
(8) "Commodity merchant" means any of the following, as defined or
described in the Commodity Exchange Act or by Commodity Futures
Trading Commission rule:
(A) Futures commission merchant;
(B) Commodity pool operator;
(C) Commodity trading adviser;
(D) Introducing broker;
(E) Leverage transaction merchant;
(F) An associated person of any of the foregoing;
(G) Floor broker; and
(H) Any other person (other than a futures association) required
to register with the Commodity Futures Trading Commission.
(9) "Commodity option" means any account, agreement, or contract
giving a party thereto the right but not the obligation to
purchase or sell one or more commodities or one or more commodity
contracts, or both, whether characterized as an option, privilege,
indemnity, bid, offer, put, call, advance guaranty, decline
guaranty, or otherwise, but shall not include an option traded on
a national securities exchange registered with the United States
Securities and Exchange Commission.
(10) "Financial institution" means a bank, savings institution, or
trust company organized under, or supervised pursuant to, the laws
of the United States or of any state.
(11) "Person" means an individual, a corporation, a partnership,
an association, a joint-stock company, a trust where the interests
of the beneficiaries are evidenced by a security, an
unincorporated organization, a government, or a political
subdivision of a government, but shall not include a contract
market designated by the Commodity Futures Trading Commission or
any clearing-house thereof or a national securities exchange
registered with the Securities and Exchange Commission (or any
employee, officer, or director of such contract market,
clearing-house, or exchange acting solely in that capacity).
(12) "Precious metal" means the following in either coin, bullion,
or other form:
(E) Copper; and
(F) Such other items as the Commissioner may specify by rule,
regulation, or order.