Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1912-02-20
Misellaneuas &saaina.
STATE WAREHOUSE ACT.

STATE WAREHOUSE ACT.
Full Text of Measure as Adopted by
the General Assembly.
Following is the full text of the state
warehouse act as 1t passed the general
assembly and went up to the governor:
To create an. operate a state ware
house system for storing cotton.
Be it enacted by the general assem-
bly, Of the state Of South Carolina:
(, Section 1. That there shall be elect
ed forthwith by the general assembly
three commissioners, who shall consti-
tute a board, to be hereafter known
as the state warehouse commission.
The term Of office shall be for two four
and six years, the members Of the
board deciding by lot the respective
terms Of each. In case Of q vacancy,
by death or otherwise, on the board
of commissioners, the governor shall
appoint a person to fill such vacancy
until the next regular session of the
general assembly, when an election
shall be held. as provided for In this
section.
Section 2. The chairman of the
board thus created shall be designated
| by the general assembly at the time OF
the election, provided for In section /
Of this Act, whose duty 1t shall be to
preside at all meetings Of the COM
mission, and have general supervision
Of the management Of the business OF
the commission, subject, however, to
the approval of the majority Of the
members of said commission, and 1t
shall be his further duty to enforce
and carry out all such rules and regu-
lations as may be adopted by said
lagement Of the business provided for
In this act
Section 8. 1t shall be the duty Of
the state warehouse commission to
provide, by purchase, lease or other
wise, system Of warehouses at the
most eligible sites in this state cap
able Of storing not less than 100000
bales Of cotton, and the commission Is
hereby given power and authority to
employ clerks, architects and such
other agents and employees as in their
judgement they deem necessary, and
adopt rules and regulations not con-
trary to the provisions herein set forth
which, in their judgment, are neces-
sary to carry out the intent and pur-
poses Of this act, and the said COM
mission shall have the power to enter
into contracts with relation to the
matters contained herein, and may sue
land be sued in any Of the courts OF
this state: provided, that only the
property held by the said warehouse
commission for the purpose herein
mentioned shall be answerable In any
suit or action against them.
Section 4. The manager of the
state warehouse shall be- appointed,
and his duties prescribed, by the board
of commissioners, who shall fix the
compensation Of such manager, and
the said manager shall be subject to
removal by the board Of commission
ers. whenever in their judgment, the
public interest demands It,
Section 5. The board Of commits
sloners shall appoint expert cotton
graders, whose compensation shall be
fixed by the board, and the said cotton
graders shall be subject to removal by
the board Of commissioners whenever,
in their judgment, the public interest
demands 1t.
Section 6. The state warehouse
commission Is empowered to ac-
|quire such property as they may deem
necessary to carry out the purpose OF
this act, such property to be acquired
by lease or purchase, and said COM
mission Is empowered to establish a
compress in connection with said
warehouse system at the point or
points in this state where, in the judg-
ment Of said commission, 1t is neces-
sary or practicable to carry out the
purposes of this act.
Section {. All lint cotton properly
baled and such other commodities as
the commission deem proper shall be
received for storage at said state ware
house, and the charges for same shall
be fixed by the state warehouse COM
mission. Each bale Of cotton shall be
weighed, graded and numbered, so as
to be identified at all times, the grades
to be according to the standard grades
adopted by the United States govern
ment. The person depositing the cot
ton or other commodities shall be CIV
en- q receipt from the state warehouse
commission, signed by the manager OF
the warehouse in which the cotton or
other commodity Is stored, which re-
|ceipt shall give the weight, grade and
number Of each bale Of cotton, or de-
scription of other commodity. The
said receipts to be transferable only
by written assignment, and the cotton
or other commodities which 1t repre-
sents deliverable only upon the pro-
duction of the original receipt, which
Is to be marked Cancelled" when the
cotton or other commodity Is taken
from the warehouse. All cotton or other
commodities on storage shall be FULLY
insured.
Section s. The state warehouse
commission is hereby and herein au-
thorized and empowered to issue cou-
pom bonds, in amount not to exceed
s250,0O0, in denominations not less
than $500 each, and running for
a term of thirty years from the date
of issue, bearing interest at the rate
not to exceed per cent per annum,
the interest on said bonds to be pay
able semi-annually, and to execute as
security for said bonds mortgage or
deed of trust on any real estate SAID
commission may then own, with the
right to said commission to retire, by
purchase, any or all Of said bonds at
the end Of twenty years from the date
Of ISSUE the proceeds OF said bonds 10
be used only for carrying out the OBJ
jects and purposes OF this act. In
mission shall find itself able to is
sue and negotiate the sale of said
bonds as herein provided, 1t shall have
power and authority to borrow money
upon the notes of said commission,
not exceeding the sum Of $25O.OOO.
said notes to run for not exceeding
five years, and to bear interest at
rate not exceeding per cent per an
mum, said notes being subject to re-
newal from time to time In the dis
cretion of said commission, and the
proceeds of said notes to be used In
arrying out the objects and purposes
of this act, and that as security for
the money so borrowed on said notes.
said commission shall have the right
to pledge, by way of mortgage or deed
of trust, property, real. personal or
mixed, which it may then own: Pro-
vided, that notes shall be taken up
and retired when the bonds herein
provided for have been issued, nego-
tiated and sold. Provided further.
that the bonds and the notes here
in provided to be issued are not
to be a debt or obligation of the
state Of South Carolina Provided,
further, that nothing contained In
this section Is intended to prohibit
said commission from borrowing tenn
porarily, from time to time, on its
notes such amounts Of money not ex-
ceeding $4,000 as 1t may find neces-
sary for the proper conduct OF the
business of said commission.