The Pulaskian., 1917-01-26

| and agriculture, who shall formulate rules and regulations under which the Act is to be administered.
 Section two provides that the com missioner of mines, manufactures and agriculture shall be eX-officio state warehouse commissioner and supervi- sor of markets
 Section three provides for deputy accountant and clerk and stenogra- pher, and such other employees as the board may deem necessary to admins ter the Act.
 Section four provides for travelling expenses of the ex-officio warehouse commissioner, his deputy, and the ac- countant when in the discharge of their duties.
 Section five authorizes the officers and board members to administer oaths, to compel attendance of wit nesses and call for books and papers in making necessary examinations.
 Sections six and seven define the method of making application for the organization of bonded warehouse company.
 Section seven defines the plan of organization of bonded warehouses, providing that not less than ten per sons may organize and that so per cent shall be engaged in farming; and fixes the minimum capital at $1,000 in shares of $500 each.
 Section eight provides for charter ing and limits the charter fee to $2500. Also provides for bond by in- demnity cimpany, the methods of obtaining relief under the same and authorizes the board to close the doors and liquidate the affairs of bonded warehouses that fail or become insolvent
 Section ten provides for the officers of the warehouse companies and cer- tain limitations in the organization of the company.
 Section eleven provides that bond ed warehouses shall be under the su- pervision of the Board of Supervisors; that an examination shall be made of the affairs once a year or oftener, and in case of exceeded power or unsafe conduct of it's affairs or failure to com ply with the law and regulations, the attorney general shall take legal ac- ton. Also, the board shall require twice year or oftener a statement of the affairs of bonded warehouses and the condition of the reserve funo.
 Section twelve provides that the eX penses of examinations shall be borne by the bonded warehouses, and limits the cost in proportion to the amount of capital stock; that the expenses shall be paid into the state treasury to the credit of the Warehouse and Marketing Fund, and that all expenses of enforcing the Act shall be paid out of such fund on auditors warrants
 Section thirteen provides for the oath of office to be taken by the en- forcing officers. Also provides that the deputy warehouse commissioner shall be examiner and shall keep in confidence all information obtained as such, except as may be necessary in the enforcement of the law No off cer is permitted to own stock in any warehouse company.
 Section fourteen authorizes the board to cause any impaired condi- ton of the capital stock to be made good, to correc, wrongful entries or unlawful acts, to cause refunds of moneys improperly paid out, and when it is apparent that the business condition of the warehouse is unsafe or has suffered from dedication or other serious loss so as to seriously impair it's capital, the facts shall be communicated to the attorney general, who shall bring such action as may be necessary. The board may also close the warehouse if justified by Its insolvency. A receiver may be ap- pointed, or the board may place the affairs of an insolvent concern in the hands of a special agent temporarily Any insolvent corporation may also place itself in the hands of the board by posting proper notice on the door, in which event the board shall wind up the affairs for the benefit of the creditors.
 Section fifteen provides that when officers of corporation refuse to all low their affairs examined, refuse to be examined under oath or violate the charter or laws, upon report of the same to the attorney general he shall bring proper action in court.
 Section sixteen povides for corpora tions to remove officers at will, and prohibits any officer to pledge or hypo thecate any collateral without re- corded resolution of the Board of Di- rectors.
 Section seventeen confers authority to corporations chartered hereunder to erect, purchase and operate ware houses, elevators, storage tanks, silos, l 0IaoQc Of ctorapa atn for cotton uO11