The Monticellonian., 1919-06-20
ACT NO. s7. 4 nnrnn-nL L.. .-...... IAi O.


 An Act to amend Act No. 2f6 of the Acts of Ig17. entitled "An Act To es- fablish and regulate bonded ware houses to establish a marketing hu- reau to regulate the ginning and pack ing or cotton, to provide for the grad ing ana classification of cotton and oth- CT foreign produetS Provides that any number of persons. not less than ten, at least 50 per cent Of whom shall be engaged in agriculture. may apply to the board of supervisors of ware houses for charter as public ware l hOuscmen. PreScrfhrs the necessary contents Of the application and pro- NldtS that the capital stock shall not i be less than Sl, 900. Provides that when the application is approved the See ! retarY Of State shall issue a charter. which charter shall be recorded by the Commissioner of Mines, etc. and such commissioner shall issue a certificate permitting such warehouses to do bus mess in this State Provides that the warehouse shall enter into the State of Arkansas with a good and sufficient bond, To be approved by said Board Of Supervisors The condition of such bond shall be to obiigaIe the COrDora- ton to observe all of the provisions of this law. and shall be for the purpose or guaranteeing that the corporation Will exercise ordinary care in storage or sale. and shall be for the purpose of qua aranteelng the classifica ton. weights grades and measures made by the cor poratton. Provides that any person in lured may sue on the bond and the State need not be made a party Pro- Nides that the control of said corpora ton shall be by board of directors of not less than three OF more than nine which directors shall he elected annu- ally at the general meeting of the members of the corporation. Provides that the profits shall be divided among members of the corporation. but pro- Vides further that 2r per cent of the net profits of each years business shall E4 n FF4ff t mob fund equals the amount of the orig tpal capital stock.
 Provides that corporations chartered under this act shall have the right 10 act as Warehousemen. and shall have the right to sell in the market all prod ucts of the ranch. orchard or farm on commission basis Provides that such corporations shall take q fair sampfe which sample shall be graded by com petent graders under the control Of supervisors. Provides that such cor porations may loan money upon prod ucts placed in their warehouse and provides that such corporations may loan to their members money to enable them To make and mature their crops
 Provides that all public gins shall De required to obtain license by mak- ing application to the Commis sioner of Mines, ete. Provides that cotton gin ned by public ginner shall be baled in press box not exceeding 27xh4 inches inside measurement, and shall be wrapped with sound standard hag- glng moi to exceed seven yards Der ba ie-
 Provides that such ginner shall at tach such marks of Identification as may be provided by the Commissioner or Mines. and provides that such gin her shall pay into the State treasury ia cents for each tag or mark of iden- tincatien used by him. Provides that such tags shall be good for the season Tor which they are issued. and shall not be subject to be used for any other sea son, but provides that tags left on hand may be exchanged for tags of the sue ceeding season; the word season mean ing from the first day of May to The S6th day of April following. Provides a penalty of not less than S10 or more than S5O for ginner to willfuIly fail or neglect to attach proper identif- cation tag to each bale of cotton.