The spectator., 1919-07-04
ACT NO. &. Approved February II. 1919.

An Act to amend Act No 266 of the
 Acts of 1917. entitled An Act to es
 tablish' and regulate bonded ware
 houses; to establish marketing bu-
 reau to regulate the ginning and pack
 ing of cotton, to provide for the grad
 ing and ClaSsificatio of cotton and oth-
 CT foreign products. Provides that
 any number of persons, not less than
 ten, at least 60 per cent of whom shall
 be engaged In agriculture. may apply
 to the board of supervisors of ware
 houses for a charter as public ware
 hOuSemen. PreSCribeS the necessary
 contents of the application and pro
 vides that the capital stock shall not
 be less than $1,000. Provides that when
 the application is approved the Sec
 retary of State shall issue a charter.
 which charter shall be recorded by the
 Commissioner of Mines. etc, and such
 commissioner shall issue 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 obligate the corpora
 ton to observe all of the provisions of | this law, and shall be for the purpose of guaranteeing that the corporation will exercise ordinary care in storage Or sale. and shall be for the purpose of guaranteeing the classification, weights grades and measures made by the cor poration. Provides that any person in Jured may sue on the bond and the | State need not be made a party. Pro vides that the control of said corpora ton shall be by board of directors of not less than three or more than nine, which directors shall be 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 20 per cent of the | net profits of each years business shall l be paid into the reserve fund until such | fund equals the amount of the orig l inal capital stock.
 Provides that corporations chartered under this act shall have the right to act as warehousemen. and shall have | the right to sell in the market all prod | ucts of the ranch. orchard or farm on a commission basis. Provides that such | corporations shall take fair sample | from each bale deposited with them which sample shall be graded by com potent graders under the control of supervisors. Provides that such cor | pOratlOnS 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 be required to obtain a license by mak- ing application to the Commis ssioner of Mines, etc. Provides that cotton gin ned by public ginner shall be baled in press box not exceeding 27x54 inches. inside measurement and shall | be wrapped with sound standard bag Sing not to exceed seven yards per ba le. Provides that such ginner shall at l tach such marks of identification as
 may be provided by the Commissioner | of Mines. and provides that such gin
 ner shall pay into the State treasury 2la cents for each tag or mark of iden- | tification used by him. Provides that | such tags shall be good for the season | for 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 | SOth day of April following. Provides
 a penalty of not less than $l0 or more | than $50 for a ginner to willfully fail | or neglect to attach a proper identifi-
 cation tag to each bale of cotton.