The Newark journal., 1919-06-26
ACT NO. 87


 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 a marketing bu- reau to regulate the ginning and pack ing of cotton. to provide for the grad ing and classification of cotton and oth- CT foreign products" Provides that any number of persons, not less than ten, at least so per cent of whom shall be engaged in agriculture. may apply to the board of supervisors of ware houses for 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 See retary Of State shall issue a charter. Commissioner of Mines etc. and such commissioner shall issue a certificate permitting such warehouses to do bus mess in this State. Provides that tho warehouse shall enter into the State of Arkansas with good and sufficient bond to be approved by said Board of | Supervisors. The condition Of such bond shall be to obligate the corpora tion to observe all of the provisions of l this law. and shall be for the purpose of guaranteeing that the corpora tion will exercise ordinary care in storage or sale. and shall be for the purpose of guaranteeing the class feation. weights grades and measures made by the cor i poration. Provides that any person in 1 JuFeu may sue on the bond and the l State need not be made q party. Pro Vides that the control Of said Cofpora- l tion shall be by q board of directors of not less than three or more than nine, which directors shall be elected annu- 1 ally at the general meeting of the l members of the corporation Provides l that the profits shall be divided among members of the corporation. but pro Nides further that 20 per cent.0f the net profits of each years business shall i be paid into the reserve fund untl such fund equals the amount of the orig i inal capital stock.
 Provides that corporations chartered
 under this act shall have the right to act as #arehoQsemeu. 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 petent graders under the control of i supervisors Provides that such ear- pOrauous may loan money upon prod uCts placed in their warehouse, and provides that such corporations may 1 loan to their members money to enable i them to make and mature their crops. Provides that all public gins shall l be required To obtain d license by ma k | Ing application to the Comm ssi0ntf of
 Mines. etc Provides that cotton gin ned by public ginner shall be haled 1 in q press box not exceeding 24N54 1 inches. inside measurement. and shall i he wrapped with sound standard bag i ging not 10 exceed seven yards per bale. Provides that such ginner shall att tach such marks of Identification as may be provided by the Commissioner l Of Mines, and proS ides that such gin
 ner shall pay into the State treasury
 F cents for each tag OF mark of iden- i tihcation used by him. Provides that l such tags shall be good for the season i for which they are issued, and shall not
 be subject 10 be used for any other sea
 son. but provides that tags left on hand
 may be exchanged for tags of the sue i eecdtng season; the word season mean ! ing from the first day of May to the
 30th day of April following Provides
 a penalty of not less than $IO or more 1 than $50 for u einncr To wiIlfultv fail l or neglect to attach q proper fdentif- cation tag to each bale Of cotton