Cleveland County herald., 1919-07-03
ACT NO. 87. ADDrOyed EPhruary IT. 1l1Q

1 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- l CT foreign products.", Provides that | any number of persons, not less than 1 ten, at least 60 per cent of whom shall 1 be engaged in agriculture, may apply 1 to the board of supervisors of ware houses for a charter as public ware housemen. Prescribes the necessary contents of the application and pro- l vides that the capital stock shall not be less than $1,000. Provides that when i the application is approved the Sec
 retary of State shall issue a charter, 1 which charter shall be recorded by the Commissioner of Mines. etc, and such commissioner shall issue a certificate ] permitting such warehouses to do bus I mess in this State. Provides that the warehouse shall enter into the State of Arkansas with good and sufficient | bond, to be approved by said Board of 1 Supervisors. The condition of such 1 bond shall be to obligate the corpora i ton to observe all of the provisions of l this law, and shall be for the purpose l 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 | poratlon. Provides that any person in- | lured may sue on the bond and the l State need not be made a party Pro- l 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- N1des further that 25 per cent of the netprof1ts of each years business shall be paid into the reserve fund until such l fund equals the amount of the orig 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 q commission basis. Provides that such corporations shall take a fair sample from each bale deposited with them, 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 be required to obtain license by mak- Ing application to the Commissioner 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 De wrapped with sound standard bag g1ng not to exceed seven yards per ba ie Provides that such ginner shall at tach such marks of identification as may be provided by the Confmissioner of Mines, and provides that such gin
 ner shall pay into the State treasury 21@ cents for each tag or mark of iden- tihcation 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 suc- ceeding season; the word season mean ing from the first day of May to the
 SOth day of April following. Provides penalty of not less than $10 or more
 than S3o for ginner to willfully fail | or neglect to attach a proper identifi- cation tag to each bale of cotton.