The spectator., 1919-06-27
ACT NO. 67. ADUrOyEd Eebruury IT. l910.

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- 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 60 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 Sec retary of State shall issue a charter. which charter shall be recorded by tho 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 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 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 porauon. Provides that any person in- 1ured may sue on the bond and the State need not be made party. Pro- vides that the control of said corpora ton shall be by a 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 2u per cent of the net profits of each years business shall be paid into the reserve fund until such 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 70 sell in the market all prod ucts of the ranch. orchard or farm on commission basis. Provides that such corporations shall take a fair sample from each bale deposited with them, which sample shall be graded by con- 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 a license by mak- ing application to the Commissioners 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 ging not to exceed seven yards per ba le
 Provides that such ginner shall at 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 2le cents for each tag or mark of iden- tiication used by him. Provides that such tags shall be good for the season for which they are issued and shall not he tn hn Cor
 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 3Oth day of April following. Provides a penalty of not less than sI0 or more than $50 for a ginner to willfully fail or neglect to attach a proper identifi- cation tag to each bale of cotton.