The Monticellonian., 1919-06-27
ACT NO. e.


 An Act to amend Act No 2G6 of the Acts of f917 eutie1ed An Act to es- ! tab44sh and regulate bonded Hafe- ! houses to establish q marketing bu- leau to regulate the ginning and pack lHE ef cotton. to provide for the grad ing aHG classification of cotton and oth- CT foreign products" Provides that any number of persons. not less than ten, at least 50 per cent of whom sHaii De engaged in agriculture, may apply to the board Of supervisors or ware houses for charter as public ware houSemen, PTesCribes the necessary contents of the application and pro N1dcS that the capital stock shall not be less than $1 Quo. Provides that when the application Is approved the Sec retaty 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 q good and sufficient bond. To be approved by said Board of Supervisors. The condition of such bond shall be to obligate the corpora tion 10 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
 
 Jured may sue on the bond and the State need not be made a party. Pro vtdes that the control of said corpora tion shall be by a board of directors of not less than three or more than nine which directors shall be elected annu- ally al 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 be paid into the reserve fund until such fund equals the amount of the orig mai 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 q 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 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 Commissioner of Mines. etc. Provides that cotton gin ned by q 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 bale
 Provides that such 8inner shall at taeh 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 2i2 cents for each tag or mark of iden- tifieation 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- eeeding season; the word season mean ing from the first day of May to the Both day of April following Provides penalty of not less than s1O or more than S10 for a ginner to willfulN fail or neglect to attach a proper identih- cation tag to each bale of cotton