The Dermott news., 1919-06-26
ACT NO. 67. ApproN February II. 1919.

An Act to amend Act No. e66 of the Acts of 19tG entitled An Act to cs- tablish and regulate bonded ware houses; to establish marketing bu- teau to regulate the ginning and pack Ing of cotton, to provide for the grad ing and classification ot cotton and oth- CT foreign products Provides that any number of persons. not less than ten. at least SO per cent ef whom shall
 be engaged In agriculture, may apply
 to the board of supervisors of ware
 houses for charter as public ware
 houscmen, Pfesertbcs the necessary contents of the application and pro
 vdes that the capital stock shall not
 be less than St.000. Provides that when
 the application Is approved the Sec .retary of State shall issue charter. (which charter shall be recorded by the Commissioner of Mines. etc, and such commi ssioner 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 good and sufficient bond. to be approved by said Roard Of Supervisors The condition of such
 bond shall be to obliEate the cofpora- ton to observe all of the provisions of l this law. and shall be for the purpose of guaranteeing that The corporation i will exercise ordinary care In storage ] Or sale. and shall be for the purpose of guaranteeing the Justification, weights. ] grades and measures made by the cor 1 poratIou. Provides that any person in- I lufed may Sue eU the bond and the I State need not be made a party TIo- vtdeS that the control 0f said corpora i tien shall be by board of directors of not less than three or more than nine l which directors shall he elected aunu= l ally at the general meeting Of the i members of the corporation. Provides i that the profits shall be divided among l members of the corporation. but pro
 "ides further that 70 per cent of the
 net profits of each years busiuess shall 1 be paid into the reserve fund uuA4 such ! fund equals the amount of the orig
 nal capital stock.
 Provides that corporations chartered
 under this act shatt have Tho right te act as WarehouHtmcu. and shall have the right 70 sell in the market all prod ucts of the ranch, orChREd or farm op a I commission basis. Provide that such corporations shall take a fair sample
 from each bale deposited with them, 1 which sample shall be graded by com
 potent graders under The control of
 supervisors. Provides that such cor i puratlous may loan money upon prod ] ucts placed in thCir warehouse. and provides that such corporations mp Y l lean to their members mousy to enable i them To make and mature their crops
 Provides that all pubic gins shall I he required to obtain a license hv mak- Ing application to the Commissioner of l Mines. etc. Provides that cotton gin ned by public Eiuner shall be haled i in press box not exceeding @4N5t l inches, inside measurement. and shall l be wrapped With sound standard bag
 giuE not To exceed seven wards per ha To-
 Provides that such eiuusr shall at
 tach such marks of Identification as
 may be provided by the Commission of Mines. and provides that such Eiu-
 her shall pay into The state treasury
 2 ie cents for each tag or mark of id,u- tihc1tion used by him. Provides that 1 such tags shall be good for the season
 for which they are issued and shall not
 he subject to be used for any other sea
 son. but provides that tngs left eu hand
 may be exchanged for tags of the sue
 ee*dIng season, the word scnsou mean
 ing from the first day ef May to the
 3oth day of April following. Prov ides
 Il penalty of not less than Sl0 or more
 than Sa0 for EEnucr n WtllfUIy fail or neglect to attach q proper fdentih-
 cation tag to each bale of cotton