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in active management of its warehouse must have a certificate from the State Warehouse Commissioner as a certified warehouseman. In order to receive such certificate such person must present satisfactory evidence to the Commissioner that he is competent to discharge the duties of such position, the kind and character of evidence to be presented to the Commissioner to be stated by the Commissioner in the rules promulgated by him for such purpose, but in all instances the applicant shall show to the Commissioner that he is qualified to grade and classify cotton and other farm products. Upon presenting satisfactory evidence to the Commissioner that he is qualified as a warehouseman the Commissioner may issue to any applicant therefor a certificate showing that such applicant is a certified warehouseman, upon the payment of $1.00 fee for such certificate. Provided, however, that the life of any such certificate shall be two years, at the expiration of which time the applicant must obtain a new certificate.

Sec. 22. Every corporation organized hereunder may divide its profits among its members in proportion to the amount of the business transacted for each of said members, after having paid dividends to each member on the amount which each of said members has paid into the reserve fund of the company, subject, however, to the following provisions: Twenty per cent of the net profits on each year's business shall annually be paid into the reserve fund until the reserve fund shall equal twice the amount placed in the reserve fund at the time the corporation was chartered; the balance of the net profits shall be divided in accordance with the by-laws of the company; provided, that those paying into the reserve fund shall first be entitled to a 10 per cent dividend or such amount as may be stated in the by-laws for each year before the remainder thereof is divided among the members in proportion to the amount of business transacted for each member. Corporations chartered hereunder shall have the right to act as warehousemen and charge for their services as such and do and perform generally all things which may be done or performed by warehousemen, subject to the limitations of this act. Such corporations shall also have the right to sell in the market all products of the ranch and farm on a commission basis or such other basis as may be agreed upon by them with their customers. Corpora

tions chartered hereunder shall have the right to purchase or construct all warehouses, landings and buildings as may be necessary for their business. They shall have the right to own, lease and operate compresses and gins for the purpose of facilitating their business of warehousemen and marketing farm and ranch products, but the ownership and operation of such compresses and gins shall not be the main business of such corporations, but shall be merely incidental thereto. Such corporations shall have the right to own and operate canneries, cold storage plants and refrigerator cars for the purpose of preserving and shipping products entrusted to their care, but the ownership and operation of such canneries, cold storage plants and refrigerator cars shall be incidental only to their business, and no corporation shall be chartered under this act for the purpose of operating compresses, gins, cold storage plants, canneries and refrigerator cars. Corporations chartered hereunder shall have the right to own or charter ships for the purpose of transporting and conveying farm and ranch products stored with them or placed with them for sale. Corporations chartered hereunder shall have the right to loan money upon products placed in their warehouses; provided, that the amount loaned thereon shall not exceed 75 per cent of the market value of the property so placed with them, except that they may loan 85 per cent of the then market value of cotton placed with them; provided, however, that no corporation chartered hereunder shall loan money on cotton which is not ginned and baled by a bonded and licensed gin provided for in this act. Corporations chartered hereunder shall have the right to loan money upon chattel mortgages to their members only for the purpose of enabling them to make and mature their crops, but such chattel mortgages shall always be upon property double the amount in value of money loaned thereon. Corporations chartered hereunder shall have authority to loan money on crop mortgages, but such crop mortgages must always be the first mortgage thereon exclusive of the landlord's lien, and shall always be secured by an acreage which under the ordinary general conditions would produce double the amount loaned thereon. Corporations chartered hereunder may invest their reserve fund and surplus in a home office building. They may also invest such reserve fund, surplus and undivided profits in United States bonds,

Texas State bonds, county, city, district and municipal bonds of the State of Texas; provided, such bonds are issued by authority of law and interest upon them has never been defaulted; or in first mortgages on improved real estate within this State where the first mortgage does not exceed 50 per cent of the value of the land and improvements thereon; provided, further, that where such lands are situated in any town or city that the value of the land shall be calculated, exclusive of the improvements unless the improvement thereon are insured in some solvent insurance corporation operating under the laws of Texas with policy payable to the company as its interest may appear. Such corporation shall never have the right to receive deposits nor discount commercial paper generally, but may make

such character of loans and investments

as

are herein provided for; provided, however, such corporations shall never be permitted to loan money upon chattel mortgages, crop mortgages or personal security except to their members and then only to enable them to make, mature and gather their crops or market their ranch products.

Sec. 23. It shall be the duty of the State Warehouse Commissioner to collect and disseminate information generally as to the condition of farm and

ranch products, and the probable yield

and amount thereof which will be on

the market at any particular market season; he shall also collect and disseminate information generally as to the probable demand in all parts of the world for farm and ranch products; it shall also be the duty of the said Commissioner to collect and disseminate information concerning farm and ranch industries throughout the State and world generally. For these purposes he is authorized to issue and disseminate said information by letter, telegraph, telephone and the publication of daily, weekly, monthly, quarterly and annual bulletins, and such other publications and means of disseminating information as may be found of value to the farm and ranch industries of the State. It shall be the duty of the Commissioner to establish his agencies in the various markets of the world at such places as he may in his discretion determine; the duties of which agent shall be prescribed by the Commissioner, but whose special duty it shall be to keep in touch with the requirements of the markets of the world, and the probable consumption of all products of the farm and ranch, and

the probable prices to be paid therefor, and report said facts to the Commissioner; and to do such other things as may hereafter be required by law, and as may be required by the Commissioner. Said agents, their salaries and expenses, shall be paid out of the fund herein provided for. Said agents shall be paid a salary sufficient to command the best talent and they shall be men experienced in the market to which they may be assigned. Said agents may or may not be, as in the discretion of the Commissioner he may determine, citizens of the United States, but may be citizens of any country, and shall be considered only as employees of the Commissioner; but said agents, shall. when it becomes necessary to entrust funds to their care, give bonds payable in Austin, Texas, to the State of Texas, for the faithful handling of all funds entrusted to them, and said bonds shall be signed by two good and sufficient sureties residing in the State of Texas, or by a bonding company having a permit to transact business in the State

of Texas, and actually transacting busi

ness in this State.

The Commissioner shall have power to use such agents and agencies as may be established or appointed by him as sales agencies for the sale of farm and thought advisable so to do, and he shall ranch products, if in his judgment it is prescribe the rules and regulations under which such sales agencies are to be conducted.

The expenses incident to such agencies shall be paid as is herein provided for the payment of other expenses by the authority of the Commissioner.

Sec. 24. Every corporation organized under this act shall be amenable to and subject to all the laws of this State governing corporations generally where the same are not in conflict with the provisions of this act. Corporations chartered hereunder shall pay the same charter fees and franchise taxes to the Warehouse Commission as do ordinary business corporations to the Secretary of State, the reserve, surplus and undivided profits of corporations chartered hereunder being treated as capital stock for said purposes.

Warehouses operated under this act shall be conducted under rules fixed by the State Warehouse Commissioner in order to effectively carry out the provisions of this act; and it shall be the duty of the Commissioner, as soon as may be after this act takes effect, to promulgate rules and regulations by

which the provisions of this act may be effectively carried out.

Sec. 25. Warehouse receipts need not be in any particular form, but every receipt must embody within its written or printed terms:

(a)

The location of the warehouse where the goods are stored.

(b) (c) The consecutive number of the receipt.

The date of issue of the receipt.

(d) A statement whether the goods received will be delivered to the bearer, to a specified person, or to a specified person or his order.

(e) The rate of storage charges. (f) A description of the goods or the package containing them.

the bearer, or to the order of any person named in such receipt is a negotiable receipt.

ware

All receipts shall be numbered consecutively in the order of their issuance and a record of each receipt shall be kept at the office of the Company. No two receipts bearing the same number shall be issued from the same house during the same year, nor shall any duplicate receipts be issued, except in the case of a lost or destroyed receipt, in which case a new receipt shall bear the same date and number as the original and shall be plainly marked on its face "duplicate."

In addition to other provisions each receipt shall have a blank form on the The signature of the warehouse-by the owner of the cotton, showing back thereof to be filled in and signed man, which may be made by his authorized agent.

(g)

(h) If the receipt is issued for goods of which the warehouseman is owner, either solely or jointly or in common with others the fact of such ownership,

and

whether such cotton is free from enthere is any encumbrance or liens of cumbrance or liens of any kind. It any kind on said cotton at the time of the same shall be clearly set out and it its storage the nature and amount of (i) A statement of the amount of suing the receipt to have said blank is made the duty of the manager isadvances made and of liabilities in-filled in and signed by the owner of the curred for which the warehouseman claims a lien. If the precise amount of such advances made or of such liabilities incurred is, at the time of the is sue of the receipt, unknown to the warehouseman or to his agent who issues it, a statement of the fact that advances have been made or liabilities incurred and the purpose thereof is sufficient.

cotton before issuing a negotiable receipt for the same; provided, however, such statement may not be made if a non-negotiable receipt is desired.

receipt shall desire to obtain a negotiaIf a person holding a non-negotiable ble receipt in lieu thereof he shall return said non-negotiable receipt to the warehouse issuing the same and thereupon (j) It shall also state that the cor- shall comply in every respect with the poration guarantees under its bond, the provisions of this act relating to neweight, classes, and grades of the prod-gotiable receipts, upon compliance with ucts for which the receipt may be given, at the time of and at the elevation of the place where said warehouse is located.

(k) Said receipt shall also show the elevation above sea level of the warehouse.

A warehouseman shall be liable to any person injured thereby, for all damages caused by the omission from a negotiable receipt of any of the terms herein required.

Sec. 26. A receipt in which it is stated that the goods received will be delivered to the depositor, or any other specified person, is a non-negotiable receipt.

A non-negotiable receipt shall have plainly placed upon its face by the warehouseman issuing it "non-negotiable," or "not negotiable."

A receipt in which it is stated that the goods received will be delivered to

which a negotiable receipt shall be issued to him in lieu of said non-negotiable receipt and said non-negotiable receipt shall thereupon be cancelled, and the word "cancelled” plainly marked or stamped in ink across the face thereof.

No warehouse receipt shall be issued except on the actual previous delivery of the goods in the warehouse or on the premises and under the control of the manager thereof.

Sec. 27. Upon the presentation and return to the warehouse of any public warehouse receipt issued by its manager and properly endorsed, and the tender of all proper warehouse charges upon the property represented by it, such property shall be delivered immediately to the holder of such receipt, but the manager of such warehouse who shall issue a receipt for cotton shall not. under any circumstances or upon any order or guaranty, deliver the property

owner or by a person whose act in conveying a title to a purchaser in good faith would bind the owner and a ne

upon which receipts have been issued warehouseman under this act by the until such receipts have been delivered and cancelled, except in case of lost receipts. Upon delivery of the goods in a ware-gotiable receipt is issued for them they house upon any receipt such receipt shall be plainly marked or stamped in the face with the word "cancelled," together with the name of the manager cancelling the same, and shall thereafter be void and shall not again be put into circulation.

ink across

Sec. 28. A negotiable receipt issued against goods or products stored in a warehouse under this act shall be negotiable and transferable by endorsement in blank or by special endorsement and delivery in the same manner and to the same extent as bills of exchange and promissory notes now are, without any other formality; and the transferee or holder of such warehouse receipts shall be considered and held as an actual and exclusive owner to all intents and purposes of the property therein described, subject only to the lien and privilege of the warehouse for storage, insurance and other warehouse charges; provided, however, that all such warehouse receipts that shall have the words non-negotiable plainly marked or stamped on the face thereof shall be exempted from the provisions of this section.

Sec. 29. It shall be the duty of the Commissioner to prescribe all the forms of receipts, certificates and records of whatsoever description necessary in the conduct of warehouses under this act; but all such receipts, certificates and forms shall be drawn in accordance with the terms of this act.

All warehouse receipts shall be of uniform character in the same class, as prescribed by the Commissioner.

Sec. 30. The liabilities of a corporation chartered under this act shall be that of a public warehouseman and it shall have the same rights as a public warehouseman, including a lien for storage, insurance and other warehouse charges, as well as for charges for any services performed by it, and the corporation shall also have a lien for all lawful claims for money advanced, interest, insurance, transportation, labor, weighing, coopering and other charges and expenses in relation to such goods; and also all reasonable charges and expenses for notice and advertisement of sale of goods where sale has been made in satisfaction of the warehouseman's lien.

Sec. 31. If goods are delivered to a

cannot thereafter while in the possession of the warehouseman be reached by a garnishment, attachment or other legal process or be levied upon under an execution unless the receipt be first surrendered to the warehouseman, or its negotiation enjoined, and the warehouseman shall in no case be compelled to deliver up the actual possession of the goods until the receipt is delivered to it or impounded by the court.

Sec. 32. A warehouseman's lien for a claim which has become due may be satisfied as follows:

The warehouseman shall give a written notice to the person on whose account the goods are held, and to any other person known by the warehouseman to claim an interest in the goods. Such notice shall be given by delivery in person or by registered letter addressed to the last known place of business or abode of the person to be notified. The notice shall contain:

(a) An itemized statement of the warehouseman's claim, showing the sum due at the time of the notice and the date or dates when it became due.

(b) A brief description of the goods against which the lien exists.

(c) A demand that the amount of the claim as stated in the notice, and of such further claim as shall accrue, shall be paid on or before a day mentioned, not less than ten days from the delivery of the notice if it is personally delivered, or from the time when a notice should reach its destination, according to the due course of post, if the notice is sent by mail, and

(d) A statement that unless the claim is paid within the time specified the goods will be advertised for sale and sold by auction at a specified time and place.

In accordance with the terms of a notice so given, a sale of the goods by auction may be had to satisfy any valid claim of the warehousemen for which he has a lien on the goods. The sale shall be had in the place where the lien is acquired, or, if such place is manifestly unsuitable for the purpose, at the nearest suitable place. After the time for the payment of the claim specified in the notice to the depositor has elapsed, an advertisement of the sale, describing the goods to be sold, and stating the name of the owner or person on whose

knowing that it contains any false statement, other than that described in Section 34 of this act, shall be guilty of a felony, and upon such conviction shall be punished for each offense by confinement in the State penitentiary for any period of time not exceeding two years, or by fine not exceeding one thousand dollars, or by both such fine and imprisonment.

account the goods are held, and the time | and place of the sale shall be published in a newspaper in the place where such sale is to be held. The sale shall not be held less than fifteen days from the time of the first publication. If there is no newspaper published in such place, the advertisement shall be posted at least ten days before such sale in not less than six conspicuous places therein. From the proceeds of such sale the warehouseman shall satisfy his lien, including the reasonable charges of notice, advertisement and sale; the balance, if any, of such proceeds shall be held by the warehouseman, and deliv-negotiable receipt for the same goods or ered on demand to the person to whom he would have been bound to deliver or justified in delivering the goods.

At any time before the goods are so sold any person claiming a right of property or possession therein may pay the warehouseman the amount necessary to satisfy his lien and to pay the reasonable expenses and liabilities incurred in serving notices and advertising and preparing for the sale up to the time of such payment. The warehouseman shall deliver the goods to the person making such payment if he is a person entitled, under the provisions of this act, to the possession of the goods on payment of charges thereon. Otherwise the warehouseman shall retain possession of the goods according to the terms of the original contract of deposit.

Sec. 33. Any State Warehouse Commissioner who shall during his term of office engage in the business of a warehouseman, commission merchants, cotton merchant or cotton broker, after entering upon the duties of his office, shall be guilty of a felony and upon conviction shall be confined in the penitentiary for a period not less than one nor more than five years.

Sec. 34. Any officer, agent or servant of a corporation chartered under this act, who issues, or aids in issuing, a receipt, knowing that the goods for which such receipt is issued have not been actually received by such corporation, or are not under its control at the time of issuing such receipt, shall be guilty of a felony, and upon conviction shall be punished for each offense by imprisonment in the State penitentiary for not exceeding five years, or by a fine not exceeding five thousand dollars, or by both such fine and imprisonment. Sec. 35. Any officer, agent or servant of a corporation chartered under this act who fraudulently issues, or aids in fraudulently issuing a receipt for goods,

Sec. 36. Any officer, agent or servant of a corporation chartered under this act who issues, or aids in issuing, a duplicate or additional negotiable receipt for goods, knowing that a former

any part of them is outstanding and uncanceled, without plainly placing on the face thereof the word "duplicate," as provided for in the case of a lost or destroyed receipt, shall be guilty of a felony, and upon conviction shall be punished for each offense by confinement in the State penitentiary for any period of time not exceeding five years, or by fine not exceeding five thousand dollars, or by both such fine and imprisonment.

Sec. 37. Where there are deposited with or held by a corporation chartered hereunder, goods of which it is owner, either solely or jointly, or in common with others, then any of its officers, agents or servants who, knowing its ownership, issues or aids in issuing a negotiable receipt for such goods which does not state such ownership, shall be guilty of a felony, and upon conviction, shall be punished for each offense by imprisonment in the State penitentiary for any period of time not exceeding one year, or by a fine not exceeding one thousand dollars, or by both such fine and imprisonment.

Sec. 38. Any officer, agent or servant of a corporation chartered hereunder, who delivers goods out of the possession of such corporation, knowing that a negotiable receipt, the negotiation of which would transfer the right to the possession of such goods, is outstanding ard would transfer the right to the possession of such receipt at, or before, the time of such delivery, shall except in cases of lost or destroyed receipts, be guilty of a felony and upon conviction, shall be punished for each offense by imprisonment in the State penitentiary for any period of time not exceeding one year, or by a fine not exceeding one thousand dollars, or by both such fine and imprisonment.

Sec. 39. Any person who deposits goods with a corporation chartered hereunder, to which he has not title, or up

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