Page:1933 North Dakota Session Laws.pdf/20

 § 9. .] Any person, firm or corporation, excepting a warehouseman, desiring to purchase grain from producers for the purpose of loading the same in cars on the track of any railroad company in this State for shipment, shall be known as Track Buyers, and shall procure a license from the Commission before transacting any business. Such license to be granted by the Commission at its discretion after applicant has submitted, in the manner the Commissioners may prescribe, proof of convenience of, or, local demand for, such Track Buyer. The fee for such license shall be ten dollars per annum for each station. Any such Track Buyer must pay cash for grain so purchased and such Track Buyer shall be subject to the same laws, rules and regulations, as may govern public warehouses, insofar as they may apply, for the protection of sellers of grain, provided that nothing herein shall be construed to classify as a Track Buyer any producer of grain, who may purchase grain from other producers in order to complete a carload in which a portion of said carload is grain grown by said producer.

§ 10. .] Before any license is issued to any public warehouseman or Track Buyer, applicant for such license shall file with the Commission a bond in such sum as it shall prescribe, which sum shall not be less than five thousand dollars for any one warehouse. Such bonds shall cover the period of the license and shall run to the State of North Dakota for the benefit of all persons storing or selling grain in such warehouses. They shall be conditioned upon the faithful performance of his duties as a public warehouseman and all of the provisions of law relating to the storage and purchase of grain by such warehouseman and the rules and regulations of the Commission relating thereto. The Commission is authorized to require such increases in the amount of bonds from time to time as it may deem necessary for the protection of the holders of storage receipts and cash tickets or checks. The surety on such bonds must be a corporate surety company and approved by the Commission, authorized to do such' business within the State of North Dakota. Provided, however, that the commission may accept a bond executed by personal sureties, in lieu of a surety bond, when, in its judgment, such personal surety bond will properly protect the holders of storage receipts and cash tickets or checks. One bond only need be given for any line of elevators, mills, or warehouses, owned, controlled, or operated by one individual, firm or corporation, and such bond shall be construed to cover such elevators, mills, or warehouses, as a whole and not a specific amount to each of such elevators. Every such bond shall specify the location of each public warehouse intended to be covered thereby, and shall, at all times, be in a sufficient sum to protect the holders of outstanding storage receipts and cash tickets or checks.

§ 24. .] No public warehouse-