§ 3.1-722.31. (Repealed effective October 1, 2008) Application; license fee and bond
A. Every person intending to do business as a cotton handler, shall, on or before September 1, 2000, make application to the Commissioner for a license on a form provided by the Commissioner. Thereafter, such application shall be submitted by every cotton handler on or before July 1 of each year. The application shall specify:
1. An address at which the applicant will receive correspondence by first-class mail;
2. Every address at which the records of the cotton handler will be kept;
3. Every address, including street address, building number, and city or town:
a. In the case of a cotton gin, where the cotton will be ginned; or
b. In the case of a cotton warehouse, where the cotton will be warehoused;
4. The full name and first-class mail address, including the street, city or town, and state, of a person who is authorized to receive service of process on behalf of the cotton handler; and
5. The form of business organization that the cotton handler will assume. If the applicant will be doing business as a sole proprietorship, he shall disclose the full name of the sole proprietor and the name under which the sole proprietor will be doing business. If the applicant will be doing business as a partnership, he shall disclose the full name of each of the partners, the name of the partnership, and the name under which the partnership will be doing business. If the applicant will be doing business as a corporation, he shall disclose the full name of each of the officers of the corporation, the name of the corporation, and the name under which the corporation will be doing business. If the applicant will be doing business as a limited liability company or foreign limited liability company, he shall disclose the full name of the manager of the company, the name of the company, and the name under which the company will be doing business as a cotton handler. If the company has no manager, the applicant shall disclose the full names of the members of the company.
B. The applicant shall submit with the application a nonrefundable application fee of fifty dollars.
C. Every person making application for a license as a cotton handler who will be doing business as a cotton gin or cotton merchant shall furnish at the time of application for license a bond in the amount of $50,000 in accordance with § 3.1-722.35. Nothing in this subsection shall require a person doing business as a cotton gin to be separately licensed or bonded as a cotton merchant.
D. Except as otherwise provided in subsection E, every person making application for a license as a cotton handler doing business as a cotton warehouse shall furnish, at the time of application for the license, proof of insurance with a company licensed to do business in the Commonwealth in an amount equal to the fair market value of the maximum amount of cotton that can be stored in the warehouse, and a bond in the amount of $500,000 in accordance with § 3.1-722.35.
E. In lieu of satisfying the requirements of subsection D, a cotton handler doing business solely as a cotton warehouse may furnish proof of a valid license issued pursuant to the United States Warehouse Act (USWA). A cotton handler governed by this subsection shall notify the Commissioner of any change in the status of its USWA license within twenty-four hours after being notified by the United States Department of Agriculture.
(2000, c. 584.)
Sections: Previous 3.1-722.24 3.1-722.25 3.1-722.26 3.1-722.27 3.1-722.28 3.1-722.29 3.1-722.30 3.1-722.31 3.1-722.32 3.1-722.33 3.1-722.34 3.1-722.35 3.1-722.36 3.1-722.37 3.1-722.38 NextLast modified: April 16, 2009