Effective - 28 Aug 2011
411.280. Warehouseman's net worth, requirements — deficiency, how corrected. — Every warehouseman licensed under the provisions of this chapter shall have and maintain a net worth equal to the greater of ten thousand dollars or the amount which results from multiplying the storage capacity of the warehouse by twenty-five cents per bushel. Capital stock, for the purpose of determining the net worth, shall not be considered a liability. Any deficiency in required net worth above the ten thousand dollar minimum requirement may be met by supplying additional bond in an amount equal to one thousand dollars for each one thousand dollars or fraction thereof of deficiency.
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(L. 1941 p. 373 § 46, A.L. 1965 p. 606, A.L. 1977 S.B. 75, A.L. 1980 S.B. 601, A.L. 1986 H.B. 1578, A.L. 1997 H.B. 211, A.L. 2011 H.B. 458 merged with S.B. 356)