Louisiana Revised Statutes 3:3408 – Contents of application for and renewal of warehouse license, cotton merchant license, and grain dealer license
Terms Used In Louisiana Revised Statutes 3:3408
- Applicant: means a person or place of business that makes a formal application for a license, permit, certification, registration, or certificate issued pursuant to this Title. See Louisiana Revised Statutes 3:1
- Commission: means the Louisiana Agricultural Commodities Commission. See Louisiana Revised Statutes 3:3402
- commodities: means cotton, all agricultural products commonly classed as grain, including rice, rough rice, corn, wheat, oats, rye, soybeans, barley, and grain sorghum, and any other agricultural commodity or other farm product which the commission may, by regulation, declare to be a commodity subject to this Chapter. See Louisiana Revised Statutes 3:3402
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Cotton merchant: means every person, firm, corporation, association, or other legal entity who purchases or contracts to purchase, either directly or through a cotton agent, cotton grown or to be grown by producers in this state. See Louisiana Revised Statutes 3:3402
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Grain: means corn, wheat, oats, rye, soybeans, barley, and grain sorghum. See Louisiana Revised Statutes 3:3402
- Grain dealer: means any person who purchases any agricultural commodities from producers or represents producers in the sale of agricultural commodities. See Louisiana Revised Statutes 3:3402
- Place of business: means a permanent location or a portion of a permanent location from which business, in a regulated profession or occupation, is transacted. See Louisiana Revised Statutes 3:1
- Warehouse: means any building, structure, or any other protected enclosure required to be licensed by the commission in which agricultural commodities or other farm products are stored for the public for a fee. See Louisiana Revised Statutes 3:3402
A. The application for licensure as a warehouse, cotton merchant, or grain dealer shall contain:
(1) The name and business address of the applicant.
(2) If the applicant is a corporation or other business entity, the names and addresses of the principal officers of the corporation or other business entity.
(3) If the applicant is a trade, cooperative, or other type of association, the names and addresses of the board of directors of such association.
(4) The kinds of agricultural commodities which the applicant proposes to store or trade.
(5) The address and the capacity of the principal place of business of the applicant.
(6) The address and the capacity of any other locations within the state where the applicant will engage in the business of storing agricultural commodities or buying and selling agricultural commodities on a regular basis.
(7) A current financial statement which shall include, but not be limited to, the following:
(a) A balance sheet.
(b) A statement of income (profit and loss).
(c) A statement of retained earnings.
(d) A statement of cash flows.
(8) The financial statement shall be one of the following types of statements:
(a) A compilation, or compiled statement.
(b) A review, or reviewed statement.
(c) An audit, or audited statement.
(9) Except as otherwise provided in Chapter 2 of Title 37 of the Louisiana Revised Statutes of 1950, the financial statement shall be prepared by an accountant who is not a full-time employee of the applicant and who meets at least one of the following requirements:
(a) Is a certified public accountant.
(b) Is a graduate of an accredited four-year college or university with a degree in accounting.
(c) Has passed the examination administered by the National Society of Accountants.
(10) All financial statements shall be accompanied by a certification by the applicant or the chief executive officer of the applicant, under penalty of perjury as provided in La. Rev. Stat. 14:123, that the financial statement accurately reflects the financial condition of the applicant for the period covered in the statement. Only one financial statement shall be required for a chain of warehouses covered by a single warehouse license. The initial application for a license shall be accompanied by the warehouse’s, cotton merchant’s, or grain dealer‘s most recent financial statement. Thereafter, all financial statements shall be filed within ninety days after the close of the grain dealer’s, cotton merchant’s, or warehouse’s fiscal year.
(11) Any additional information which the commission may require.
B. The application for annual renewal of the said licenses shall contain the same information as required under Subsection A of this Section.
Added by Acts 1982, No. 563, §1, eff. Jan. 1, 1983. Acts 1983, No. 11, §1; Acts 1984, No. 951, §1; Acts 1990, No. 121, §1; Acts 1997, No. 1034, §1; Acts 2009, No. 24, §1, eff. June 12, 2009; Acts 2012, No. 145, §1, eff. May 14, 2012.