Virginia Code 61.1-55: Commission and basket charge
No person, firm, association, corporation, partnership, copartnership or other legal entity, who or which operates any warehouse in which burley tobacco is sold at public auction, shall charge or receive any commission in excess of four percent of the sales price of such tobacco, nor shall any basket charge be in excess of twenty-five cents per basket, which commission and basket charge shall constitute the entire amount charged by the warehouse operator in connection with such sale; provided, however, that on or before the opening day of the market in any year, the warehouse operator may elect to charge a commission of not exceeding seventy-five cents per 100 pounds, which commission shall constitute the entire charge made in connection with the sale of tobacco throughout that market season at the warehouse for which such election is made.
Terms Used In Virginia Code 61.1-55
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
Code 1950, § 61-154; 1968, c. 69; 2000, c. 380.