The Laws of Texas, 1934-1935 [Volume 29] Page: 106 of 2,086
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96 GENERAL AND SPECIAL LAWS.
PRESCRIBING THE CONDITIONS AND AMOUNTS OF
BONDS GIVEN BY LIVESTOCK COMMISSION
MERCHANTS.
S. B. No. 67.] CHAPTER 41.
An Act to amend Article 1283, Title 30, Revised Civil Statutes of 1925, prescribing
the conditions and amounts of bonds to be given by Livestock
Commission Merchants, and giving to the County Judge authortiy to fix
and determine the amount of bond under certain conditions, and providing
for notice of cancellation of such bonds, and declaring an emergency.
Be it enacted by the Legislature of the State of Texas:
SECTION 1. That Article 1283, Revised Civil Statutes of
1925 be amended so as to hereafter read as follows:
"Article 1283. Condition and amount of bond.-Said bond
shall be conditioned that such livestock commission merchant
will faithfully obey and carry out all the terms and provisions
of this law, and will faithfully and truly perform all agreements
entered into with all the consignors, owners or those
holding valid liens on said livestock with respect to receiving,
handling, selling and making remittances and payments of the
net proceeds thereof to the said named parties, or to the person,
firm or corporation to whom said consignors, owners or
valid lien holders shall direct such payments to be made; and
said bond shall further provide and shall be conditioned that
such commission merchant shall within forty-eight hours of
the sale of live stock so consigned, excluding the day of sale,
Sunday, and holidays, remit the net proceeds thereof to the
parties rightfully entitled to receive the same, or to such person,
firm or corporation to whom such parties shall direct the
payment to be made, or shall within forty-eight hours of the
sale of such livestock for said parties at interest deposit to the
credit of such parties their respective interest in the net proceeds
thereof in some State or National Bank in the city or
town where such livestock commission merchant has his principal
office or place of business, if requested by any or all of
the said parties at interest to do so. The amount of such bond
shall be not less than the nearest multiple of One Thousand
($1,000) Dollars above the average amount of sales and/or
purchases of live stock by such livestock commission merchants
during two business days, based on the total number of the
business days, and the total amount of such sales and/or purchases
in the preceding twelve (12) months, or in such part
thereof in which such livestock commission merchant did business,
if any. For the purpose of this computation, three hundred
eight (308) shall be deemed the number of business days
in a year. In any case, however, the amount of bond shall be
not less than Two Thousand ($2,000) Dollars; and when the
sales and/or purchases, calculated as hereinbefore specified,
exceed Fifty Thousand ($50,000) Dollars as to any particular
livestock commission merchant, the amount of the bond need
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1934-1935 [Volume 29], book, 1935; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth17292/m1/106/: accessed April 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .