[Code of Federal Regulations]
[Title 7, Volume 7, Parts 700 to 899]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR739.5]

[Page 305]
 
                          TITLE 7--AGRICULTURE
 
                            CHAPTER VII--FARM
                SERVICE AGENCY, DEPARTMENT OF AGRICULTURE
 
PART 739--DRY BEAN WAREHOUSES--Table of Contents
 
Sec. 739.5  Net assets required.

    Any warehouseman conducting a warehouse licensed, or for which 
application for license has been made, under the act shall have and 
maintain, above all exemptions and liabilities, net assets liable for 
the payment of any indebtedness arising from the conduct of the 
warehouse, to the extent of at least 40 cents per hundredweight for the 
maximum number of hundredweight that the warehouse will accommodate, 
when stored in the manner customary to the warehouse, as determined by 
the Administrator, except that the amount of such assets shall not be 
less than $10,000. If such warehouseman has applied for licenses to 
conduct two or more warehouses in the same State, the assets applicable 
to all of which shall be subject to the liabilities of each, such 
warehouses shall be deemed to be one warehouse for the purposes of the 
assets required under this section. For the purposes of this section 
only, paid-in capital stock, as such, shall not be considered a 
liability. Any deficiency in the required net assets may be supplied by 
an increase in the amount of the warehouseman's bond in accordance with 
Sec. 739.12(b).

[39 FR 41825, Dec. 3, 1974. Redesignated at 50 FR 1814, Jan. 14, 1985]