[Code of Federal Regulations]
[Title 7, Volume 7]
[Revised as of January 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR741.5]

[Page 342-343]
 
                          TITLE 7--AGRICULTURE
 
                            CHAPTER VII--FARM
                SERVICE AGENCY, DEPARTMENT OF AGRICULTURE
 
PART 741--SIRUP WAREHOUSES--Table of Contents
 
Sec. 741.5  Net assets required.

    The 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 5 cents per gallon of sugarcane sirup and 10 
cents per gallon of maple sirup or honey, of the maximum number of 
gallons 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 $5,000, and need 
not be more than $100,000. 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

[[Page 343]]

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. 741.12.