60-05 Uniform Accounting for Public Elevators and Warehouses
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<![CDATA[CHAPTER 60-05UNIFORM ACCOUNTING FOR PUBLIC ELEVATORS AND WAREHOUSES60-05-01.Public elevators and warehouses - Commission may require uniformaccounting system.The public service commission may require every association,copartnership, corporation, or limited liability company conducting a public elevator or warehouse<br>in this state to adopt a uniform accounting system established by such commission.60-05-02.Examination of financial accounts of elevator or warehouse bycompetent examiner - Request by percentage of stockholders. The commission may install,<br>and whenever requested by not less than fifteen percent of the partners, stockholders, or<br>members of any association, copartnership, corporation, or limited liability company conducting<br>such public elevator or warehouse, shall install, the uniform system of accounting mentioned in<br>section 60-05-01.The commission on its own motion may, or on request of the requiredpercentage of partners, stockholders, or members, the commission shall, send a competent<br>examiner to examine the books and financial accounts of such elevator or warehouse.<br>Whenever a request for the examination of the accounts of any association, copartnership,<br>corporation, or limited liability company has been made to the commission, as provided for in this<br>section, an examination thereafter shall be made at least once every year until the commission<br>shall be requested to discontinue such examination by resolution adopted by the partners,<br>stockholders, or members at any annual meeting. When such examination has been made, the<br>examiner shall report immediately the results thereof to the president and the secretary of such<br>association, copartnership, corporation, or limited liability company and to the commission.60-05-03. Certificate issued by commission after its examination of accounts. Ifthe commission is satisfied from its examination that the person, association, copartnership,<br>corporation, or limited liability company examined is solvent and its method of doing business is<br>such as is likely to be beneficial to all of its members or persons interested therein, the<br>commission shall issue a certificate, countersigned by the examiner, to the agent or manager.<br>Such certificate shall be kept posted conspicuously in the warehouse or elevator of such person,<br>association, copartnership, corporation, or limited liability company and shall state:1.That said methods of doing business are sound.2.That such person, association, copartnership, corporation, or limited liability<br>company is solvent.3.That its books and accounts are kept properly.If the affairs and methods of doing business of such person, association, copartnership,<br>corporation, or limited liability company shall not seem sound or satisfactory to the commission, it<br>shall issue a certificate or statement, countersigned by the person who made the examination,<br>stating in what particular and in what respect the business methods practiced or methods of<br>keeping books and accounts of such person, association, copartnership, corporation, or limited<br>liability company are not deemed safe. The commission shall mail a copy of said statement or<br>certificate to each of such shareholders or stockholders as may have requested the commission<br>to make such examination. The commission also shall send a copy thereof to the president and<br>the secretary of such association, copartnership, corporation, or limited liability company.60-05-04. Fees of examiner for installing and examining accounting system. Formaking installation of a uniform accounting system and examining the financial accounts of an<br>elevator or public warehouse, an association, copartnership, corporation, or limited liability<br>company shall pay the examiner a reasonable fee, as determined by the commission. In case<br>any such association, copartnership, corporation, or limited liability company shall wrongfully<br>refuse or neglect to pay such fees, then the commission may cancel the license to do business.<br>All such fees shall be paid into the state treasury. The expenses incurred by the examiner under<br>the provisions of this chapter shall be paid out of the appropriations made by the legislative<br>assembly for this purpose and such expenses shall be audited and paid in the same manner as<br>other expenses are audited and paid.Page No. 160-05-05.Penalty for interfering with examiner.Repealed by S.L. 1975, ch. 106, </p>
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