# Title 4.1 — Agriculture

## Chapter 4.1-60 — Uniform Accounting for Public Elevators and Warehouses

### § 4.1-60-01. Public elevators and warehouses - Commissioner may require uniform

accounting system.
The commissioner may require every association, copartnership, corporation, or limited
liability company conducting a public elevator or warehouse in this state to adopt a uniform
accounting system established by the commissioner.
### § 4.1-60-02. Examination of financial accounts of elevator or warehouse by competent

examiner - Request by percentage of stockholders.
The commissioner may install, and if requested by not less than fifteen percent of the
partners, stockholders, or members of any association, copartnership, corporation, or limited
liability company conducting the public elevator or warehouse, shall install, the uniform system
of accounting provided for in section 4.1-60-01. The commissioner on the commissioner's own
motion may, or on request of the required percentage of partners, stockholders, or members,
the commissioner shall, send a competent examiner to examine the books and financial
accounts of the elevator or warehouse. If a request for the examination of the accounts of any
association, copartnership, corporation, or limited liability company has been made to the
commissioner, as provided for in this section, subsequent examinations must be made at least
once every year until the commissioner is requested to discontinue the examination by
resolution adopted by the partners, stockholders, or members at any annual meeting. If the
examination has been made, the examiner shall report immediately the results of the
examination to the president and the secretary of the association, copartnership, corporation, or
limited liability company and to the commissioner.
### § 4.1-60-03. Certificate issued by commissioner after examination of accounts.

1. If the commissioner is satisfied from the commissioner's examination that the
association, copartnership, corporation, or limited liability company examined is
solvent and the method of doing business is likely to be beneficial to all its members or
persons interested therein, the commissioner shall issue a certificate, countersigned
by the examiner, to the agent or manager. The certificate must be kept posted
conspicuously in the warehouse or elevator of the association, copartnership,
corporation, or limited liability company and must state:
a. That the methods of doing business are sound.
b. That the association, copartnership, corporation, or limited liability company is
solvent.
c. That its books and accounts are kept properly.
2. If the affairs and methods of doing business of the association, copartnership,
corporation, or limited liability company do not seem sound or satisfactory to the
commissioner, the commissioner shall issue a certificate or statement, countersigned
by the person that made the examination, stating in what particular and in what
respect the business methods practiced or methods of keeping books and accounts of
the association, copartnership, corporation, or limited liability company are not deemed
safe. The commissioner shall mail a copy of the statement or certificate to each of the
shareholders or stockholders as may have requested the commissioner to make the
examination. The commissioner also shall send a copy to the president and the
secretary of the association, copartnership, corporation, or limited liability company.
### § 4.1-60-04. Fees of examiner for installing and examining accounting system.

For installing a uniform accounting system and examining the financial accounts of an
elevator or public warehouse, an association, copartnership, corporation, or limited liability
company shall pay the examiner a reasonable fee, as determined by the commissioner. If an
association, copartnership, corporation, or limited liability company wrongfully refuses or
neglects to pay the fees, the commissioner may cancel the license to do business. All fees must

be paid into the state treasury. The expenses incurred by the examiner under this chapter must
be paid out of the appropriations made by the legislative assembly for this purpose and the
expenses must be audited and paid in the same manner as other expenses are audited and
paid.
