Arkansas Statutes
§ 15-74-203 — Prohibition on discounting crude for waste, shrinkage, etc. - Proper computation of purchase
Arkansas·Title 15
(a)It shall be unlawful for any person, firm, or corporation who may purchase any oil produced in this state to in any way discount, dock, or short crude oil for waste, shrinking, or other causes, but such purchases when computed shall be on one hundred percent (100%) net oil measured on one hundred percent (100%) tank-tables and corrected to sixty degrees Fahrenheit (60° F). All production, runs to storage, and deliveries are to be based on one hundred percent (100%) tank-tables, with proper adjustments for temperature, B. S., and water.
(b)Any person, firm, or corporation found guilty of violating the provisions of this section shall be adjudged guilty of a misdemeanor and shall be fined in any sum not less than five hundred dollars ($500) nor more than three thousand dollars ($3,000).
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Arkansas § 15-74-203 (Prohibition on discounting crude for waste, shrinkage, etc. - Proper computation of purchase) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1941, No. 397, §§ 1, 2; A.S.A. 1947, §§ 53-506, 53-507.
Nearby Sections
15
§ 15-1-101
Economic Advisor§ 15-10-201
Title§ 15-10-202
Declaration of policy§ 15-10-203
Arkansas Energy Office - Creation§ 15-10-204
Arkansas Energy Office - Director§ 15-10-301
Declaration of policy§ 15-10-302
Definitions§ 15-10-303
License or permit requirement§ 15-10-304
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