Application for public warehouse license, contents--rules--financialstatements--false financial statement, penalty.
411.260. 1. Each person owning, operating, or desiring to own oroperate a grain warehouse who is required to be licensed, shall apply for alicense for each such warehouse he owns or operates. The application for alicense shall be subscribed and sworn to under oath by the applicant or aduly authorized representative of the applicant. The application shall bein a form prescribed by the director. All items on the application must becompleted or marked "not applicable" as appropriate.
2. All applications shall be accompanied by a true and accuratefinancial statement of the applicant, prepared within six months of thedate of the application, setting forth the assets, liabilities and the networth of the applicant. All applications shall also be accompanied by atrue and accurate statement of income and expenses for the applicant's mostrecently completed fiscal year. The financial statements required by thischapter shall be prepared in conformity with generally accepted accountingprinciples; except that, the director may promulgate rules allowing for thevaluation of assets by competent appraisal.
3. The financial statements required by subsection 2 of this sectionshall be audited or reviewed by a certified public accountant. Thefinancial statement may not be audited, reviewed or prepared by theapplicant, if an individual, or, if the applicant is a corporation orpartnership, by any officer, shareholder, partner, or employee of theapplicant.
4. The director may require any additional information orverification with respect to the financial resources of the applicant as hedeems necessary for the effective administration of this chapter. Thedirector may promulgate rules setting forth minimum standards of acceptancefor the various types of financial statements filed in accordance with theprovisions of this chapter. The director may promulgate rules requiring astatement of retained earnings, a statement of changes in financialposition, and notes and disclosures to the financial statements for alllicensed warehousemen or all warehousemen required to be licensed. Theadditional information or verification referred to herein may include, butis not limited to, requiring that the financial statement information bereviewed or audited in accordance with standards established by theAmerican Institute of Certified Public Accountants.
5. All warehousemen shall provide the director with a copy of allfinancial statements and updates to financial statements utilized to securethe bonds required by this chapter. Also, all warehousemen maintaining auniform grain storage agreement with the Commodity Credit Corporation or aUnited States Warehouse Act license shall provide the director with a copyof all financial statements and updates to financial statements utilized tosecure and maintain such agreement or license.
6. All financial statements submitted to the director for thepurposes of this chapter shall be accompanied by a certification by theapplicant or the chief executive officer of the applicant, subject to thepenalty provision set forth in section 411.517 that to the best of hisknowledge and belief the financial statement accurately reflects thefinancial condition of the applicant for the fiscal period covered in thestatement.
7. Any person who knowingly prepares or assists in the preparation ofan inaccurate or false financial statement which is submitted to thedirector for the purposes of this chapter, or who during the course ofproviding bookkeeping services or in reviewing or auditing a financialstatement which is submitted to the director for the purposes of thischapter, becomes aware of false information in the financial statement anddoes not disclose in notes accompanying the financial statements that suchfalse information exists, or does not disassociate himself from thefinancial statements prior to submission, is guilty of a class C felony.Additionally, such persons are liable for any damages incurred bydepositors of grain with a warehouseman who is licensed or allowed tomaintain his license based upon inaccuracies or falsifications contained inthe financial statement.
(RSMo 1939 § 14628, A.L. 1941 p. 373 § 19, A. 1949 H.B. 2108, A.L. 1965 p. 606, A.L. 1977 S.B. 75, A.L. 1986 H.B. 1578, A.L. 1997 H.B. 211)
Application for public warehouse license, contents--rules--financialstatements--false financial statement, penalty.
411.260. 1. Each person owning, operating, or desiring to own oroperate a grain warehouse who is required to be licensed, shall apply for alicense for each such warehouse he owns or operates. The application for alicense shall be subscribed and sworn to under oath by the applicant or aduly authorized representative of the applicant. The application shall bein a form prescribed by the director. All items on the application must becompleted or marked "not applicable" as appropriate.
2. All applications shall be accompanied by a true and accuratefinancial statement of the applicant, prepared within six months of thedate of the application, setting forth the assets, liabilities and the networth of the applicant. All applications shall also be accompanied by atrue and accurate statement of income and expenses for the applicant's mostrecently completed fiscal year. The financial statements required by thischapter shall be prepared in conformity with generally accepted accountingprinciples; except that, the director may promulgate rules allowing for thevaluation of assets by competent appraisal.
3. The financial statements required by subsection 2 of this sectionshall be audited or reviewed by a certified public accountant. Thefinancial statement may not be audited, reviewed or prepared by theapplicant, if an individual, or, if the applicant is a corporation orpartnership, by any officer, shareholder, partner, or employee of theapplicant.
4. The director may require any additional information orverification with respect to the financial resources of the applicant as hedeems necessary for the effective administration of this chapter. Thedirector may promulgate rules setting forth minimum standards of acceptancefor the various types of financial statements filed in accordance with theprovisions of this chapter. The director may promulgate rules requiring astatement of retained earnings, a statement of changes in financialposition, and notes and disclosures to the financial statements for alllicensed warehousemen or all warehousemen required to be licensed. Theadditional information or verification referred to herein may include, butis not limited to, requiring that the financial statement information bereviewed or audited in accordance with standards established by theAmerican Institute of Certified Public Accountants.
5. All warehousemen shall provide the director with a copy of allfinancial statements and updates to financial statements utilized to securethe bonds required by this chapter. Also, all warehousemen maintaining auniform grain storage agreement with the Commodity Credit Corporation or aUnited States Warehouse Act license shall provide the director with a copyof all financial statements and updates to financial statements utilized tosecure and maintain such agreement or license.
6. All financial statements submitted to the director for thepurposes of this chapter shall be accompanied by a certification by theapplicant or the chief executive officer of the applicant, subject to thepenalty provision set forth in section 411.517 that to the best of hisknowledge and belief the financial statement accurately reflects thefinancial condition of the applicant for the fiscal period covered in thestatement.
7. Any person who knowingly prepares or assists in the preparation ofan inaccurate or false financial statement which is submitted to thedirector for the purposes of this chapter, or who during the course ofproviding bookkeeping services or in reviewing or auditing a financialstatement which is submitted to the director for the purposes of thischapter, becomes aware of false information in the financial statement anddoes not disclose in notes accompanying the financial statements that suchfalse information exists, or does not disassociate himself from thefinancial statements prior to submission, is guilty of a class C felony.Additionally, such persons are liable for any damages incurred bydepositors of grain with a warehouseman who is licensed or allowed tomaintain his license based upon inaccuracies or falsifications contained inthe financial statement.
(RSMo 1939 § 14628, A.L. 1941 p. 373 § 19, A. 1949 H.B. 2108, A.L. 1965 p. 606, A.L. 1977 S.B. 75, A.L. 1986 H.B. 1578, A.L. 1997 H.B. 211)
Application for public warehouse license, contents--rules--financialstatements--false financial statement, penalty.
411.260. 1. Each person owning, operating, or desiring to own oroperate a grain warehouse who is required to be licensed, shall apply for alicense for each such warehouse he owns or operates. The application for alicense shall be subscribed and sworn to under oath by the applicant or aduly authorized representative of the applicant. The application shall bein a form prescribed by the director. All items on the application must becompleted or marked "not applicable" as appropriate.
2. All applications shall be accompanied by a true and accuratefinancial statement of the applicant, prepared within six months of thedate of the application, setting forth the assets, liabilities and the networth of the applicant. All applications shall also be accompanied by atrue and accurate statement of income and expenses for the applicant's mostrecently completed fiscal year. The financial statements required by thischapter shall be prepared in conformity with generally accepted accountingprinciples; except that, the director may promulgate rules allowing for thevaluation of assets by competent appraisal.
3. The financial statements required by subsection 2 of this sectionshall be audited or reviewed by a certified public accountant. Thefinancial statement may not be audited, reviewed or prepared by theapplicant, if an individual, or, if the applicant is a corporation orpartnership, by any officer, shareholder, partner, or employee of theapplicant.
4. The director may require any additional information orverification with respect to the financial resources of the applicant as hedeems necessary for the effective administration of this chapter. Thedirector may promulgate rules setting forth minimum standards of acceptancefor the various types of financial statements filed in accordance with theprovisions of this chapter. The director may promulgate rules requiring astatement of retained earnings, a statement of changes in financialposition, and notes and disclosures to the financial statements for alllicensed warehousemen or all warehousemen required to be licensed. Theadditional information or verification referred to herein may include, butis not limited to, requiring that the financial statement information bereviewed or audited in accordance with standards established by theAmerican Institute of Certified Public Accountants.
5. All warehousemen shall provide the director with a copy of allfinancial statements and updates to financial statements utilized to securethe bonds required by this chapter. Also, all warehousemen maintaining auniform grain storage agreement with the Commodity Credit Corporation or aUnited States Warehouse Act license shall provide the director with a copyof all financial statements and updates to financial statements utilized tosecure and maintain such agreement or license.
6. All financial statements submitted to the director for thepurposes of this chapter shall be accompanied by a certification by theapplicant or the chief executive officer of the applicant, subject to thepenalty provision set forth in section 411.517 that to the best of hisknowledge and belief the financial statement accurately reflects thefinancial condition of the applicant for the fiscal period covered in thestatement.
7. Any person who knowingly prepares or assists in the preparation ofan inaccurate or false financial statement which is submitted to thedirector for the purposes of this chapter, or who during the course ofproviding bookkeeping services or in reviewing or auditing a financialstatement which is submitted to the director for the purposes of thischapter, becomes aware of false information in the financial statement anddoes not disclose in notes accompanying the financial statements that suchfalse information exists, or does not disassociate himself from thefinancial statements prior to submission, is guilty of a class C felony.Additionally, such persons are liable for any damages incurred bydepositors of grain with a warehouseman who is licensed or allowed tomaintain his license based upon inaccuracies or falsifications contained inthe financial statement.
(RSMo 1939 § 14628, A.L. 1941 p. 373 § 19, A. 1949 H.B. 2108, A.L. 1965 p. 606, A.L. 1977 S.B. 75, A.L. 1986 H.B. 1578, A.L. 1997 H.B. 211)
