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15-74-203. Prohibition on discounting crude for waste, shrinkage, etc. — Proper computation of purchase.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-74-203. Prohibition on discounting crude for waste, shrinkage, etc. — Proper computation of purchase.
(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).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-74-203
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:15-74-203
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4f6d81d0c96189396fb5d71bad4ef05afde49322648720da729234c01967017d
Source location: content.xml paragraph 25319
Stored source content
15-74-203. Prohibition on discounting crude for waste, shrinkage, etc. — Proper computation of purchase.
(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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