§ 15-74-203 - Prohibition on discounting crude for waste, shrinkage, etc. -- Proper computation of purchase. - Arkansas Statutes

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 degrees 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).