Morning journal and courier., 1889-07-02

ana no such company Sh. MI noLoaA1eA ID any of it's own debentures whlon -' "url upon their face to be non-taxable unless the are made 80 under the provisions of this act. Sec. 4. No corporation organized under any special or general law of this or any oth- CT State or territory shall by it's agents or otherwise engage or aid in any manner in this State in selling or negotiating any chooses ln action made, issued or guaranteed by any person or investment cumpary chartered by or organized under the laws of this or any other State or territory, and payment of which Is secured by mortgages on real estate situated in any other State or territory, or secured by pledges of such mortgages, until 1t has procured from the State treasurer certificate of authority so to act. Such car- t1hcates shall contain the names of the per sons who are to be authorized to act in this State as the agents of said corporation, and shall continue in force for one year and shall authorize the persons named therein to sell or negotiate such choses in action, payment of which is secured by mortgage on real es- tate situated in any other State or territory, or secured by pledge of such mortgages, or both, during said period of one year; provi ded, however, that no such certificate shall be so issued to any such corporation whose stock is not taxed under the laws of this State until such corporation shall have exe- cuted and filed with the treasurer of the
 
 sum or not less than five hundred dollars nor more than five thousand dollars, as said treasurer shall decide and approve, condi- tioned that said corporation shall make the returns and pay the taxes required by the provisions of this aot
 Sec. 5. The treasurer, or If there is no treasurer then the secretary, of every corpo- ration, unless it's stock is taxed under the laws of this State, which shall be authorised to transact such business as provided in the preceding section. shall annually, within the first ten days of January, make Q return to the comptroller of the State, under oath, showing the aggregate amount of all such choses in action as defined in section four of this act sold or negotiated by suoh corpora ton in this State during the year preceding the first day of January, and which were se- cured by mortgages on real estate situated in any other State or territory, or secured by pledges of such mortgages and the amount ot said bonds which before said sale or neeo- tlaslon had been made exempt from taxation under the provisions of this act And every such corporation shall annually, on or before the twentieth day of January, pay to the State sum eqnal to one per centum on the aggregate amount of all such choses iu &C., tion so sold or negotiated in this State dur ing said year preceding the first day of said January, deductipg therefrom the amount of said bonds which before the sale thereof by said corporation had been made exempt from ! taxation under the provisions of this act And said sum when so paid nhall be in lieu ot all other taxes in this State on the person. al property of said corporation which is used exclusively in its said business in this Staie. Sec. $. Every person who ia or may be hereafter engaged in the business of selling or negotiating choses in action, made, is- sued or guaranteed by any person or in- vestment company chartered by or organ ized under the laws nf this or any other State or territory, and payment of which is secured by mortgages on real estate sit- uated in any other State or territory, or secured by pledges of such mortgages, shall be deemed an investment broker.
 Sec. 2. No person shall act as an inc vestment broker until he has procured from the State treasurer a certificate of au- thority go to act, unless he is named in certificate procured by corporation under the provisions of section four of this act, and acts solely in his business aa an officer or agent of said corporation. Such certii- cate shall be in substantially the same form, and continue for similar period of time, as provided in said section four for certificates for the agents of corporations; but no such certificate shall be so issued until such broker shall have executed and filed with the treasurer of the State bond with satisfactory surety in the sum of not less than five hundred dollars nor more than five thousand dollars, as said treasur- CT shall decide and approve, conditioned that said broker shall make the returns and pay the taxes required by the provisions of this act.
 Sec. 8. Every such investment broker shall annually, within the first ten days of January, make return to the comptroller of the State, under oath, showing the ag- gregate amount Of ail choses in action as defined in section six of this act, sold or negotiated by him in this State during the year preceding the first day of said Janua- ry, and which were secured by mortgage on real estate situated in any other State or territory, or secured by pledges of such mortgages, and the amount of said bonds which before said sale or negotiation had been made exempt from taxation under the provisions Of this act. And such broker shall annually, on or before the twentieth day of January. pay to the State a sum equal to one per centum on the aggregate amount of all such choses in action so sold or negoti- ated 6y hlm 1n this State during said year preceding the first day of said January, de- ducting therefrom the amount of said bonds which before the sale thereof by said broker had besn made eyemps from taxation under the provisions of this act; but said broker shall not be required to include in his said return. nor to pay any tax upon, any such choses in action which during said year he has sold while acting as an officer or agent of any corporation which has complied with the provisions of sections four and five of this act.
 Sac. 9. Any person may take or send to the office of the treasurer of this State any bond, note or other chose in action, and may pay to the State tax of one per centum on the face amount thereof for five years, or at the option of such person for 8 greater or less number of years at the same rate, and the treasurer shall thereupon endorse upon said bond, note or other chose in action that the same Is exempted from all taxation for the period of five years, or for such longer or shorter period g proportionate tax therefor has been paid, which endorsement shall be duly dated and signed in the name and with the seal of the treasurer affixed. Said treasurer shall keep record of such en- dorsements, with description of such bonds, notes or other choses in action, to- gether with the name and address of the party presenting the same and date of regis- tration; and all bonds, notes or other closes in action 80 endorsed shall be exempt from all taxation in the State during the period for which said tax is so paid and the treas- urer may, under such limitations and condi. tions as he may deem proper, authorize any person or corporation in any oity or town in this State to receive the tax and make the endorsement provided for in this section.
 Sec TO- Any investment broker, who without being first authorized by the State treasurer as provided in this act shall sell or negotiate any sush chose in action as is described in section four and six, and which have not been previously mads ex- empt from taxation as provided in section nine, shall be tined not more than two thousand dollars, or imprisoned in the county jail not more than one year, or l both. And the sale or attempt to sell by any such investment broker of every sin- gle bond or other chose in action shall be l a separate offense under this act.
 Sec. Il. The board oe equalization shall