The Union times. [volume] (Union, S.C.) 1894-1918, 1906-08-31
AN ORDINANCE.
Prohibiting The Sale of Future Op-
tlOnS Upon Margins

dermen of the Town of Union, South
Carolina, in Council assembled and by
authority of the same.
SECTION |. That from and after the
18th day of September, 1906, it shall be
unlawful for any person, association of
persons, or corporations, either as prin-
cipal or agent, To establish, maintain or
operate an office or other place of bust
ness in this town, within the corporate
limits of the Town of Union, :. c., for
the purpose of carrying OH or engaging in
the business forbidden in this ordinance,
commonly called dealing in future options
on margin; and any person violating the
provisions of this section, shall be guilty
of violating this ordinance.
SEC. ,. Be it further ordained that cv-
cry contract or agreement, whether or
not in writing, whereby any. person or
corporation, either as principal or as agent
shall agree to buy or sell and deliver, or
sell with an agreement to deliver any
wheat, cotton, corn or other commodity,
stock. bond or other security, to any 9TH
or person or corporation, when in fact it
il not in good faith intended by the par
ties that an actual delivery of the article
or thing shall bc made. is hereby declared
to bc unlawful, whether made or to bc
performed wholly within the corporate
limits of the Town of Union, or partly
within and partly without the corporate
limits of the Town of Union, it being the
intent of this ordinance to prohibit any
and all contracts or agreements for the
purchase or sale and delivery OF any com
modify or other thing OF value. OH mar
gin, commonly called dealing in futures,
when the intention or understanding of
the parties is to receive or pay the differ
cnce between the agreed price and the
market price at the time of settlement.
Provided that nothing herein contained
shall bc construed to apply to transac
tions by mail or wire between persons
within the corporate limits of the Town
of Union, and persons outside the corpor
ate limits of the Town of Union, where
the person outside of the corporate limits
is not represented within the corporate
limits of the Town of Union by any
broker, agent or attorney in said transac-
ton.
SEC. 3. BE it further ordained that
any such contract or agreement as is by |
this ordinance made unlawful, and every
person who shall AZ agent, directly or
indirectly, participate i'll making or furth-
ering or etfrctuating the same, and every
agent or officer of any corporation who
shall in any way knowingly aid in max
ing or furthcring auy such contract or
agreement shall he deemed guilty of vio-
lating this ordinance.
SEC. I. Be it further ordained that in
all prosecutions under this ordinance,
proof that a defendcnt was party to
contract, as agent or principal, to buy or
sell and deliver any article, thing or prop
erty, specified or named in this ordinance
or that he was agent, directly or Indirect
ly or any party in making, furthering or
the same or that he was the
agent or officer of any corporation or AS
Sociation of persons in making, further
ing or etfectuating the same, and that
the article, thing or property agreed to
be sold and delivered was not actually de-
livcred, and that settlement was made,
or agreed to be made, upon Il difference
in value of the said article, thing or prop
crty, shall constitute against such defend !
ant prima facic evidence of guilt of the
oficnscs prohibited in sections and 3 of
this ordinance.
SEC. ). BE it further ordained that
proof that anything of value agreed to bc
sold and delivered and that one of the
parties to such agreement deposited or
secured or agretd to deposit or secure
what are commonly called ''margins,"
shall constitute prima facic evidence of
declared unlawful by the terms
of this ordinance.
SEC. q. Be it further ordained that
proof of any person, association OF per-
sons or corporation, either as principal
or agent, has established an office or
place where are posted or published
from information received the fluctu-
ating price of cotton. grain, provisions,
stocks, bonds or other commodity or
thing of value or either of them shall |
prima facie evidence of
guilt Of the otfense or offenses prohib- |,
tied in Section of this ordinance,
SEC. Z. Be it further ordained that
this ordinance shall not be so construed |
as to prevent or render unlawful the
posting or publishing of market quota
tions or prices Of commodities, stocks,
bonds and securities by any regular or
ganiZed commercial exchange or any
other bona fide trade organization,
where no purchase or sale of future de-
livery on margin is permitted.
SEC s. That no person or corpora
ton committing any of the acts or
things prohibited, shall in defense
thereof be permitted to plead the pay
ment of any license or tax to the mu-
nicipality, nor shall the payment of
any license or other tax in any wise op-
crate to relieve such offender from the |
penalties imposed by this act.
SEC. 9. Be it further ordained that
all parts of any ordinance or ordinances
conflicting with this ordinance be, and
the same are hereby repealed.
SEC. 10. Any person or persons. as
sociation Of persons or corporation vi
olating any section of this ordinance.
shall be punished by fine of not more
than One Hundred ($lOW Dollars or suf-
fer Imprisonment for not more than
thirty days for each offensc or violation
of the same.
Done and ratified in Council assemb-
led under the hand of the Mayor and
the Corporate Seal of the Town of
Union, this Fourteenth day of August
A. ID. 1905.
j. G.. LoNG. JR.,