The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1908-08-28
CHAPTER 1865.
AN ACT to Prohibit Bucketing and But
et-Shopping. and to Abolish Bucl


AN ACT to Prohibit Bucketing and Buck
et-Shopping, and to Abolish Bucket
Shops.
(Passed May 6. 19OS)
II is enacted by the General Assembly as
follows:
Section I. The following words and
phrases used in this act shall, unless a
different meaning is plainly required by
the context, have the following meanings:
Person" shall mean an individual. part
nership. corporation, or association,
whether acting in his or their own right
or as the officer. agent, servant corre-
spondent. or representative of another.
Contract" shall mean any agreement,
trade, or transaction
Securities shall mean all evidences Of
debt or property and options for the pur-
chase and sale thereof. shares in any cor
poration or association, bonds coupons,
scrips rights, chooses in action, and other
evidences Of debt or property and options
for the purchase or sale thereof.
commodities" shall mean anything
movable that is bought and sold.
Bucket shop" shall mean any room.
office. store, building. or other place whore
any contract prohibited by this act l.
made, or offered to be made
Keeper" shall mean any person own
ing. keeping, managing. operating or pro
noting a bucket shop. or assisting 10 keep
manage, operate, or promote bucket
shop.
"Bucketing' or "Bucket-shopping" shall
mean:
(a) The making OF or offering to mako
any contract respecting the purchase oi
sale. either upon credit or upon margiH
of any securities or commodities. wherein
both parties thereto intend, or such keep
er intends that such contract shall be. or
may be, terminated closed, or settled ac-
cording to, or upon the basis Of the pub
lie market quotations OF prices made on
any board OF trade or exchange upon
which said securities or commodities are
dealt I'm, and without a bona fde purchase
or sale Of the same; or
Cb) The making OF or Offering TO make
any contract respecting the purchase or
sale, either upon credit or upon margin.
OF any securities or commodities wherein
both parties intend. or such keeper In
tends, that said contract shall be. or may
be. deemed terminated closed, or settled
when such public market quotations Of
prices for the securities or commodities
named in such contract shall reach GER
tain figure without a bona fide purchase
or sale OF the same; or
(c) The making OF. or Offering 20 make
any contract respecting the purchase or
sale, either upon credit or urou margin.
Of any securities or commodities wherein
both parties do not intend or such keeper
does not intend. the actual or bona fide
receipt or delivery of such securities or
commodities but do intend or such keep
er does intend. n settlement Of such con-
tract based upon the differences In such
public market quotations Of prices at
which said securities or commodities are
or are asserted TO be. bought and sold.
Sec. 2 Any person who makes or offers
10 make any contract defined in the pre-
ceding section. or who Is the Keeper of
any bucket shop. shall. upon conviction
thereof. be punished by a fine not ex
-eeSing one thousand dollars. or by i'm
prisonment for not more than one year
Any person who shall be convicted OF
second offence shall be punished by i'm
prisonment for not more than five years
The continuing of the keeping Of a bucket
fhop. by any person. after the first convic-
ton therefor shall Be deemed a second
sffence under this act
u q Aomsstic csrporataon shall - con-