The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-04-16
HERE IS LAW THAT
HOLDS BIG STING
Bill Presented in Massachu-
setts to Regulate Mining
Stock Trading.

The legislative committee on mercan-
tile affairs Of Massachusetts has voted 10
report bill regarding the listing of min
ing stocks on the Boston exchange. The
bill, should II become A law. Will not only
affect all future listinGs OF mining shares.
but all listed in the past, for 4. takes in
shares traded in we'll as listed. The
bill reads as follows:
Be il enacted by the senate and house
of representatives in general court as
sembled. and by the authority OF the
same, follows
Section /. Mining stocks listed by
this commonwealth shall be subject TO the
provisions Of the following sections:
Sec. p Before the stock of any min
ing corporation or trust shall be listed
or dealt in; on the Boston stock @ eH-
dent and a majority Of the directors or
trustees shall in writing. signed and
sworn 10 by them. make end file certlf-
cate with the commissioner Of corpora
lions. which shall specify the corporate
name, the state or country In which the
corporation was organized. or incorpo-
county. and state and country in which
lis mines are located: the amount and
number OF shares of the capital stock
and the name, place OF residence and
number OF shares OF each stockholder:
and true description Of the property.
Sec. 3. The president and majority
Of the directors. or trustees OF mining
corporation, or trust, whose shares are
listed on the Boston stock exchange, or
the Boston curb. in this commonwealth
within thirty DAYS after the annual meet
ing Of such corporal ton. or trust. shall
flIc with the commissioner OF corporations
a detailed statement Of the condition of
such mines and the assets and liza utilities
Of such corporation or trust. And they
shall certify and make oath that the re-
port Is correct according to their best
knowledge and belief.
Sec. 4. A mining corporation or trust
whose stock is listed. or dealt In. on the
Boston stock exchange. or Boston curb
shall. at the request OF 25 per cent of the
stockholders. submit to The inspection of
a mining engineer. TO he selected by
them the properties so listed. such stock
holders To bear one-half the expense. and
the corporations the other half. for such
Sec 5. II an impairment of the CAPT
tal stock Of such corporation. or trnst.
arises from the official mismanagement
Of It's officers. they shall be personally
liable to make good such loss.
Sec. 6. The commissioner OF corpora
tions shall notify the Boston stock en-
change and the Boston curb of any FAIL
ure of mining corporation or trust TO
comply with the provisions Of section z
OF this act and unless the ccrtihcate
required is filed with the commissioner Of
corporations within sixty davs after such
notice. said corporation or trust shall be
stricken from the lists OF said exchange.
! Sec. Z. Any member Of the Boston
stock exchange. or Boston curb. who
deals on said exchanges I'm the stock of
any mining corporation. or trust, not en-
| Titled to be listed unGer tue PROVISIONS
OF this act. shall be punished by a fine
! Of not moro than $1,000 or hy iInprison-
ment for not more than three years In
the state prison. or bv both fine and
| imprisonment.
| Sec. S. Whoever advertises mine
for the purpose of selling stock, in any
newspaper published In this common :
wealth unless the certificates required
| by sections and OF this act have been
duly filed. shall be punished by fine not
exceeding $1,000. or by imprisonment for
not more than three years In the state
prison. or by both for each ofrense.
| Sec. 3. ANY person who knowingly
shall make false statement In any GER
! tihcate or report. made under the pro-
visions of this act. shall be punished
| by fine Of not more than $1,000, or by
| Imprisonment for not more Than three
| years in the state prison. or by both such
! fine and imprisonment.
Sec. TO- This &C, shall take effert ON
! the first day of July. 1911.