The Ocala evening star. [volume] (Ocala, Fla.) 1895-1943, 1912-10-08
THE BLUE SKY LAW
Measure which Representative
Spencer Intends to Introduce mt
the Next Session of the
Legislature

Editor Star: In accordance with my
promise to the people Of this county in
my campaign for the Legislature N the
democratic primaries, 1 will from time
to time publ sh some Of the bills which
hope to see enacted into law at the
coming session of the legislature. Fol-
lowing is the text of what is known as
the Blue Sky Law, similar to a law in
the state of Georgia, and also to laws
which have recently been placed upon
many statute books of the more pro-
gresslve states. 1t was specifically
called to my attention by Mr.. Thomas,
vice president of the Munroe & Cham
bliss Bank, and a copy Of the Georgia
law furnished to me by him. The facts
are that many thousands of dollars,
hard earned, toll wrought money, are
mulcted from the pockets of the peo-
pie of this state yearly by fraudulent
corporations, selling their stock to
easy marks. This bill I feel sure will
put a stop to that practice, and save to
the people of this state great deal of
money yearly. The purpose Of the
publication of this bill, as it will be in
all other bills which l favor, is that it
may be first subjected to the censure of
public opinion so any alterations or
IndL may De duVlSdDle
be made. and further because 1 desire
that the people know that every action
of mine while in the legislature will be
open for their inspection. 1 shall at
an early date publish the game law,
which / hope to see placed on the
statute books. and other laws will fol-
low as I have the time to make the
proper study of them. and to prepare
them properly for introduction. The
text of the bill follows:
AN ACT to define domestic and for
eign investment companies: to provide
for the regulation and the supervision
of the same, to provide conditions and
terms under which corporations, for
eign and domestic can sell to persons
in Florida stock or other securities and
to place such investment companies
under the jurisdiction of the comp
troller and to prescribe for the comp
troller certain duties and powers: to
provide for a review of his decisions
by the railroad commission of the state
of Florida: to provide for the service
of process thereon: to provide for the
registration of agents selling securities
OF such investment companies and to
provide penalties for the violations of
| the terms of this act and for other
purposes.
BE it enacted by the legislature of
| the state of Florida:
Section 1. That every corporation.
other than municipal corporations.
! state and national banks, trust COM
| panies, public utility corporations. cor
porations under the jurisdiction of the
railroad commission of Florida, and
corporations not organized for profit.
which are now organized or which may
be organized in this state. which shall
offer for sale within the state of Flor
ida through any agency whatever, any
of its stocks. bonds, debentures, GER
tificates, policies or other securities of
| any kind or character shall be known
for the purposes of this act as a do
nestle investment company. Every
such corporation organized under the
laws OF any other state. territory or
country shall be known for the pur-
poses of this act as a foreign invest
ment company.
Sec. 2. Before attempting to sell oil
offering for sale any stocks. bonds oil
other securities of any kind or charac-
ter to any person or persons within
this state, every such investment com
pany, domestic or foreign. shall file In
the office OF the comptroller of the
state of Florida together with a filing
fee of five dollars, the following doc
uments, to-wit: A statement showing
in full detail the plan upon which 4
proposes to transact business: copy
of all contracts, bonds, stocks or othel
instruments which II proposes to mak'