East Oregonian : E.O. (Pendleton, OR) 1888-current, 1912-03-14

tary of state, and stipulating and
agreeing that such service or process
on the secretary of state shall be taxi
en- and held, in all courts, to be as
valid and binding as if due service
had been made upon the company
itself, according to the laws of this or
any other state, and such instru-
ment shall be authenticated by the
seal of said foreign investment COM
pany and by the signature of a mem
Der of the partnership or COM
pany, if it be co-partnership or
company, or by the signatures of the
president and secretary of the incor-
porated or unincorporated association
II 1t be an Incorporated or unincor-
porated association, and Shall be ac-
companied by a duly certified copy
of the order or resolution of the
board of directors, trustees or man
ayers of the corporation authorizing
the said secretary and president to
execute the same.
Sec. .. 1t shall be the duty of the
bank commissioner to examine the
statements and documents so filed.
and if said bank commissioner shall
deem it advisable he shall make or
| nave made detailed examination of
such investment company's affairs.
which examination shall be at the ex-
pense of such investment COMPANY
hereinafter provided; and if he finds
that such investment company is
solvent, that its articles of incorpor-
alton or association, its constitution
and bylaws, its proposed plan of bus
mess and proposed contract contain
and provide for a fair, just and euuit-
able plan for the transaction of bus
mess. and in his judgment promises
fair return on the stocks, bonds and
other securities by it offered for sale.
the bank commissioner shall issue to
such investment company a state
ment reciting that such company has
complied with the provisions of this
act, that deailed information in re-
gard to the company and its securi-
ties is on file in the bank commits
sioner's office for public inspection
and information, that such investment
company is permitted to do business
In this state, and such statement shall
also recite in bold type that the bank
commissioner in no wise recommends
the securities to be offered for sale
by such security company. But if
said bank commissioner finds that
fsuch articles of incorporation or as
sociation, charter constitution, by
laws, plan of business or proposed
contract contain any provisions that
is unfair, unjust, inequitable or op-
pressive to any class or contributors,
or if he decides from his examination
of its affairs that said investment
company is not solvent and does not
intend to do a fair and honest busi-
ness, and in his judgment does not
promise a fair return on the stocks,
bonds or other securities by it offered
for sale, then he shall notify such
investment company in writing of his
findings, and it shall be unlawful for
such company to do any further bus
mess in this state until it shall so
change its constitution and bylaws,
articles of Incorporation or associa-
ton, its proposed plan of business and
proposed contract and it's general fl
nancial condition in such manner as
t. satisfy the bank commissioner that
it is solvent, and it's articles of in
corporation or association, it's consti-
tuition and bylaws, it's proposed plan
of business and proposed contract
provide for fair, just and equitable
plan for the transaction of business,
and does, in his judgment promise a
fair return on the stocks, bonds and
other securities by it offered for sale;
provided, that all expenses paid or in
CURED and all fees or charges re-
ceived or collected for any examina-
tiOn made under the provisions of
this section of this act shall be re-
ported in detail by the bank commits
sioner and a full report and record
thereof made in detail.
Sec. 6. 1t shall not be lawful for
any investment company, either as
principal or agent, to transact any
business, in form or character sim
liar TO that set forth in section / of
this act, except as is provided in sec
ton of this act, until it shall have
filed the papers and documents above
provided for. No amendment of the
charter. articles of incorporation, con-
SNiNuNApi ana VI any SuCIi III
vestment company shall become op-
erative until a copy of the same has
been filed with the bank commission
er as provided in regard to the origi-
nal filing of charters. articles of in
corporation, constitution and by
laws, nor shall it be lawful for any
such investment company to transact
business on any other plan than that
set forth in the statement required
to be filed by section of this act
or to make any contract other than
that shown in the copy of the pro-
posed contract required to be filed
by section of this act, until a writ
ten statement showing in full detail
the proposed new plan or transact
ing business and a copy of the pro-
posed new contract shah have been
filed with the bank commissioner, in
like manner as provided in regard to
the original plan of business and
proposed contract, and the consent
of the bank commissioner obtained
as to making such proposed new plan
or transacting business and proposed
new contract.
Sec. Z. Any investment company
may appoint one or more agents but
no such agent shall do any business