The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1913-08-28
LUE SKY" LAW
4 AIMS BLOW AT
4 CROOKED FINANCING

VA v. @4 ~ (G&<JVAED Tii~HA~NhANS
n lS,Sntsss~a srsm PAGE El~,enJ
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I. 3nsiiiess OF banking in this state,
a xUf oIlaIl any part Of this act be con
v kfyed to repeal or modify laws CIV
(. ~ the commissioner of insurance OF
< No state control Of and supervision
1wor the business Of Insurance in TINS
okate. and those engaged therein.
Sec. Is. The Michigan securities
oommission shall adopt seal with
I: the words Michigan securities com
!: 0nAooion" and such design as the com.
/ Micq1on may prescribe. engraved
H1hoe9co, by which II shall authenu,
cate Ito proceedings. Copies OF HI
\ yooot0s and papers in the office OF
The oomfnission certified by the presi-
dent a. secretary thereof and au
thout1oated by the seal OF said Michi-
IAN yeoCurities commission shall De
fe601Vad In evidence In all couvts
oouS1ly and with like effect as the
or1EiNnls.
~. IL. Any person. firm, copart-
Z nefvhip. corporation or association
Whether domestic or foreign. not the
or olfer for sale any Of the STOCKS
bondS or other securities issued oy
my foreign or domestic investment
company. except the securities spe-
cincally exempted In this act. or who
shall by advertisement or otherwise
profess or engage in the business OF
sellng or offering for sale such Sc
curities. shall be deemed To be a
s'doaler. in such securities within the
meaning OF this act, and no dealer
within the meaning of this act shall
Ooll or offer for sale any such securt
ties or profess the business OF selling
or Offering for sale such securi-
ties unless and until he shall have
flled . Hist of the same in the Office
OF the Michigan securities commits
sion. a. In this act provided. The
term "dea1er' shall not include an
owner, not issuer, of such securities,
who for his own account. sells such
securities 20 owned by him when
e0ch sale II not made In the course
or continued and successive transac-
lions OF similar nature. nor one
who In a trust capacity created By
law lawfully sells any securities en-
bfaced within such trust.
Sec. Is. Any dealer desiring to
oell or offer for sale within this state
any stocks, bonds or other securities
n0e exempted under the terms Of
this act, shall first register with the
Michigan securities commission and
shan furnish said commission. upon
oath. In such form a. the commission
.6hall prescribe, the followins infor.
nation towit: The dealers name.
rooidence and business address, the
general character Of the securities to
10 dealt In. the place or places where
the business IL to be conducted with
n this state, and where the business
II this state IL not to be conducted
~ the dealer In person, then the
Names aud addresses Of all the per-
br0nt~iA- charge thereof. Said dealer
.fl16If nay to the commission . regis
f1Qo10n Tee Of fifty dollars and shall
.frthish said commission with such
Sn&her information In addition to- that
RDove specified % said commission
f&ali deem necessary In order to
tGroughly scQuaint such commission
yllth the character OF the business of
'n1Q dealer. All authorized agents Of
f1t dealer shall be registered with
~ commission and the name Of any
qont shall be stricken from the reg
or BY the commission upon written
inquest Of the dealer and additional
cnts' may be registered by the COM
cSiOn upon like request Of the
4; 81er: Provided, That no agent
I'LL act as such until his name and
\ Drese shall be registered with the
&nmission. II the dealer shall be
}nonreDident OF this state or cor
ation other than . domdstic cor
ation, he Sh9ll at the time he reg
&ors With the commission, file with
To commission = written duly au-
nticated appointment of the COM
oioner Of the state banking de-
tmAn& 81. this state rs his or Its
ut ~ michigan upon whom pro-
or 6odings may be served for
on 8ehalf of the dealer. which
66nt11ont shall be irrevocable..
&c. is. No dealer within the
Mining OF this act shall sell or Of
H for sale within this state any Of
Iy1 stocks, bonds or other securities
TN my investment company unless
~ Investment company shall have
~ complied with all Of the pro-
UOns Of this act, nor until said
lar aha1l have re9ista red with tho