The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-03-05
NO. ITO.
AN ACT TO PROVIDE FOR THE
REGULATION AND SUPERVI-
SION OF INVESTMENT CONIPAN-
les.


SION OF INVESTMENT COMPAN-
les.
1t is hereby enacted by the General
Assembly of the State of Vermont:
Section /. Section 4693 of the Pub
lie Statutes is hereby amended so as
to read as follows:
Sec 1888 Every corporation. CO.
partnership, company and association
(other than state and national banks.
trust companies, corporations under
the supervision of the Public Service
Commission, corporations organized
under the laws of the state of Yer
mont not engaged in or carrying on
the business OF selling or negotiating
stocks, bonds or other securities
building and loan associations and
corporations not organized for profit.
now organized or which shall be or
ganized in this state, which shall sell
or negotiate for the sale of any lands
situated outside this state and stocks.
bonds or other securities of any kind
or character other than bonds OF the
United States. state of Vermont or of
municipality of this state or notes
4 secured by mortgages on real estate
! located in this state, ia any person
or persons in this state. other than
those specifically exempted herein.
shall be known for the purpose of
this act as a domestic investment COM
pany. Every such investment company
/ organized in any other state. territory
/ or government. or organized under the
laws Of any other state. territory or
4. government, shall be known for tiia
4 purpose Of this act as a foreign in.
vestment company.
Sec. ,. Section 4G94 Of the Public
Statutes is hereby amended so as TO
read rs follows:
/ Sec. 4G94. Before Offering or Mt.
! tempting TO sell any lands situated
4 outside this state or stocks. bonds or
other securities OF any kind or char
/ acter other than those specifically ey-
emptod in section OF this act 10
any person or persons or transacting
any business whatever in this state.
excepting that Of preparing the docu-
men;s hereinafter required. every such
investment com any. domestic or for
eiGn, shall file in the Office of the
bank commissioner together with the
fling fee OF twenty-five dollars. the
following documents to wit A bond
3 10 the state FOR such amount as said
BANK commissioner may require. not
more than twenty-five thousand dollars
ana not less than one thousand dol.
lars, with such sureties CT security
as he may annrove conditioned for
compliance with The laws of this state
affecting such investment companies;
n statement showing in full detail the
plan upon when il proposes to trans.
act business; copy of all contracts
bonds or other instruments which it
proposes to make with OF sell to us
contributors; statemcn which
shows the name and the 10 alton Of
the investment company, and an item
lied account of its actual financial
condition. and the amount Of its prop
erty and liabilities and such other in
formation touching its affairs as said
bank commissioner may require. II
such Investment company Is q CO.
partnership or an unincorporated asso-
citation. IL shall when requested in
writing by the bank commissioner
also ME with the bank commissioner
a copy Of its articles of copartnership
or association. and all other papers
pertaining to it's organization. and If
II BE- q corporation organized under
the laws of Vermont IL shall when re-
Quested in writing by the bank COM
missioner also file with the bank com.
missioner a copy OF its articles of in
d corporation. constitution and bylaws.
and all other papers pertaining TO its
organization II il is an investment
company organized under the laws OF
any other state, territory or govern
ment, incorporated or unincorporated,
, IL shall when requested in writing by
;he bank commissioner also file with
the said bank commissioner a COPY of
, the laws OF said state. territory or
government under which It exists or
is incorporated. and also a copy OF its
, charter. articles Of Incorporation. con.
stitution and bylaws and all amend.
, ments thereof which have been made
and all other papers pertaining to
its organization. All OF the above de-
scribed papers. except charters or arti.
cles Of association of a domestic cor.
: poration required to be filed with the
secretary Of state of this state. shall
be verified by the oath Of a member Of
a co-partnership or company. II Il
be a co-partnership or company. or by
the oath Of a duly authorized officer.
If It be an incorporated or unincor-
porated association. All such papers,
however, as are recorded or are on
: file IN any public Office shall be fur
ther certified to by the officer of whose
records or archives they form a part
as being correct copies OF such records
or archives. The bank commissioner
may in his discretion, waive the filing
Of any Of the papers. bonds OF docu.
, ments described I'm this section.
Sec. ,. Section 1897 Of the Public
Statutes Is hereby amended so as 10
p read as follows:
Sec. sC97. Every foreign invest
! ment company shah when requested
) in writing by the bank commissioner
! also file its written consent. irrevoca
p Die. that actions may be commenced
against e.. in the proper court Of any
r county In this state in which a cause
p Of action may arise or In which the
y plaintiff may reside. by the service OF
. | process on the secretary OF state. and
+ stipulatinE and agreeing that such
b service Of process on the secretary Of
Z state shall Be taken and held. iu al
the courts. 10 De as valid and bindinE
{ / as 81 due service had been made upon
the company itself. according 10 the
Laws Of this OF any other stale. and