Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1913-08-29
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" .yIeTEs 7os, LAWS OF leiS
Chh scticns 1853 TO 1TBS-69. IN
N 70 :1'sn ..1Ites. relating TO dealers in stocau
n = wy VA n The sale OF stocks and bonds In
s2 soorsdon and promotion OF certaan cor
aas ~. stsss q WIscOEEtn. represented IN
ggs Esz,ny, DO enact as follows:
a. 90 -. arc added to the statutes 6x NV
lsl It&-ys sfIon 1858. AS used in SEQ
rS'. 1883, inclusive. tbs following
Ss+S. Understood In the ssrise herein set
q defined: sr, ,nrs,,Ne. IN corrr.-
C'8psH Or joiut stock companies, whe4hcF
spaa'tSglAs within or without this state
" al,,So-zed TO issue any stocks. honda. or
~ n titls 20 on interest In OF lien upon
ri d ia property.
'sSu.Ss notas or other obligations or ed-
sh s s.s.a5negz which constitutes eddence Of,
~ nv title to, interest In or loan UPON
y ne property Of such company.
~ 80 means and includes all corporations.
UsS'I. .,-+ stock companies or individuals or
SsHs &C.. O.,d Utthin or without this state en-
a. TT,Iness of buying or selling Offering
= rsgoilatins for the sale OF any security
y U~.o-stion. association or individual In this
IN nj include corporations associations
s1a- bsIvinV securities for the purpose Of I'm
= cling, Offering for sale, or negotiating
60 = securities bought or held by the seller
"A Nlf u 50~N--'
gst1 g55s-.s me prUviaiuus Of sections 17Ss-
g. ral'ss Inclusive, shall not apply to:
..'s,sties a the United States or any fcEuARn
~, n Of any state or territory thereof. o., Of
c. stv township village, district, or other
s ~, ,sIng subdivision OF any state OF territory
r'id states or any foreign government
tS.-rsrial paper or evidence Of Indebtedness
.0, Nh more than three years from the date
,..ssss Of public Or QuAA-pubiic corporA-
\, ,'-,a OF whose securities L. regulated By
.s-sd commission Of Wisconsin. or by public
Y --mmisslou OF board OF equal authority Of any
!, ts-itory Of the United States. or securities
SsriIrss listed upon the New York. Boston
s.,s, stock exchange OF upon any other stock
~. tberefor by the railroad commission while
.,s.ral Is unrevoked. or securities senior there
.ei,i such securities or senior securities have
4 IN daDproved by order OF such commission
securities Of state or national BANKS or trust
,ds Or building and loan associations Of this
4 Tbs sclIrties OF any domestic corporation or
| y riih,nt capitsl stock or exclusively for educa-
BENEVOLENT, charitable, or reformatory purposes.
rJs Of which provide that no dividend or
ly profit shall be declared OF added to the
s thereof
Mortgages upon real and personal property
me- entire mortgage Is sold and transferred with
sas secured by ouch mortgage.
Securities OF any domestic corporation whose
dnj eapltal stock added to its other outstanding
as shall not exceed twenty-five thousand dol
Securities sold to banks. trust companies. OF
DEALERS.
sara 1880. l. No dealer Shall an, o0er
all or negotiate for the sale Of, any securities
fIn expressly exempted until such dealer shall
I ra licensed as provided herein and shall have
Fah the railroad commission:
b A statement under oath upon blanks furnished
sA commission showing the name and principal
L q business OF such dealer. and the names
rA as officers. directors. trustees. members. or
fH with such other Information as said COM
am may require
Z L such dealer 10 a nonresident OF the stats
a corporation. It shall also have fled with
roper officer Of this state its appointment Of an
'cg for services Of process as required by law.
ID not q corporation. such dealer shall file with
nrond commission an irrevocable appointment
NJ secretary Of the railroad commission as attor-
IN HNice o. process in all actions and proceed
'ach may he brought against such dealer arising
y u1nsactlons with residents Of this state or had
u state
Any such dealer shall from time to time furnish
y railroad commission such Information relating
@ securities sold or offered for sale as said
nSm may require; and the method OF transact
hA business shall be subject to such examina-
u may be ordered by said commission.
Upon compliance with the provisions Of law
De payment Of fee Of one dollar. such dealer
\ " entitled to a certificate or license. which
expire on the thirty-first1 day OF January next
lis granting thereof, and which may be renewed
iAy upon the original application and such other
aluon as said commission may require.
No such license shall be Issued to any dealer
Dpo'sd dealer whose business Is so conducted
deceive or mislead investors OF the public, nor
: rs business is conducted In all respects in
laA and IN compliance with law; and whenever
mtary shall appear to said commission the
: Heretofore issued shall be revoked
Sg l155-5l. /. ta) The railroad commission
nave The supervision and charge OF all matters
.Eea In this section except where such super
Is expressly vested by law in any other or
aa agency Of this state
Except as otherwise provided by law every
.sl'A association, co-partnership or individual,
erltd company. organized, proposed to be
.Aa, or which shall hereafter be organized.
without this state. whether Incorporated Or
Ni"atel. which shall in this state directly or
"D' sell or negotiate for the sale OF any stocks.
I o'ner evidences Of Indebtedness, or property
interest IN Itself, all of which are in this sec
S aIy4 securities. upon which sale or proposed
As HAo.e or any part Of the proceeds are used,
y lsca' directly or indirectly for the pay
" any commissions or other expenses in excess
'2-We hundred dollars, incidental to the or
NY Vt promotion Of any such company. shall
vat 70 this section
.0OIe Offering or attempting to sell any such
"a " any person OF persons. or doing or offer
y W any such business in this state, excepting
y @'PaHhg the documents hereinafter required,
a III Company domestic or foreign shall file
j ,-lI'Aa commission the following documents.
t statement showing in full detail the plan
NV. NV IL proposes to transact business. A copy
t9A'al"ns fer and forms of contracts, bonds
4 d, "i'- ''Aents which it proposed to make with
N /" as subscribers A statement which shall
~ -aAe location, and head office of the COM
Any such other Information as said commission
/. 80 ilg Il 1t shall be a company organized UNI
t '-"s OF any other state territory, or govern
i, -'e'iI'aleN on unincorporated, il shall also
4 statement specifying particularly the laws
NJ s territory or government under which 1t
W, Is incorporated. tb) certificate of the
goe., NJ lss home state that 1t is authorized to
49,. ''eIeli. ana tcl a copy Of its articles
,'5Sgltuoh' constitution and bylaws and Of
s,,i thereto. and. ID it shall also file
IN i'1 ,le power Of attorney mentioned IN para
,c.,. w subsection l Of section 1850 as
ny y, advertisement. pamphlet circular or other
,-,, sAai De issued, circulated or delivered by
my NY or It's agent. within this state unless
6., SHS s Tear serial number and a copy
MN '' Hlsl have been fled with such railroad
.ei.r ue' after such company has been notified
IN l"sFeln by said railroad commission.
r,,i person Tor the purpose of organizing
irb,.s any company. or promoting the sale
a -, oI such company by its after organiza-
! s'"Nlnal or agent. shall sell or agree or
,r,. sci within this state any securities in
ley unless the contract OF subscription or
ST. &c IN writing and contain a provision
.aaoTOg language.
,HS NV sum shall be used for commission. pro-
a 's -. " sanitation expenses on account for any
h r. OF any bond or other security In this
- eAcFss OF ---- per cent of the amount
n '-l up on separate subscriptions for such
g 1 ~ the remainder Of such payments shall
IN .,l,eS'ed as authorized by the law govern
4, 0;upafy and held by the organizers Tor
~ lug case may be), and the directors and
, ,S 49, company after organization as bailees
br,frs {ssSr, to be used only in the conduct
R,rfT ~ which such company is organized. !"
, Az. ana securities held by such organizers.
Mn -'yl''s or officers as bailees shall be de-
M 1V rank or trust company Of this state
!, ItisIIlp3ly shall begin TO conduct the bua-
!, when II is organized
n tS'' shSll participate in. receive. or ac-
: rc, % promise Of any part Of the commits
ysl. Us oi any organizer. promoter, or agent
ny any such securities. unless the name
li- ~" ana the fact Of his interest in such
M. itWards shall appear upon such con-
ry .o ,P4on. The omission Of such statement
elA contract shah, in addition to the
SC-A provided. make such person liable TO
s5s ,,. tF his assigns for all sums paid by such
-er "lln interest az the legal rate from date
\. upon the assignment or tender of assign
M ~ securities so purchased.
~, N'4A commission shall have the rOyyef 10