The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-03-08
LEGAL

commissioner nor the charter board in no
wise recommend the securities to be Of
fered for sale by such investment COM
pany- Such permit however shall be
subject to revocation at any time by the
bank commissioner, with the consent of
the charter board, for cause to him and
1t sufficient. But if said charter board
finds that such articles of incorporation
or association. charter, constitution anu
contract contain any provision that Is IN
fair, unjust. inequitable or oppressive t.
any class of contributors or if the charter
board decides, from the information Cd
tanned by the investigation or examina-
ton made by the bank Commissioner or
the affairs of such investment company
that said company IS not solvent or does
not promise a fair return on the stock.
bonds, contract or other securities by II
offered for sale. then it snail direct the
bank commissioners to not grant SuCls
company permit as herein provided ara
the bank commissioner shall notify Sdlu
company in writing of the decision of the
said charter board provided, however.
that the bank commissioner may MAKE
special investigation and ascertain the
reputation of every person, set oil per
sons. association. company; Gopaf tiel
Snip o. corporation. who shall deal IN
stocks. bonds, contracts or otner Sc
curities covered by this act, or VINO shafl
sell. offer negotiate for the sale OF any
stocks bonds. contracts. or other securl-
ties covered by this act in the state o.
Kansas under writing or purchasing such
securities and reselling to any person or
persons in the state of Kansas at com
class of stock, bonds, contract and other
securities negotiated or sold by tneil-
The said bank commissioner may; VIII
the written consent of the charter ooald,
excuse such person, set of persons, assoc
Citations, company, partnership, or cor
poration from filing a copy of each Sc
curity as provided in section of this act
and may issue to such party or partleS
special license emitting them to sell such
stocks bonds, contracts and other secur1-
ties in the state of Kansas are not OBJ,
jected to by the charter board, provided
that such licensee shall file on the mrs.
day of each month list of the stocks,
bonds and other securities on hand for
sale and sold or negotiated for
sale by it during the proceeding
month and provided further that
the said bank commissioner with the con-
sent of the charter board shall, nave au-
thority to prohibit said icensee ffcn: setl-
ing or negotiating for sale any stoch3,
bonds contracts or other securities at any
time or cancel said license at any unle
he decides that said lcensee is not sell
ing or dealing in such securities as rs
deems good legitimate investments.
Sec. T. That section 10 of chapter lS3 OF
amended to read as follows: Sec. 10. The
bank commissioner shall nave geneTdi
supervision and control, as PROVIDED py
this act, over any and all investment
companies, domestic or foreign, doliS
business in this state. and all Such IL
Vestment companies snail De SuoJect "
examination by the bank commissioner or
his duly authorized deputies at any TIME
the bank commissioner may deem IL dd-
yiSable and IN the same mann SI d. - INV
provided for the examination OF state
banks. The rights, powers ana privileges
of the bank commissioner in connection
with such examinations shall be the same
as is now provided with reference
to examination of state banks;
and such investment company Shall
ton of not to exceed fifteen dollars for
each day or fraction thereof plus the
actual travelling and horel expenses of
said bank commissioner or deputy that he
CaT1t tho toll
purpose OF making such examination, and
the failure or refusal of any investment
nand of the bank commissioner or deputy
while making such examination shalt
work a forfeiture of its right to do bust
ness in this state. And provided further
that every investment company or stock
broker licensed under this act shall file |
at the close of business December 31st |
March 31st June 30th and August 31st OF !
each year. and such other times re
quired by the bank commissioner, a state |
ment setting forth. in such form as ma
be prescribed by said bank commissioner,
its financial condition. amount of it's prop
critics and liabilities, and such other in
formation concerning its affairs as said
bank commissioner may require. Fac
such statement shall be accomQa MED by
a filing fee of two dollars and fifty cents. !
ANY investment company or stock broker
falling to file its report as herein provided
within ten days of the dates herein specI-
fled, or failing to file any special report |
within thirty days after receipt or re-
quest from the bank commissioner there |
for, shall forfeit its right to do business |
in this state by reason thereof
Sec. 5. That section IS. Of chapter 15S
of the Session Laws of 1911 is hereby |
to read as follows: Sec 10. Any |
shall sell or attempt to sell the stock, |
bonds or other securities of any invest |
ment company. domestic or foreign, or |
the stock. bonds or other securities by II |
offered for sale who have not complied |
with the provisions of this act, or any |
investment company domestic or foreign. |
hal 6n hTIG Affa
to do any business, except a,
provided in section two of this act. which !
shall not have complied with the pro- |
visions of this act or any agent or agents |
who shall do or attempt to do any bust /
ness for any investment company. do /
nestle foreign, in this state. which |
agent is not at the time duly registered |
and has fully complied with the pro-
visions of this act Shall be deemed guilty I
OF a felony and upon conviction thereof |
shall be fined for each offenSe not less
than one hundred nor more than fiTe
not less than one year nor more than /
three years in the state pententiary,
both such fine and imprisonment at the |
discretion of the court.
Sec. 8. That original sections !. .. 5, /
10 and 10. of chapter 133 of the Session |
Laws of 1911 and all acts or parts of acts
in conflict herewitb are hereby repealed.
Sec. Z. This act shall take effect and be |
in force from and after its publication in
the official paper.
/ hereby certify that the above bill orig
mated in the Senate, and passed that
body February q. 1913.
Senate concurred in House amendment
March s. 1919.
Senate adopted conference report, March
:, 1913.
L. p. KING.
Pres Pro Tenn of the Senat e.
BURT L. BROWN,
Secretary of the Senate.
Passed the House Mach 3. 1913
House adopted conference report March
I, 1873.
W. l.. BROWN.
Speaker of the House. |
GEO. e. ROGERS.
Chief Clerk of the House.
Approved March S. 1913.
GEO. H. HODGES.