Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22


/ vide that no dividend or pecuniary
profit shall be declared or added to the
members thereof
! (g) Mortgages upon real and per-
Igage is sold and transferred with the
| notes secured by such mortgage.
1 (h) Securities of any domestic cor
poration whose authorized capital
stock added to it's other outstanding
securities shall not exceed twenty five
/ thousand dollars.
% Securities sold to banks, trust
Gr other dealers ale
sell, offer for sale, or negotiate for
the sale of, any securities not herein
expressly exempted until such dealer
shall have been licensed as provided
herein and shall have filed with the
railroad commission:
! (a) A statement under oath upon
| blanks furnished by such commission
showing the name and principal place
! of business Of such dealer, and the
names, residences and business adj
dresses of all persons interested as Of
| ficerS, directors, trustees, members, or
partners, with such other information
as said commission may require.
! CO. If such dealer is a nonresident
Of the state and is corporation, it
shall also have filed with the proper
officer of this state it's appointment Of
required by law, and if not a corpor-
j alton. such dealer shall file with the
railroad commission an irrevocable ap-
pointment of the secretary of the rail
ice Of process in all actions and pro-
| ceedings which may be brought
against such dealer arising out Of
transactions with residents of this
| state or had in this state.
2. Any such dealer shall from time
to time furnish to the railroad com
mission such information relating to
the securities sold or offered for sale
the method of transacting such bust
ness shall be subject to such examin-
atoms as may be ordered by said
! commission.
3. Upon compliance with the pro-
visions of law and the payment OF a
| fee of one dollar, such dealer shall be
entitled to certificate or license,
which. shall expire on the thirty first
day of January next after the granting
| thereof, and which may be renewed
annually upon the original applica-
| ton and such other information as
said commission may require.
4. No such license shall be issued to
any dealer or proposed dealer whose
business is SO conducted as to de-
ceive or mislead investors or the pub
lie, nor unless it's business is conduct
ed in all respects in good faith and in
| compliance with law; and whenever
the contrary shall appear to said COM
mission the license heretofore issued
shall be revoked.
Section 1851. 1. (a) The rail-
road commission shall have the SUPER
| toned in this section except where
such supervision is expressly vested
by law in any other or different agency
| Of this state.
| (b) Except as otherwise provided
| by law, every corporation, association,
| partnership or individual, herein
termed company, organized, proposed
! to be organized, or which shall here
| after he OrpaniZa6 within wit Ri OIL +
! this state, whether incorporated or I'M
Incorporated, which shall in this state,
directly or indirectly, sell or negotiate
for the sale of any stocks, bonds or
/ property or of interest in itself, all Of
which are in this section termed secur-
tiles, upon which sale or proposed sale
| the whole or any part of the proceeds
| are used, or to be used, directly or in
directly, for the payment of any COM
missions or other expenses in excess of
| twenty-five hundred dollars, incidental
to the organization or promotion of
| any such company, shall be subject to
| this section.
O. Before Offering or attempting to
sell any such securities to any person
or persons, or doing or offering to do
| any such business in this state, eX-
cepting that of preparing the docu-
ments hereinafter required, every such
company, domestic or foreign, shall file
with the railroad commission the fol-
| IOWluS uOCumGnlS, IO-WiI. "A SIdCG-
ment showing in full detail the plan
upon which it proposes to transact
business. A copy of all applications
for and forms of contracts, bonds or
| other instruments which it proposed
to make with or sell to it's subscrib-
ers. A statement which shall show
the name, location, and head office Of
| the company and such other lnfOrma-
| ton as said commission may require.
If it shall be a company organized I'M
der the laws of any other state, ter
ritory, or government, incorporated or
unincorporated, it shall also file, (a)
a statement specifying particularly
the laws Of such state, territory or
| government under which it exists or is
incorporated, CD a certificate of the
proper officer Of it's home state that
and, Co a copy Of it's articles of in
corporation, constitution and bylaws
and of all amendments thereto, and,
| CD it shall also file or have filed the
graph CD of subsection 1 of section
| 1880 as therein required.
| g. No advertisement, pamphlet, cir
cular or other document shall be is
sued. circulated or delivered by such
company, or it's agent, within this
state unless the same shall bear a SER
| ia1 number and a copy thereof shall
first have been filed with such railroad
commission, nor after such company
has been notified of objection thereto
| by said railroad commission.
4. (a) No person for the purpose of
organizing or promoting any company,
or promoting the sale Of securities or
such company by it after organization,
as principal or agent, shall sell or
agree or attempt to sell within this
state any securities in such company
unless the contract of subscription or
of sale shall be in writing and contain
provision in the following languages:
(b) mo sum shall be used for COM
mission, promotion and organization
| expenses on account for any share of
stock or any bond or other security in
this company in excess Of per
cent of the amount actually paid up
] on separate subscriptions for such Sc
curities, and the remainder of such
/ payments shall be held or invested as
authorized by the law governing such
| company and held by the organizers
| Cor trustees as the case may be), and
| the directors and officers of such COM
! pany after organization as bailees for
| the subscriber, to be used only in the
conduct of the business for which
such company is organized"
| (c) Funds and securities held by
such organizers, trustees, directors or
officers as bailees shall be deposited
with any bank or trust company Of
| this state until such company shall be-
| gin to conduct the business for which
| it is organized.
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