The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1913-08-28
BLUE SKY" LAW
AIMS BLOW AT
CROOKED FINANCING
(Coatinued from Page Ten)

(Ceatinued from Page Ten)
stance. All expenses paid or incurred
,hnd all fees or charges received or
collected for any examination of any
investment company made under tho
provisions of this act shall be re-.
corded In detail by the commission
In Its ONCE.
Sec. &. II shall not be lawful for
any investment company, either as
principal or agent, or either by itself.
or by or through others, to sell or
OFFER for sale. or to negotiate for the
sale OF any stocks, bonds, or other
securities issued or to be issued by II,
within this state. until thirty days
after II shall have fled all papers
and documents In this act provided
for. or which shall be required by
the Michigan securities commission
and shall have fully complied with
the requirements of this act; nor
shall II be lawful for any such IN
vestment company to transact busi-
ness on any other plan than that set
forth In the statements and papers
required to be fled by virtue OF the
provisions OF this act. or the rules Oh
for sale any contracts. stocks, bonds,
or other securities other than those
shown In the copies of the contracts.
stocks, bonds or other securities re,
luired to be filed by this act. until
thirty days after written statement
showing In full detail the proposed
new plan of transacting business,
and copies OF the proposed new
contracts. stocks. bonds or other
securities shall have been filed with
the Michigan securities commission
In like manner as Is provided In re-
gard to the original plan OF business
and proposed contracts, stocks. bonds
or other securities. All authorized
agents OF any such investment com
pany shall be registered with the
commission. The name OF any agent
shall be stricken from the record ey
the commission upon written request
of the investment company. and addf
tional agents may be registered by
the. commission upon like written re-
quest Of the investment company.
Sec. Z. Every investment company,
domestic or foreign. shall file during
the month OF January In each ana
every year, q detailed statement IN
such form and containing such infor'
nation as the Michigan securities
commission may require, showing ts
condition at the close OF business on
the preceding December thirty-nrst'
II shall also file statements at such
other times az required by the COM
mission. said statements to be veri-
fed by the oath Of member OF the
co-partnership. or company, II II De
q co-partnership or company, or Dy
the oath of q duly authorized omcer
II II be an Incorporated or unincor-
porated association. Said statements
shall set forth the financial condi-
ton OF said investment company. the
amount of It's assets and Liabilities,
and such other information concern
ing It's business and anairs As sala
commission may require. Each an
nual statement to be filed during
January OF each year setting iorth
the condition of the investment COM
pany as of the close OF business on
the preceding December thirty-nrst'
shall be accompanied by a filing Zee
of ave dollars. Any investment COM
pany falling to Ale such annual re-
mort during the month OF January OF
each year or failing to file any other
or special report herein required,
within thirty days after receipt by
Il OF the request or requisition OF the
commission therefor shall not sell
any stocks. bonds or other securities
within this state thereafter until
shall have complied with the request
and requirements OF the commission.
Sec. 8. The general accounts OF
every investment company, domestic
or foreign. doing business In TINS
state. or which has sold any OF It's
stock. bonds or other securities In
this state, shall be kept by the double
entry system and such company snail
at the close of each and every calen-
dar month, make a triai paiahee Vi
-.t,ch- accounts which trial balance
shall be recorded In book kept al
the general Office OF such COMPANY.
Such trial balance book and all o'her
hooks and accounts OF such company
shaIl at all times during business
hours. except on Sundays ana leyai
holidays. be open TO the ihspec'io"
80 the Michigan securities commits
.ion each of its members and the
clerks. accountants and examiners
thereof.
Sec. 9. The Michigan securities
commission shall have general super
vision and control as provided oy
this act over any and all investment
companies, domestic or foreign sen
ing or offering for sale any contracts,
stocks, bonds or other securities Oh
it's own issue in this state. AND all
such investment companies shall De