The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-03-05

this state, and all such investment
companies shall be subject to exam
ination by the bank commissioner or
his duly authorized deputy at any
time the bank commissioner may
deem it advisable and in the same
manner as is now provided for the ex-
animation Of state banks, and make
such examination of securities sold
by them in Vermont as shall be neces-
sary for him to determine their char
acter The rights, powers. and priv
ileges 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 pay fee for each of such ex-
aminations of not to exceed ten dol
lars for each day or fraction thereof
plus the actual travelling and hotel
expenses Of said bank commissioner
or deputy in making such examina-
ton, and the failure or refusal of any
investment company to pay said fees
upon the demand of the bank commits
sioner or deputy while making such
examination shall work a forfeiture
VI ITO ii5ht W W uuSlneS5 III lulS
state.
Sec. 9. Section 400 of the Public
Statutes is hereby amended so as to
read as follows:
Sec. 400 Whenever 1t shall APP
pear to the bank commissioner that
the assets Of any investment company
doing business in this state are i'm
paired to the extent that such assets
do not equal its liabilities, or that
1t is conducting its business In an
unsafe, inequitable or unauthorized
manner, or jeopardizing the interest
of its stockholders or investors in
lands, stock, bonds or other securities
by it offered for sale, or whenever
any investment company shall fail
or refuse to file any papers, state
ments or documents, required by this
act, without giving satisfactory rea-
sons therefor said bank commissioner
shall at once communicate such facts
to the attorney general who shall
thereupon revoke the license Of such
investment company and send a copy
of such revocation to the principal
Office Of such company and to each
agent thereof in this state and cause
the same to be published In such man.
ner as he deems proper; he shall also
forthwith apply to chancellor for
the appointment of receiver to take
charge OF and wind up the business
of such investment company and IL
such fact or facts be made to appear
il shall be sufficient evidence to au-
thorize the appointment of a receiver
and the making of such orders and de-
crees In such cases as equity may re-
quire.
Sec 10. A person who knowingly
or willfully subscribes to or makes or
causes to be made any false statement.
or false entry in any book of such in
vestment company, or exhibits any
false paper, with the intention Of de-
ceiving any, person authorized to ex-
anime into the affairs of such invest
ment company, or makes or publishes
any false statement of the financial
condition OF such investment company,
or the lands, stocks, bonds or other
securities by 1t offered for sale, shall
be fined not more than one thousand
dollars, or shall be imprisoned for not
more than ninety days, or both.
Sec. II. A person who sells or at
tempts to sell the lands, stock, bonds
or other securities Of an investment
company, domestic or foreign, or the
lands, stock, bonds or other securities
by ii offered for sale. who has not
complied with the provisions of this
act, or an investment company, do
nestle or foreign, which does any
business. or attempts TO do any bust
ness, except as provided In section
of this act which has not complied
with the provisions of this act, or an
agent who does or attempts to do any
business for an investment company,
domestic or foreign, in this state,
which agent is not at the time duly
registered and has not fully complied
with the provisions of this act, shall
be fined for each offense not more
than one thousand dollars. or shall
be imprisoned for not more than nine
~ days, or both.
Sec. -. All fees herein provided for
shall be collected by the bank COM
missioner and by him shall be turn
ed into the state treasury, and all
fees so turned into the state treasury
or such part thereof as may be re-
quired are hereby reappropriated to
the bank commissioner for the pur-
pose of paying salaries and expenses
necessary for carrying this act into
effect; and the bank. commissioner is
, hereby authorized 10 appoint such
clerks and deputies as are necessary
TO carry this act into full force and
effect. Money necessarily paid out by
the bank commissioner to a clerk or
deputy appointed under this act, as
salaries, or necessarily paid out by
/ the bank commissioner, or by a clerk
or deputy appointed under the pro-
visions of this act for travelling or in
cidental expenses. shall be paid by
/ the state treasurer out of such fees
upon the order of the auditor OF ac-
counts. From the fees collected under
this act there shall be paid to the
: bank commissioner for his services
= five hundred dollars annually.
Sec 13. Should the court declare
any section of this act unconstitution-
al or unauthorized by law. or in con-
/ flict with any other section or pro-
, vision of this act, then such decision
shall affect only the section or pro-
visions so declared 10 he unconstitu-
tional and shall not affect any other
section or part Of this act.
Sec. IL. All acts and parts OF acts
/ inconsistent with this act are here
I by repealed.
Sec. Is. This act shall take effect
1 April 7. 1913.
Approved February 10. 1913.