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


of member OF the co-partnership or
company. If 1t be a copartnership or
company. or by the signatures of the
president and secretary Of the incor.
porated or unincorporated association,
If it be an incorporated or unincor-
porated association. and shall be &C.
companied by a duly certified copy of
the order or resolution of the board
of directors, trustees, or managers of
the corporation authorizing the said
secretary or president to execute the
same.
Sec. 4. Section 1896 of the Public
Statutes is hereby amended so as to
read as follows:
Sec. 1896. 1t shall be the duty of
the bank commissioner to examine
the statements and documents so filed,
and if he shall deem it advisable he
shall make or cause to be made de-
tailed examination of such investment
company's affairs, which examination
shall be at the expense Of such invest
ment company, as hereinafter provid-
ed; and IL he finds that such invest
ment company is solvent, that its arti-
cles of Incorporation or association, its
constitution and bylaws, its proposed
plan of business and proposed contract
contain and provide for a fair, Just
and equitable plan for the transaction
of business, and in his judgment prom
ises fair return on the lands, stocks,
bonds and other securities by it Of
fered for sale, the bank commissioner
shall issue to such investment COM
pany statement reciting that such
company has complied with the pro-
visions OF this act that detailed in
formation in regard to the company
and its securities is on file in his
Office for public inspection, that such
investment company is permitted to
do business in this state for one year
and such statement shall also recite
in bold type that the bank commits
sioner In no wise recommends the
securities to be offered for sale by
such company. But If said bank COM
missioner finds that said articles of
incorporation or association, charter,
constitution and bylaws, plan of bus
mess or proposed contract contain
any provisions that are unfair, un-
just, inequitable or oppressive to any
class Of contributors, or If he decides
from his examination of its affairs
that said investment company Is not
solvent and does not intend to do a
fair and honest business, and in his
judgment does not promise a fair re-
turn on the lands, stocks, bonds or
other securities by ii offered for sale,
then he shall notify such investment
company of his findings, and 1t shall
be unlawful for such company to do
any further business in this state I'M
til it shall so change its constitution
, and bylaws articles of incorporation
or association, its proposed plan of
/ business and proposed contract and
| its general financial condition in such
manner as to satisfy the bank commits
\ sioner that ii is solvent. and its arti-
/ cles of Incorporation or association,
its constitution and bylaws, its pro-
posed plan of business and proposed
/ contract, provide for fair. just and
| equitable plan for the transaction of
| business, and does, in his Judgment,
/ promise fair return on the lands,
stocks, bonds and other securities by
ii offered for sale; provided, that all
/ expenses paid or incurred and all fees
or charges received or collected for
/ any examination made under the pro.
visions of this section shall be re-
| ported in detail by the bank commits,
/ sioner and full report and record
( thereof made in detail.
Sec. 8. II shall not be lawful for
any investment company, either as
4 principal or agent. to transact any
business, in form or character similar
to that set forth in section ! of this
act except as is provided in section 9
of this act, until ii shall have filed the
papers and documents above provided
for; nor shall an unlicensed company
advertise its business in newspapers
in this state or by circulars. Nc
amendment of the charter, articles oil
incorporation, constitution and by
laws of any such investment company
shall become operative until a copy
of the same has been filed with the
bank commissioner as provided in re
gard TO the original filing of charters
articles of incorporation, constitution
and bylaws. nor shall il be lawful
for any such investment company tC
transact business on any other plan
than that set forth in the statement
required to be filed by section 9 oil
this act or to make any contracts
other than that shown in the copy
of the proposed contract required e
be filed by section of this act, unit
a written statement showing in full
detail the proposed new plan of trans
acting the business and copy of the
proposed new contract shall have beer
filed with the bank commissioner. In
like manner as provided in REGARD
TO the original plan of business ant
proposed contract, and the consent OF
the bank commissioner obtained as [,
making such proposed new plan o
transacting business and proposed
new contract.
Sec. 6. An investment compan,
may appoint one or more agents. bu
no such agent shall do any bushes,
for said investment company i'm thi,
state until he shall first register Will
the bank commissioner as agent fo
such investment company. Such reg
istration shall entitle such agent t.
represent said investment COMPANY
until the first day OF April following
unless said authority is sooner revok
ed by the bank commissioner: anl
such authority shall be subject TO re
vocation at any time by the bank com
missioner for cause appearing TO hin
sufficient.
Sec. Z. Section 1899 OF the Publ,
Statutes is hereby amended so as L
read as follows:
Sec. 1899. Every investment com
pany, domestic or foreign. shall wher
requested in writing by the bank com
missioner file at the close Of bushes:
on the last day OF June and Deem
| hnr of each raar and Of ennh nfhn,