The Daily Missoulian. [volume] (Missoula, Mont.) 1904-1961, 1913-03-22

so days the commission shalt fix the
same.
The commission shall have full
power, after notice and hearing, to
compel common carriers to construct
or extend public loading or unload
ing tracks at stations, and may compel
the construction or extension of stock
yards, chutes, or pens.
District courts are empowered to en-
force the provisions of the act upon
actions instituted by the commission
ers. The attorney general Is required
to represent the board in such actions,
which are to have precedence except
as to criminal matters.
Burden of proof rests on the de-
PENDANT company. Refusal to comply
with the court order is defined TO be
contempt, punishable by a fine of ST.
900 or by Imprisonment of officers or
agents of companies Sc refusing until
purged of such contempt. Parties are
to have the right of trial by jury, and
may appeal to the supreme court of
the state, and in that court such APP
peals are to have precedence. While
railroads may appeal from orders of
the commission, such orders must be
complied with until the case Is dis
posed of. Any railroad or official re-
fusing to comply with the provisions
of this act, or with any order, rule or
regulation Of the commission Is sub
jected to a fine of from $25 to $50, each
subsequent day of refusal to be a
separate offense.
Il. B. 325, by Com. on Corporations
Other Than Municipal.
This is the Blue Sky law.
Investment companies are defined to
include every corporation, company,
co-partnership or association, whether
incorporated or not, which shall here
after engag in the selling of or taking
subscriptions to stock, bonds or other
securities issued by any other com
pany, except bonds Of the United
States, county or municipal bonds or
warrants, stock of national banks of
Montana, building and loan %associa-
tions, or local corporations not or
ganized for profit. Also includes the
sale Of contracts for future deliveries
of deeds on completion of specified
payments.
The act does not apply to persons,
banks, corporation, co-partnerships
or associations selling stock or securi-
ties actually owned by such persons,
corporations, etc, provided they shall
not be engaged in the brok erage bust
ness of selling stock, bonds. etc.
Does not prevent foreign companies
from selling their own stocks or bonds,
| - &tt,~ t1,t-Jr ,r A1~ - .-.-t
companies is situated in Montana.
1t is made unlawful to sell stocks or
bonds (not excepted in the act) with
out a permit from the state investment
commissioner. Applications for per-
mits must be accompanied by $25 and
show:
Itentized statement of the actual
financial condition and amount OF
properties and liabilities; o of all
contracts, bonds or other securities it
proposes to make with, or sell to its
contributors; sample copies of all ad-
vertising literature; copy of constitu-
ton bylaws, or articles or CO.
partnership or association, or copy OF
charter, verified by oath of proper per-
sons. The commissioner may also re-
:, i"AAO "tAAS ~ oohIf
Foreign companies must file written
consent, duly authorized, with the com
missioner, that suits may be brought
in courts against such company for
the service of complaint on the invest
ment commissioner, The commits
sioner Is required to forward cop OF
the summons to such companies.
The commissioner may make or have
made an audit and examination of the
affairs of all companies applying for
permits. If the commissioner believes
the organization to be within the law
and the business to promise a fair re-
turn to investors, he shall issue the
permit for the sale of it's securities;
otherwise he shall refuse such permit
The permit shall state that the detailed
facts relating to the affairs of the
company are in the office of the com
missioner for public inspection. Per
mits are subject to revocation tor
cause deemed sufficient by the com
missioner.
General stock brokers are not re-
quired to file a copy of each stock OF
bond handled, but they must be licens-
ed by the commissioner. who may pro
hibit brokers from handling any stock
not approved of by the commissioner
Appeals may be made from decisions
of tho commissioner to the state board
of examiners, and hearing are provided
for, after which the board may reverse
the commissioner.
Licensed companies may not do any
business other than hat shown in the
original application for permit, MOI
make changes in their business without
the consent of the commissioner. Per
sons holding permits may appoint
agents upon the payment of registra-
ton fee of 81 annually, such permits
Of agents being subject to revocation
Every investment company is re-
required to file a full annual state
ment before December / of each year
Failure to do SO works a forfeiture OF
permit. The investment commits
sioner may prescribe forms for keeping
the books and accounts of investment
companies, n such books shall be
open for inspection at all times by the
commissioners.
The commissioned is given the pow