The Birmingham age-herald., 1915-10-23

JOHN PuRIFoY,
 Secretary of State. AN ACT No. 791) (H. 1424. Whorton. To prescribe, fix and regulate contracts of sale for future delivery of stocks, bonds and other commodities. and to make the contract of sale of cotton for future delivery conform with the acts of Congress approved August IS, 1914,
 and known as the United States cotton
 future act" dncludins sicn amend ments as may hereafter be made to
 said act of Congress). and for the pun
 ishment of a violation thereof.
 Be 1t enacted by the legislature of Ala
 bama:
 Section l. That for the purposes of this act, the term Contract of sale shall be held to include sales. agreements of sales and agreements to sell That the word person" wherever used in this act, shalt be construed to import the plural or singular, as the case demands, and shall include Hldividuals, associations partnerships <nd corporations.
 Sec. 9. That all contracts of sale for the future delivery of any commodity, stock or bond. wherein the parties thereto do not intend to a delivery of the article contracted for, but do intend to gamble upon the difference between the contract price and some subsequent market price, shall be illegal and void. and no action shall be maintained in any court to en- force such contract nor to compel pay ment of any note or security given in payment or settlement of same.
 Sec. 3. That any person, either as agent or principal, who enters Into or assists in making any contract of sale for the fu ture delivery of any commodity, stock or bond, wherein no delivery is intended by the parties thereto, and uses as a basis for fixing the price or prices in said con tract the bona ftde sales made on any exchange or board of trade, without mak- inS bona fde execution of such con- tract on such exchange or board of trade, shall be guilty of a msdemeanor and upon conviction thereof shall be fined in sum not to exceed 5000 or to be inn Drisoned in the penitentlary not exceeding two years, and any person or persons who shall be guilty of 8 second offense under this statute, in addition to the penalty above described may, upon con- viction, be both fined and imprisoned in the discretion of the court, and if a corporation, it shall be liable to forfeiture of all its rights and privileges as such, and the continuance of such establish ment after the first conviction, shall be deemed second offense.
 Sec 4. Proof of the fact that any con tract for the future delivery of cotton was not made subject to the act of Con- gress approved August Is, 1914. and known as the United States cotton futures act dnoluding such amendments as may here after be made to said act of Congress) shall be prima facie evidence of an illegal contract, declared void by the preceding sections.
 Sec 5. That every person shall fur nish upon demand to any principal for whom such person has executed any or der for the actual purchase or sale of any commodities. stock or bonds, for fu- ture delivery, a written statement con taining the names of the persons from whom such property was bought, or to whom it has been sold, as the fact may be- the time when. the place where, and if said person shall refuse or neglect to furnish such statement within "A hours after such demand such refusal or neglect shall be prima facie evidence that such purchase or sale was an illegal contract, declared void by section of this act.
 Sec 6. That all laws and parts of laws in conflict with the provisions of the United States law referred to in section of this act are hereby repealed.
 Sec. [. This act shall take effect and be in force from and after the date of it's passage.
 Approved September 25, 1915. Official:
 JOHN PURIFOY,
 Secretary of State.