The Republican journal., 1919-04-10

the secretary. of state at least fourteen
days s1eus ST ss Of sandsKs ,b p mopa
ton papers and certificates shall also
he filed the consent in writing Of the
person nominated -(Approved April
s.
CHAPTER ISL.
An Act to Amend Sections Twelve
of ths Revised sts s Kelstins to
sioner in Registering Dealers in Sc
Sec. /. Section twelve Of chapter
forty of the revised statutes is hereby
amended, so that said section shall
read as follows:
Sec. IT, Any dealer desiring regis
tration shall file written application
therefor with the bank commissioner,
which shall be in such form as may
be prescribed by the commissioner,
and shall state the principal place of
business, the name or style Of doing
business, and the address of the deal
addresses of all persons interested in
the business as principals, officers, di-
rectors or managing agents. specifying
as to each his capacity and title, and
the length of time during which the
dealer has been engaged in the bust
ness. Each application shall be ac-
COMMANDED by certificates or other evil
dence of the dealers good repute, and
if required by the commissioner,
eopy of the securities to be sold a
statement in detail of the assets and
liabilities of the issuer Of such securi-
ties, statement i'll such form as the
commissioner may prescribe of the
general affairs of the issuer. copies of
any mortgage or instrument creating
a lien by which such securities are
secured, a full statement of the earn
ings and expenses or each lssuer for
three years prior to the filing. of the
application, a copy of any contract to
underwrite the securities to be offered
for sale, the names and addresses of
all persons holding ten per cent or
suer, statement in detail of the plan
on which the business of the issuer
is to be conducted, and such other in
formation as the commissioner may
deem necessary in considering the APP
Every nonresident shall file power
of attorney, irrevocable, properly au-
thorized and with satisfactory certifi-
Gates or other evidence of the author
izatton. appointing. the commissioner
agent for the service of legal process
courts of this state, based upon or
arising in connection with any sale
of, attempt to sell, or advertising of,
securities in this state: or any viola
three, both inclusive.
Upon the filing of the application,
the commissioner shall forthwith give
notice Of the fact. and date of such
raj place Of business and address Of
the deaiaT, BY advertisement inserted
once in the state paper. and once IN
the dealers place of business is To-
Gated, If it is elsewhere in this state
than in the city Of Augusta The reg,
before the expiration of two weeks
from the last publication. ANY per-
son may. within such period of two
weeks file objection to the proposed
registration.
If the commissioner is satisfied that
the dealer is Of good repute. and that
the proposed plan of business OF the
dealer is not unfair, unjust or inequi-
table, and that the dealer intends to
honestly and fairly conduct its bust
ness. with disclosure Of pertinent
facts sufficient to enable intending
purchasers to form Judgment Of the
nature and value of the securities, and
without intent to deceive or defraud,
and that the securities that it pro-
poses to issue or sell are not such as
in his opinion will work a fraud upon
the purchasers thereof. he shall reg
lister the dealer unless object on to
such registration shall be filed with
the commissioner within The period of
two weeks succeeding the publication
OF the dealers application.
If the commissioner is not so salts
fed. or if, within the period of two
said, objection shall be made to the
proposed regiStratio the commits
sioner shall give notice of either fact
to the dealer, and upon request from
the dealer shall fix q time and place
for hearing, of which fourteen days
notice shall be given by mail to the
dealer and to the objectors, and by
publication in the state paper, and at
given to said dealer. and to any other
persons interested or objecting, to offer
further evidence relating to the deal
ers application. If satisfied. as aforc-
said, as II result of such hearing. the
commissioner shall tiIareupon register
the dealer
Upon registration of any dealer. a
registration certificate shall be issued
stating the name, principal place of
business and address of the dealer, the
names. residences and business ad-
dresses of all the persons Interested
in the business as principals officers,
directors or managing agents, and the
fact that the dealer has bseu registered
for the current calendar year as n
dealer in securities. The certificates
shall in other respects he in such
form as The commissioner may deter
mine. but shall state III bold type that
the commissioner does not recommend
and assumes no responsibility for. Sc
curities offered by Tie dealer Changes
in the certificate, ns ccssitated by
changes in the personnel Of q part
nershn. or in the PRINCIPALS, officers
directors or managing agents of any
dealer. may be made at any time upon
written application to the commits
Sioner, accompanied by statement Of
the facts neceSsitatng the change.
Upon the issue Of lhe amended certif-
Gates, the original certificate and the
certified copies thereof outstanding
shall he promptly surrendered to the
commissioner
Sec. ,. Section twenty-three of said
chapter forty is hereby amended by
inserting after the word 'imprison-
! ment" in the sixth line thereof the
words End municipal and police courts
shall have ORIGINAL and concurrent
jurisdiction with the supreme judicial
and superior courts and by adding at
the end of said section the following
paragraph: The bank commissioner is
authorized TO appoint an examiner who
shall. under his direction, have charge
of the enforcement of the provisions
i, of sections eleven to twenty-three.
both inclusive, and make any neceS-
amount of his compensation to be sub
! iect to the approval of the governor
and council The salary and travelling
expenses of such examiner and all OK
penSeS of adniiniStra ton and enforce
, ment Of sections eleven 10 twenty
three both inclusive. shall be paid out
, OF the registration fees received from
dealers in securities. so that said sec
ton, as amended. shall read as fol-
lows:
Sec, -. ANY dealer or any person
violating any provision of sections
: eleven TO Twenty-Five both inclusive
, or knowingly fling with the commits
sioner or furnishing TO him any false
or misleading statements or infOrma-
ton. shall be punished upon conviction
thereof by fine of not more than one
, thousand dollars, or by imprisonment
for not more than sixty days or by
/ both such fine and imprisonment and
, municipal and police courts shall have
original and concurrent jurisdiction
, with the supreme judicial and supe-
rior courts. Tho foregoing PENALTIES
.I.,I1 10 Il III