The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-07-08
IDAHO BLUE SKY LAW
Be R|GIDLY ENFORCED
PROMOTERS HAVE GENERALLY
OVERLOOKED ITS PROVISIONS
FAIR WARNING.

1t appears that a great many cit
liens of Idaho do not know that thi
state has a blue sky law" at an,
rate they go ahead offering stock il
various kinds of investment companie.
without complying with the provision.
of the law. and are therefore liable
to severe penalties A representative
OF the state government was in this
county last week for the purpose OF
calling attention to this failure tc
comply with the law by promoters OF
mining. oil and other investment COM
panies and now that this warning
has been given any further violations
of the law will be promptly and Wig
Orously prosecuted. The state repre-
sentative having this particular work
in hand is Miles s. Johnson well
known attorney of Lewistown. who is
visiting all parts of the state in order
to call public attention to the law in
order to give fair warning of the pur-
pose of the state to rigidly enforce
the law. Here are some of the require
ments:
IDAHO Blue Sky Law.
All applicants must comply with
every provision of the chapter in or
der to sell or negotiate for sale to any
person or persons in Idaho. any stocks.
bonds, or other securities of any kind
or character. other than bonds of the
United States. the state of Idaho or
of some municipality Of the state or
other notes secured by mortgage on
real estate in Idaho.
All persons. corporations or partner
ships for the purpose of this act
whether foreign or domestic. are
known as investment companies.
In order to comply with said law.
there must be filed and furnished the
following:
l. A filing fee Of $3.50.
2. a statement giving the name and
location of the company aad its prin-
ciple place of business and date of in
corporation if incorporated. and in
what state Incorporated
3. The amount of capital stock and
the total number of shares and their
par value and whether common or pre-
ferred or both.
4 Submit a list showing in detail |
the exact ownership of the total cap
ital stock on date application is made |
also the amount of stock held in the /
treasury of company.
5. Submit a statement showing in /
full detail the plan on which it is pro-
posed to transact business.
6. If any options or contracts have
been given on stock. attach a copy to
application, also attach a copy of all
contracts or agreements that have been
entered into that relate to the affairs
of the company. If there are none in
existence, or none contemplated, so
state
Z. Give list of securities that have
been previously issued and considera-
ton received for each issue if none
so state.
8. Give the amount and kind of Sc
curites proposed to be issued and the {
price per share or otherwise at which
it is desired to sell same In this clause Z
state a definite price at which the b
stock is to he sold. IS
Q. State the brokerage or commits {
sion paid on previous sales and pro- !
posed to be paid on future sales and I
show the necessity for paying such &
or brokerage on future {
sales. c
10. State the amount OF money ac- q
tually required for the development of l
the enterprise so far as can be antic- r
ipated and segregate the same into the =
necessary items of expenditure. t
II. Give the names and addresses of y
the officers and directors showing the
investment of each in the company and
how acquired, and state the business
experience of those who will be ac il
tually in charge, together with the sal o
aries paid or to be paid. If no salaries u
are to be paid. so state. Il
-. Give five references for the il
president and secretary of the com a
Dany and if a going concern. give five Il
references as to the company. p
10. Submit a copy of all contracts, n
blanks. bonds or other in a
,truments which are used in cOnnec
ion with sale of stocks or securities. a
a. Give a condensed statement of )
he liabilities and assets and full trial "
balance sheet of same date.
10 If a mining company give the 5
names of the properties, the name of
he mining district. the county and
tate in which located. and also at W
ach to application a certified copy of d.
instrument showing ownership. OF
16 When an engineering report has m
,een made, attach a copy to applica- in
ion: when no report has been made, II
% state. CO
II. Where patents for inventions h'
re involved, submit a copy of the fill ra