Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1921-02-16
Respectfully.
p, A. GANDRUD.
A BILL

FOR AN ACT 5 R'fNG GAMBLING
CONTRACTS AS APPLIED TO SALES
OF WHEAT. GRA1N NJ, AND nc, 9TH HEB;
EARN PRoDUcTS; r REGLA PRGG, TIE
B 1SE S1e oF TRADE 3r AND oTHER
SIMILAR oRGA ;S,Lz,AI11 FROM IN!
nE AH 5;SI ITO 70 EN 1STIi THE CAR
RYING OUT OF SUCH GAMBLING
f fN r6 HED THE Tf6TAF1S
LATuRE OF THE STATE OF MIN
NESOTA:
Sec. !. Every contract of sale for
future delivery of wheat. grain or other
livery of the commodity sold is not. in
good faith contemplated or intended by
the contracting parties. is hereby de-
clared to be gambling. contract: is
hereby made ILLEGAL. and the parties
thereto made liable to the penalties here
matter provided.
And every such contract is hereby de-
clared to be prima facie a gambling con-
tract when the seller does not have in
his possession or under his control the
commodity sold. and also when it is
contemplated by the parties thereto;
Aa) That an option only to purchase
(b) That from time to time money
shall be advanced by the buyer or sell
all IN the market pric of the commod-
ity. or
(c) That settlement, either partial
or complete. shall be made by the par
ties before the time for delivery ex-
pirs. uDon the basis of the payment of
the difference between the contract price
and the market price of the commodity
sold.
Sec. 2. ANY person whether acting in
ulvlduallX or as member of firm. or
as an officer OF: employee of any cor
poration. who shall be found guilty Of
being party. directly or indirectly, to
any gambling contract. as defined in
section l hereof. shall be deemed guilty
conviction thereof be punished by n
me OF not less than five hundred dol
lars Ea $500 oo) nor more than one thou
oned in the county Jail until such fine is
paid. not exceeding one year: and any
s9ch person who shall be found guilty
this statute. in addition to the penalty
above prescribed. shall upon conviction
De Imprisoned in the county Jail for a
more than ninety days. and if f" corr nDl
noration: shall be liable to forfeiture of
its charter. -
Sec; 3: This act shall not be con-
warehouse. or mill. from buvinE a'o or
d deiing Grain "a in good faith for future
protect
purchases Or sales made by it in the
uS e II ahd n Tsggiar course Of itztbusi
Sec; T. T Shall be Unlawful ula ii'sf4e orr any :
chamber of commerce. board of trada
auct Gfasr af1fatHe g 2fyfse@ SET
eXchanse or place of business where
wheat other grains or farm products
are bought or sold. to make, promui-
! gate or enforce any rule or regulation
(which In any way penalties or imposes
disability on any member: off such
chamber of commerce. board of trade
or other exchange .or~person authorized
or Or pe ef it to trade thereat~ by rea
member or person TO- carry out or OBJ
serve the terms and provisions of any
such gambling contract. Any chambe,
of commerce commerce board of trade or othe1
association conducting or maintaining
such an exchange. and every officer, az
ent or employee of any such chamber OF
commerce. board of trade or other asso
cation who shall violate or aid or as
slst in the violation of the provision.
or this section shall be guilty of gros.
| misdeameanor.
Sec. 5. This act shall take effect ant
be in force from and after it's passage