Twin city review. [volume] (Champaign, Ill.) 19??-1929, 1921-04-15
SELLS STOCK
IN VIOLATION
OF THE LAW
Such Is Opinion of Emmer-
son About Cooperative
Society of America

Much has been Nfitten rccently aS
IN the status Of the Cooperative So
eiety af America. socalled oe.opsra.
tive concern that runs several stores
throughout the state and is husy try.
lag T. organize others, Attempts IL
organize a stone In the irwin Cities
BY the concern have 50 far proved m.
tile, - Tar as We know. due perhaps.
Ii publicity given the concern through
this paper
Expert opinion fram Louis /. Em.
merson, Secretary Of State. viii show
Just how the Cooperative Society of
America stands In regard TO having
complied With the laws of the state OF
Illinois. Read the following,
snrinsasld. nlnela.
Anil y. 1921,
Mr John u. Maker. President
ill,nels State Federation ef Labor.
Springfield illinois,.
Dear Mr. Maikgrs
Thanks Tor yoNs letter Of April eth. rela.
tive - the ce.nneratiye Sneiets 81 Ameriea
Yea are perfectly rlsht in yUas eoaelas
aions that this ie not strictly cooperative
institution.
am teday writing - the states Attorney
81 81. Clair County to the effect that infer
iaeUeh has came 10 the attention 81 he be-
partusat that this association j. selling se.
entitra In tha, county ln violation of the
ininaiH Securities law
II consistent with ypur ideas | suRHast that
IL would moi be tsad policy for you 10 eun,-
| m1nieate with the parties referring the Gem.
| nlatnt to yeu, aud suFrest that they refer
/ their complaints Ia thr States Attorney with
a view of having criminal proceedings In.
siitutad toward the enforcement Of the law
| am enclosing eups ef the letter this dn,
addrese ed 10 the states Attorney.
tSigncsll l., l. EhMhhsok.
Securities Dept SECRETARY u State.
| Springfield. ulinels
Hon. Herbert p. sehsumlefrci.
StHteH Atiornry
hrllVYilic. ilnuts
IN REt COOPERATIVE SOCIETY OF
AMERICA.
Dear sirt
Information has cvne 60 the attention al
the Securities Department, to the elect that
the above concern is now Offering Tor sale
certificates Of interest In its association, ths
same heing organised on the principles of >
Common Law Trust. and Ia violation Of ths
| Illinois Securities Law
No attempt has been made 60 qualify thess
| sssuriten FOR sale Ia Illinois 1 undarHtans
.slss s. Z. ars hs,nT .nads q nsllsvills and 4
at fieiissillc l an fela. tawAsdk stonplna th
| sales there
II might be well oiatate thnt the Co-oner
atiye Society 81 America claims that by res
son nf their beinx eraanzed under a trus
agreement that they ere Amsnahie 10 nom
ol the laws Of Illinois, criminal ur civil hRs
ing as their source Of authority 20 do husi
ness. some common Law which prevailed aov
erRi centuries aFa in n foreign country,
Criminal proceedings have been institute,
In other places resulting in the suspension q
sales In that locality where action has bcri
taken.
| by reference b. paragraph 3 Section o
1.-THE Illinois Seeuritica Law. in force June ~
1919, you viii See that the word SECURITIES
, Is defined In part A. Certificates eyidcnoini
| shnrea IN trust estates asa0cialipna AM
profit sharing eorthentes" This, IN tn
opinion OF tho Securitca Department alone
brinrs THESE transactions clearly within th
provisions Of the Securities Law aud the sam
| ought 20 be enforced against them
You are advised that the Securities Depart
tncnt stands ready 30 cooperate with you II
whatever manner is welcomed toward inaii
tutins proper legal proceedings and enforce
mcnt Of the Sccurities Law.
| Yours very truly,
! SECRETARY or STATE.
Securities Dept
AGD AD