The Alaska daily empire., 1923-03-19
BLUE SKY LAW BEFORE SENATE;
 GETS APPROVAL
Stringent Requirements in Proposed Bill-Ayer In-
 troduced Mining Bill.

The Senate sds morning agreed on The passage of a stringent blue sky iafW, designed fo curb the Notation of bogus securities, to punish falsifl- caa.on of corporation books and ac- counts and generally regulating is- slanee of s5ocks and other securities and providing severe punishments for inffingements of the Act. The meas ure, Senate Bal No A, is one of the 47 submitted to the Senate by the Attorney General at the opening of the session.
 Tie measure is entitled An Act to punish fraudulent and unlawful acts of officers and agents of cor psrations ard associations in keep ing, managing, using or misrepresent- irg the accounts and records of such ccH2eraffons and associations. Sec ton one provides:
 Every director, officer or agent Of any corporation or joint-stock as- sociatinn, who knowingly receives or possesses himself of any property of ss,ah cooperation or association, oth- erw.ise than in payment of a just demand, and who, with intent to de- fraud, omits to make. or to cause or Greet ee be made. a it'll aal true entry thereof in the books or ac- courts cf such cooperation or asso- dtIs.on, and every directcs, officer -geat or member of any corporation destroys, alters, mutiiates or falsi- ties any of the books, papers, writ ipgs or securities belonging to such ccigorafiion or association. or makes, e eoncurs in making, any false en- ting to make any material entry in any book Of accounts or other record tr document kept by such corporation or association, Is punishable by im- prisonrnent in the peaitentiary not more Than Eve years, or by fine not so exceed one thousand dollars. or by both such fine and imYrison- meri..'
 Bogus Promotion Hit
 The bill also hits at wildcat pro motions generally. section two provid-
 
 dng that anyone interested, "who Lining or posting either generally CT privately to the stockholders or other persons, any written report, exhibit CT statement of the affairs any corporation CT joint stock asso- citation, or Of it's financial condition, hoo rf tod, fo,, material stat ement which is false, or. any untrue or wilfully or fraud ulertly exaggerated report, prospec- tus, account, statement of operations, values. business. profits. expenditures or prospects, or any other paper document Intended to produce or give, CT having a tendency to produce or give, the share of stock in such corporation a greater value or a less apparent market value than they really possess, is guilty of a felony. and upon conviction shall be punished by Imprisonment in the penitentiary for not more than five years or by a fine of not mere than 5000, or by Loth such fine and Imprisonment"
 Examination of Records
 The examination of books of ac- count and other records by stockhold- CT or member of any such corpora tion. is provided for in section three. The penalty upon conviction for re- fusal Ito permit the examination of accounts, books, etc, is placed at a maximum cf fine of $2,000 or i'm prisonment not more than 90 days or boqh such fine and Imprisonment
 The Senate discussed the measure today in committee of the whole and alt the conclusion of the hearing voted unanimously to recommend il for passage.
 Senate Bal No. Il. providing for tho attendance and examination oi witnesses before the Houses of the Legislature and before committees thereof, was also token up at the hearing and was ordered recom mftted to the Committee on Judi ciary fer further hearing and amend ment.
 In the same hearing, the Senate after some discussion. agreed to in definitely postpone Senate B.ll No l6 entitled An Act providing for filing of affidavits of prejudice tC disqualify District Judges for trying certain cases.
 New Measure Introduced
 Senator Aver this morning intro duced Senate Bill No. IS, An Act to prohibit other than competent min CTS to be employed as foremen, as sistant foremen, or fire-bosses, in coal mines. It provides that it shall be unlawful for the operator of any