The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-13
Provides for Record of
Any Transactions in Sc
curities, To Be Kept for
Inspection of Commits
sioner

RALEIGH, May Ex-senator
j. o. Bell, Henderson, is the au-
thor of a bill which is calculated
to strengthen the provisions of
the act governing the sales of
stocks, bonds and other securi-
ties in the State of North Caro-
lima.
His measure gives the utilities
commissioner "the means to i'm
mediately enforce the provisions.
Pointing out that since the en-
actment of the capital issues act
of March 7. 1927, Legitimate in
vestment business of banks, in
situations, dealers and individuals,
paying to the state $4,000 an
nually in license fees, has been
seriously interferred with by IL
regular transactions by firms and
individuals from without the state
and by unlicensed firms and in.
dividals," the Bell measure pro
vides:
Section /. That chapter 149
of the public laws of 1927, sec.
ton 2, sub-paragraph (c) be, and
the same is, hereby amended by
adding after the word security"
at the end of the paragraph, the
sentence as follows: "The word
securities" shall include invest
ment trusts, investment trust GER
tificates, options to purchase OF
sell stocks. bonds, grain, cotton
or other certain commodities, or
option instruments on same more
commonly known as puts calls
or spreads"
"Section 2. That chapter 149
of the public laws of 1927, sec
ton 4, be, and the same is hereby
amended by adding a new sub
paragraph to be known as sub
paragraph II, as follows:
"QD. On the sale of or de-
livery of any stock or bond which
may be exempt from registration
by reason of its prior or future
listing on a recognized stock ex-
change as defined in section 3 of
this act, the rules governing said
sale and delivery Of all such Sc
curities shall be governed in the
whole part by the rules and regu-
lations for the sale and delivery
of stocks and bonds of the par
ticular stock exchange on which
said security, or securities, are
listed"
Section 8. That pursuant to
section 20, chapter 149, of the
public laws of 1927, and subject
to the direction thereof, and in
order to carry out the provisions
of the entire act to prevent
fraud, misrepresentation, illegal
sale of securities within this
state, receive and heor COM
plants of banks, institutions, and
individual investors, and to place
such valid Violations before the
proper prosecuting authorizes,
there shall be appropriated from
the general fund to the utilities
commission for the biennium, the
sum of two thousand eight hun
dred (2SOO) dollars, which shall
be available for the use, under
the direction of the budget bu-
1 eau. to the utilities commission.
and said utilities commission shall
not be allowed any other sums of
money belonging to the state for
its use, under this section.
Section d.. That chapter 149
of the public laws of 1927, sec
ton II, be, and the same is here
by amended by adding a new
paragraph to be known as para
graph 2, which shall read as fol-
lows:
"(2). Records to be kept by
security dealers, brokers, etc.
Every person, corporation,
partnership, association or bust
ness conducted by a trustee, or
trustees, or joint-stock company
engaged or hereafter engaging,
in whole or in part, in the MAX
ing or negotiating of sales, agree
ments to sell, memoranda to sell,
deliveries or transfers of bonds,
or of shares or certificates OF
stock, or conducting or transact
ing a brokerage business, which
both may include the purchase or
sales of bonds or stocks, any or
both transactions, or any part OF
any transaction originating with
in this state, shall keep or cause
to be kept at some accessible
place within this state, a book OF
accoutn in such form as may be
prescribed by the securities COM
missioner, and contents Of such
book and or records shall be &C
cessible only to the securities
commissioner, Or upon his order.
"In such book shall be plainly
and legibly recorded in separate
columns the date and place of
making, an dexact figure of every
sale, agreement to sell, memo
randa to sell, delivery or transfer
of bonds or of shares or certlti-
Gates of stock, the name of the
bond or stock, and the number OF
certificates or shares thereof, the
face value of the bond or stock,
the name of the seller or trans
ferer the name of the purchaser
or transfereree, and the post.
office address, or addresses, OF
both"
SEVEN DESTROYERS TO