Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1937-05-06

| AnJOn OlSOn IOT the QedCn OK
his wife. Amelia Olson, and
for personal injuries sus-
tanned by reason OF q coll
lision Of a motor vehicle
operated by O member of the
State Highway Patrol 49,. H. 800 90
90 Section 26. This act shall take
effect and be In force from and aft
er its passage.
Approved April 26, 1887.
CHAPTER 4S1-H. #. No. 17o4
A BILL
FOR AN ACT to amend Chapter
90 BIB Mason's Minnesota Statutes
for 1927, as amended by the Laws
Of 1881, Chapter 404, and the Laws
of 1888, Chapter 408, Section
1862, Subsection 4; Section 1906
10 relating to agents license and
providing for blanket bonds or de-
posits Of or by brokers, dealers
and issuers; Section 3996-15 relat-
ing to advertising matter; Section
3996-30 relating to labels and no
tices on advertising material and
securities, all relating to the regu-
lation of sales and purchases and
attempted sales and purchases
within the State of Minnesota of
stocks, bonds, notes, and other Sc
curities and agreements.
Be 1t enacted by the Legislature Of
the State of Minnesota:
90 Section l. Mason's Minnesota
Statutes for 1927, Section 3996-2,
subsection 4, is hereby amended to
read as follows:
HHinv1neAfo
o Statutes for 1927, Section 3996-10
is hereby amended to read as fol-
m lows:
~ "3996-10. No agent shall sell any
securities unless or until he shall
have been licensed as hereinafter
90 required; provided that this section
shall not apply to an agent Of all
issuer selling securities exempted
under Section 2 Of this Act, or SELL
ing securities in manner exempt
w ed under Section 3 of this Act. No
agent shall be issued license under
this act until he shall have resided
in this state for one year immedi-
90 ately prior to making his applica-
ton. Before any license shall be
issued to an agent, other than an
agent of a registered broker. he
shall file a surety bond Of such an
w amount as may be approved by the
Commission for the benefit Of the
public, or any dealer or issuer may
file surety blanket bond covering
all Of its licensed agents, or may
deposit in and with depository &C
ceptable to and approved by the
| icciNnnr IF Securities coN11ri
90 ties, cash or other collateral Of such
kind and in such amount and in
such a manner as may be prescrlb-
ed and approved by the Commits
sioner Of Securities. The filing of
such blanket bond by any licensed
dealer or an iSSuer Of securities
duly registered, or the deposit OF
90 securities as aforesaid, shall operate
in lieu Of bond as required for the
individual agents Of such licensed
dealer or registered issuer so long
as such dealer is duly licensed I'M
IN der the terms of this Act or the Sc
curities Of such issuer remain reg
istered In conformance with the
terms of this Act; provided, how
ever, that the Commissioner Of Sc
curities shall have power to require
an additional or new bond to be fl
ed by such dealer or issuer when in
the opinion of the Commissioner of
Securities the bond heretofore fill
ed Is insufficient due to the num-
Der of agents licensed for and on
'oo behalf of said dealer or isSuer, or
that the amount of the bond has
hacnvoo fy,oNoirod nv ~ H.
ability contingent or accrued there
under.
Agents licenses shall be issued
only to agents Of issuers for whom
securities are registered or to agents
of licensed brokers or dealers.
To secure such license applica-
tions shall be made to the commits
sion on forms prescribed by the
commission, which application shall
be signed and sworn to by the per-
son desiring such license, shall con-
tain the applicants address, and
such other information as the COM
accompanied by statement signed
by the issuer or broker or dealer for
whom such applicant is agent stat
90 ing that such issuer, broker, or
dealer has appointed the person
therein named as his agent. The
commission shall have power to re-
quire the applicant or his principal
to furnish such additional informa-
ton regarding the agent as may
seem necessary. Such application
shall either be granted and license
issued, or denied. The commission
shall have power to deny an agents
m application If the applicant is not
of good business repute or has vio-
lated any of the provisions Of this
Act, or any registration, license or
lawful order of the commission, or
has engaged in any fraudulent tran
sactions, or If it appears to the COM
mission that the sale Of securities
by such applicant would work q
fraud on purchasers thereof, or for
good cause appearing to the COM
mission. Denial shall be by written
LOO order. Agents licenses shall be
good for one year from date Of is
suance, unless sooner Cancelled, sus-
pended or revoked, and shall au-
thorize the licensee therein named
to do anything his principal is au-
thorized to do.
The commission shall have pow
er. in connection with any agents
LES license outstanding, to require the
agent or the issuer, broker, or deal
err for whom such agent was licens-
ed, to furnish to the commission in