The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1939-09-07
CHAPTER. 1o1q0

OF Chapter lE203, Laws OF Florida,
Acts of 1895. and to Amend Section
5 of Capter 1889 Laws of Florida,
Acts of 1881. as Amended by Sec
Florida. Acts of 1885. Said Chapter
1889. Laws of Florida, Acts of 1881,
Being. IAN Act Regulating the Sale
of Securities and TO Make Uniform
the Law Relating Thereto and to
Repeal Statutes Which Are Incon-
sistent herewith" and to Further
Amend said Chapter 1889. Laws of
Florida, Acts of 1881, by Adding
Thereto q New Section to Be Desig-
mated Section 15l2, the Same Relat-
ing to the Appointment of Exam
iners to Conduct Investigations and
Hearings and Providing for the
Compulsory Attendance of Witnesses
and Production of Books and Rec
OrdS.
Be 1t Enacted by the Legislature of
the State of Florida:
Sec. l. That Section 1 of Chapter
1889. Laws of Florida, Acts of 1881,
as amended by Section 1 of Chapter
1888. Laws of Florida Acts of 1885,
be and the same is further amended
to read as follows:
Sec. 1. DEFINITIONS. When
used in this Act the following terms
shall. unless the text otherwise in
dicates. have the following respec-
tive meanings:
"a Security shall include any
note. stock. treasury stock. bond,
debenture, evidence of indebted
ness. certificate Of interest or par
celpt, or other commodity warehouse
receipt, or right to subscribe to any
of the foregoing, certificates of in
terest in a prOfit-sharing agreement,
certificate of interest in an oil, gas,
petroleum, mineral or mining title
or lease. or the right to participate
therein. collateral trust certificate
REORGANIZATION certificate, pre-or-
ganiZatiOn subscription, or any
transferable share, investment con-
tract. or beneficial interest in title
to property, profits or earnings, in
terest or under a profit sharing or
participation agreement or scheme,
or any other instrument commonly
known as security; including an
interim or temporary bond deben-
ture. note. certificate. or receipt for
a security or for subscription to a
security.
90 Person shall include a natural
person, a corporation created under
the laws of this or any other state,
country. sovereignty or political sub
ISOLATION. a joint stock company, a
trust and any unincorporated or
ganiZation. AS used herein the term
trust shall not include a trust Great
ed or appointed under or by virtue
of a last will and testament, or by
a court of law or equity or any pub
lie charitable trust.
Cd Sale or Sell shall include
every disposition. or attempt to dis
pose OF a security or interest in a
security for value. Amy security Civ
en- or delivered with, or as a bonus
on account of. any purchase of Sc
curities or any other thing, shall
be conclusively presumed to con-
stitute a part of the subject of such
purchase and to have been sold for
value. Sale or Sell shall also in
clude a contract to sell. an ex-
change, an ATTEMPT to sell, an OPP
ton of sale, a solicitation of q sale,
a subscription or an offer to sell di-
reCtly or by an agent, or a circular
letter. advertisement or otherwise
provided. that q privilege pertaining
to security giving. the holder the
privilege to convert such security
into another security of the same
issue shall not be deemed q sale of
such other security within the mean
ing of this definition and such priv
ilege shall not be construed as af-
fecting the status Of the security to
which such privilege pertains with
respect to exemption Or registra-
ton under the provisions of this
Act. but when such privilege of con-
version shall be exercised such con-
version shall be subject to the linn
itatiOns herelna ter provided in sub
section (h) of Section ); and pro-
vided further that the issue or trans
fer of right pertaining to a secur-
itY and emitting the holder of such
lty of the same iSSuer, when such
right is issued or transferred with
the security to which it pertains,
shall not be deemed a sale of such
other security within the meaning
of this definition and such right
shall not be construed as affecting
the status of the security to which
such right pertains with respect tC
exemption ~or registration under the
provisions of this Act; but the sale
Of such other security upon the ex-
ercise of such right shall be sub
lect to the provisions of this Act.
(D Dealer shall include every
person other than a salesman who
in this state engages for all or part
of this time directly or through an
agent in the business of selling any
securities issued by another person
or purchasing or otherwise acquiring
such securities from another for
the purpose of reselling them or OF
Offering them for sale to the public
or Offering. buying, selling or other
wise dealing or trading in securi-
ties as agent or principal or a COM
mission or at a profit. or who deals
in futures or differences in market
quotations or prices or values OF
any securities or accepts margins or
purchases or sales or pretended pur-
ChaSes or sales of securities; pro-
vided that the world dealer shall
not include a person having no place
of business in this state who sells
or offers to sell securities exclusive
" to brokers or dealers actually en-
gagged in buying and selling Securi-
ties as a business. Provided fur
Their. that the word dealer shall in
clude every person or persons, as
ISOLATION partnership and or cor
pOration using bonds in lieu of mon
ey in the payment of taxes or in
the redemption of delinquent taxes
or tax certificates. except taxes as
sessed against the property of said
person, persons, association, Co.
partnership or corporation
% Issuer' shall mean and in
clude every person who proposes &c
issue, has issued, or shall hereafter
issue any security. Any person who
acts as a promoter for and on be-
half of a corporation trust or unin-
ccrporated association or partner
ship of any kind to be formed shall
be deemed TO be an issuer
(6) Salesman shall include every
natural person, other than a dealer,
employed or appointed or autho-
riZed by a dealer or issuer. to sell
securities in any manner in this
state. The partners of partner
ship and the executive officers of a
corporation or other association reg
istered as a dealer shall not be sales
men within the meaning of this def
milton.
"a Broker shall mean dealer as