| Show THE BLUE SKY LAW in reviewing the blue sky law passed by the legislature of utah at its recent session and which goes into effect july 1 the mining congress journal says the new utah law provides for a state securities commission consisting of the secretary of state attorney general and bank commissioner the secretary of state becomes securities commissioner and the commission is empowered to employ a secretary 0 all companies dealers and agents are required to file statements and obtain licenses from the state the maximum filing fee for corporations is 25 annually the fee for dealers or brokers is 10 and statutory fees are required for copies of statements or other documents on file securities curi ties are required to be marked so as to show that they are issued under license of the state the marking to recite that the issuance is permissive and not to indicate that the state indorses endorses indor ses or recommends purchase exemptions follow almost exactly the language of the michigan law the utah law prohibits publication in the state of the advertisement of an unlicensed company a provision inserted to cover cases where foreign concerns without utah agents place adv advertisements erti locally violations of the act is punishable by fine of 1000 to or by imprisonment in the state penitentiary for not more than five years the work mens compensation law first enacted two years ago was amended in important particulars A proposal to establish monopolistic state insurance was defeated the waiting period was reduced from ten days to three days benefits were increased from 55 per cent to 60 per cent of the average weekly wage and from 12 to 16 weekly maximum A new provision makes mine lessees lessels employed emp loyes of the mine for the purposes of the act but permits the mine owner to deduct the amount of the insurance premium from royalties paid under the lease the provisions permitting mutual medical attention systems were retained in the law although a strong effort was made to eliminate them A new mine tax law resulting from the constitutional amendment adopted last fall was passed at this session it provides that mines shall be taxed as previously on their surface ground and improvements and in addition on three times their net annual proceeds the law contains a much better definition of net proceeds and allows in addition to expenses heretofore deductible the amounts expended for clerical and office work state taxes work mens compensation insurance and salaries of officers except corporate officers the new tax bill carries a section repealing the occupation tax other bills of interest to the mining industry passed at the late session include a semimonthly pay day law and a law prohibiting hi the collection of fees for obtaining employment A one day rest in seven bill and a basic eight hour bill were defeated the state already has a law fixing eight hours as a days work underground |
