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Show BWM FIXED FOR PROMOTin STOCK Securities Commission Says Organizers Must Be Con tent With 40 Per Cent. The "Utah securities commission announced yesterday that it will adhere, to the general policy that stock issued by a newly organized company, in return for a mine or oil project or for letters patent to an invention, roust not be excessive in amount, and as a rule, must not carry complete control of the company. As a ge!leral thinS maximum amount of such promotion stock will not be allowed to be more than 40 per cent of the stock of the company. In this manner it is hoped that the shareholder share-holder in a company, who has put real monev into it to develop the claim or tlie patent or other property, will have something like a just return tor the money so invested. "With repard to the question put up to the commission the day .before, as to whether a real estate transaction could be made to cover up what was really a deal in oil stocks, the. commission com-mission had not vet received a formal opinion from the attorney-ceneral. However, it went on r.ecord as holding that the commission would in such cases be governed by the intent underlying tho purchase. In the case cited bv the attorneys who presented the hypothetical question ques-tion to the commission, it was held that the purchaser of a lease to a small parcel of a larger lease, whose purchase carried with it a right to share in profits derived from the development of some other part of the property in question, ques-tion, was in rcalitv purchasing some-thin"- else besides a right in real estate. He would be purchasing, it was said, an interest in the prospects of finding oil on the laud of the association, and therefore his investment, it was held, was of such a character as to bring it within the meaning of tho Utah securities securi-ties act. |