Show f U lAW LA HAN S UR URGED m mf BY f Favored to creale Efficiency of ofiN Administration T S OUTLINED iN alary Increase Declared to Be Justified I. I The passage sage ot of various amend amend- co In senate bill l increase th the efI et- et I lency ncy ot of the state securities corn com ulon sion that organization declares on the l meas- meas ets to the state legis legis- Pure ure mOng the s salient points ol of the to the commission ot of security more morer r aid l tile the enabling of the thet t torney general tp Institute pro pro- dIng and to handle prosecutions attorney shall tall fall to such l en the matter been perl ertY laid before them by the o the me department hUh the sIxteenth nUi biennial blennia io l Of t the which met elye rs rs ago repealed the jact and replaced it with th statute the last Hut bill came came cameo o th legislature tuce so late that It Ii to am nd certain Jt ons whIch were not whOlly l In this state according to ht te commission QUestion that has con con- the the commission th employing ot of such as- as tnt ts as as are re necessary in order proper investigations and connection with the corn com fOr kr registratIon tr tion Ild as been clarIfied by th and such other assistants shall be necessary sS rr ITY DEFINED Ti The s second cond Amendment is that tUv to a s security curlly In the Ion f a security the following save been left out t int interest rest in an oil gaS gag or lease leas and the words lett t for Or any con con- C or other instrument conIng con con- ying Ing r r rr r or purporting l o y or ent an Interest an right In to or under any oil s' s sr r mining lease or 01 Permit have en enli This definItion was made only the qU question had risen arisen in the t court of the Third ju judicial strict rel relative tIe to the definition i curIt t pa 4 or of I inserted at the the- request of e members ot the Salt Lake stock x change l ange the wh r ln in the person firm cori cor ration shall shaH not not be engaged r business ot of d dealing sto tock ks bonds or other lt or l' l for tor a corporation and andl l th r is no participatIon n In either by division or rOugh deduction CLARIFIED An ther section which caused a alain lain controversy in the district paragraph 5 ot of section 2 In Ich an iS lIer Is defined This has b been en more clearly set adding the words firm imon m n law lav trust or partnership das as hereinbefore defined Indin Inding In- In din ding any person firm corpora corpora- 1 common law truSt or partner partner- Ip Po o any n mining claim oil or orle le se or permit contract tO ton n nor or or cre ge of any patent either edor applied for tor IThe Th purpose Of t this section Is to defIne an that a company n t be org organIzed and all stock for promotion purposes purposes and h as personal stOck in order t Jec pe th the control ot of the com com- aSlon When the law was passed In In Inthe the the question of creating ler lers 6 all issuers ot of securIties Jp eI for discussion and it was nd d that provision be th the creation of agents to the of small n corn cOm Vh es re the the agent did not en- en gein celin a g general brokerage bust bud Ja fU However wever such CUch provision was nad r to remedy this condition vision is made to eliminate the theet et ety ny and to Insert the ld good and sufficIent sureties Jie by the commission not than two In lumber or by some ety authorized to do I business in this state This provides provides pro pro- vides for either method Inasmuch as th the section now provides th that t every shall become a dealer this has been elImInated and pro pro- vl lon is made whereby the issuer may employ an agent ent to sell his security alone REGARDING SALARY In a a. supplementary letter addressed addressed ad- ad dressed to A. A B. B Irvine president of the senate the commission ald When the Utah securities commission corn com mission prepared the amendments to adjust the securities act the board was unanimous In the belief that the responsibilities and the duties of the director of the securities securities ties commission fully justified an increase In the salary to per annum as the salary now paid the director is the smallest salary paid to any official In a like capacity In Inthe inthe the United states with the probable exception of two or three southern states where few securities are sold Or offered for tor sale However if this amendment to the law will vill In any way affect the passage of senate bill or will willIn willin In any way Interfere with securIng the amendments asked for tor and which are very ery vital to the department depart depart- ment we request that the the salary of the director be left as it is at atthe atthe the present time and that the other amendments be given consideration and your favorable action |