OCR Text |
Show STOCK EXCHANGES TO BE REGULATED Stock exchanges In Utah may now be regulated by the state securities commission. Governor Charles -R Msbey having signed the bill pasard by ths Fourteenth legislature, which provides pro-vides aa follows: "No organization of one or more In-dlviduals In-dlviduals shall organize or conduct a public stock exchange for the purpose of buying or selling stocks and bonds with or without the payment of commission com-mission or brokerage, without first obtaining ob-taining the sanction of the commission, and the commission ' shall have full power to Impose auoh conditions and regulations for the operation as they may see fit. Violations of this law renders the Individual or Individuals operating such exchange without the authority of the commission liable to a fine of $100 for each and every day that It is operated without a license." Other changea made in th "blue sky" law exempt mutual building and loans associations from the operation of the lew when there is no preference in the division of profits of such companies; com-panies; place any "copartnership, trust. Joint stock association or common law company" within the explicit wording of the act, thus dealing with an oil promotion .situation that proved considerable con-siderable of a problem to th former ! commission; increases maximum filing fee (which is one-tenth of 1 per cent of the stock to be sold) from $50 to $200. and Increases the dealers' filing fee from $10 to $26. It Is provided that agents' licenses shall run for one year. Instead of all expiring May 1, as under un-der the present lew. |