Show National Blue Sky Law By Ira C. C Tichenor P CONSIDERABLE CONSIDERABLE discussion now is in progress progress' throughout th the introduced country concerning the blue sky law bill recently in n congress by Congressman as noted at th the time in inThis This his column The bill provides that If It It s shaft af appear appear r to the attorney attorney general That hat the malls or any agencies of ot Interstate te ot or foreign commerce are used to further urther U thA sale or cr distribution of ot fraudulent securities he ha shall shaH Investigate Ie e shall first issue an order brer commanding suspected persons or conc concerns to toe tole I If f le Ie e a a. complete verified statement giving all facts tads concerning the securities I and nU id such further d data ta as as' he may deem relevant lie He shall next compel by subpoena the attend attendance nce of ot witnesses and production of ot books and documents I c If It the fac facts s warrant or r if It the suspected persons fall to file tile a sta statement ement cording to the first order the attorney general sl shall an make an order some- some V fiat at like a restraining order of t the equity courts commanding the accused to from the pr practices named 1 such such aa as as Iss Issuing selling or or distributing distributing securities m mentioned Also at any time after Is first made to the attorney general fand and nd b before foIe final disposition of of the ih the case case s Ji Jf if It appears appears- irr Irreparable rr loss Is likely 1 o 0 occur to the through practices complained of of he may Issue a 8 I restraining order to prevent sale and sand distribution of ot alleged t I securities This temporary order shall remain In force only until I Information demanded has be been n furnished and bd two two days there thereafter fter I All An the acts of ot the attorney general are s subject to revl review w. w by United tates states district courts to whom aggrieved parties may appeal A A. maximum penalty of and ten years' years Imprisonment eith either r or both is Ss provided Those in favor of 01 any t federal law of ot this description express the belief That that hat the bill would would accomplish all that is desired to prevent fraud fn the sale of ot securities without restricting legitimate transactions s. s It lt seems to to be the consensus of ot opinion that if If blue sky laws are to be by Individual stales states there is every reason why such a law should be bec c acted by congress In order ordel to- to prevent the use of the mails by Jy y concerns lieu are bY b barred Ted by the laws laws laws' of ot the various commonwealths I |