Show PROPOSES NEW BLUE SKY LAW Idaho Would Regulate Mining and Oil Speculations BOISE DOISE Idaho Jan 12 l 12 By The Associated Press Needs Press Needs o of Idaho In blue Sk sky ky regulation rc have been Included In a bill draft draft- drafted ed by E W Porter commissioner ot of finance for presentation to the nineteenth legislature turo session of oC o the legisla- legisla turo ture In the near future Mr Por Por- Porter Por- Por Porter Porter ter announced 1 Tuesday Y This bill has been dratted drafted willi the Idea In mind ot of o giving gl legitimate mate mate speculative e enterprises i all possible chance nce to operate but It ItIs itIs ItIs Is aimed directly to stop deception deception tion misrepresentation and ex- ex exploitation ex exploitation for erso al rain gain Mr Porter said ald I I realize much de development must como come through speculation peculation and I know a an honest com company pan can operate tc under this proposed law It If notIcing nothing comes of oC othe the p speculation the tho Investor Investor- has the satisfaction ot of kno he had a n run for his money mony mone By Dy repealing those statutes which at ot present exempt mining and oil speculations peculation from rom provi provisions sion of the th blue blu skY sicy y law these enterprises are brought proposed statute The Tho act would l qualification tion require registration b by tion with aith the commissioner r of of Li- Li tl nance lucce of oC all securities s 1 proposed r for Cor sale In the th state The Tho Issuing company would also also- be b to file with the commissioner certain certain tam tain Information it- it itself Itself It Itself self Foreign companies c must s consent to service serlee In nn any Idaho coun county where a suit might be brought against st It Dealers would be required t to tofile tile file bonds of ot 1000 an and 1 the tho com corn commissioner missioner would be b empowered to institute ute actions a against a 0 com corn company company pany It If ho he thinks Its dealings are fraudulent Penalties for for for- viola viola- violations violations lions o of th proposed art act have e been fixed at at Imprisonment from onO one year In the co county jail jal at to five years in the penitentiary or ora ora orl a fine Cine or both both- both I |