Page:United States Statutes at Large Volume 47 Part 1.djvu/1173

 72d C ONGRESS. SESS. II. CH. 128 . FEBRUARY 27, 1933. the provisions of this chapter shall not be entitled to the benefit of the laws of the Canal Zone limiting the time for the commence- ment of civil actions. SEC. 177 . LICENSE UNDER CHAPTER 11 Su rF IC IE NT .-No c orpor ation licensed under the provisions of chapter 11 of this code shall be required to comply with the provisions of this chapter. Sac. 178 . a CORPORATION " INCLUDES JOINT STOCK COMPANIES .-The term "corporation" as used in this chapter shall include joint stock compan ies . Sac. 179 . REVOCATION of LICENSE .-The Governor of The Panama Canal is authorized to revoke any license issued hereunder if, upon examination, he shall be satisfied that the operations of the corpora- tion are conducted in an illegal manner, or in a manner contrary to public policy or to the policy of administering the Canal Zone as an adjunct of the Panama Canal, CHAPTER 11.-SECURITIES SALES LAW Caoss R aw cas Foreign corporations generally, see section 170 et seq. Fraud ulent i nsolve neies by corporations and other frauds in their manage- ment, see sections 396 to 409 of the Criminal Code . Sac. 180 . -PERMrr To sFT.T, sECURxTrE&No company shall sell, or offer for sale, negotiate for the sale of, or take subscriptions for any security of its own issue until it shall have first applied for and secure d fro m the Gover nor of the Panama Canal a permit auth or- izing it to do so. Such application shall be in writing and shall be verified. In such application the applicant shall set forth the names and addresses of its officers, the location of its principal office, the name of its Cana l Zone r epresent ative, a n itemize d accoun t of its financial condition, the amount and character of its assets and liabili- ties, a detailed statement of the plan upon which it proposes to transact business, a copy of any prospectus or advertisement, or other description of such securities, then prepared by or for it for distribu- tion or publication, and such additional information concerning the company, its condition and affairs, as the governor may require. If the applicant is a partnership or an unincorporated association or joint stock co mpany, it shall file with its ap plication a copy of its articles of partnership or association, and all other papers pertaining to its organiz ation. If the applicant is a corporation, it shall file with its application a copy of all minutes of any proceedings of its directo rs or st ockholde rs or me mbers re lating t o or aff ecting the issue of such securities, a copy of its articles of incorporation and of its by-laws and of any amendments thereto, and also a certificate, executed by the proper officer of the State, Ter ritory, or countr y in which such corpo ratio n is organi zed, dated not more than sixty days before th e filing of the application, sho wing that the ap plicant is authorized to transact business in such State, Territory, or country. SEC. 151. DESIGNATION OF PROCESS AGENT.-Every company, at the time of filing its application, shall file in the office of the executive secretary a designation of some person residing within the Canal Zone and stating the place of business or residence of such person upon whom process issued by authority of or under any law of the Canal Zone may be served. With such designation shall be submitted a certified copy of the minutes of the board of directors of such company authorizing such designation. Process may be served on the person so designated, or, in the event that such person can not be found at the place designated or in the event that no person is 1149 License under chap- ter 11 su!$clent. "Corporation" to in- cl ude jo int sto ck com- pany. Revocation of license. SECURI TY SALES LAW. Ante, p.1147. Permits to sell secnrl. ties. Designa tion of proc- ess agen t,