Page:United States Statutes at Large Volume 47 Part 1.djvu/1174

 1150 72d CONGRESS. SESS. II. CH._128. FEBR UARY 27, 1933 . designated, then on the executive secretary of the Panama Canal, or his successor in office, and such service shall be a valid service on such corporation. W hen the executive secretary sh all have be en served with process as provided herein he shall without delay com- mu nicate the same to the compa ny concer ned at its last kn own address and no default judgment shall be entered against such corporation in any action in which process is served on the executive secretary until at least sixty days after the date of such service. Exami natio n of pitcation ; e and ap- SEC. 181a EXAMINATION OF APPLICATION ; ISSUAtiCL AND REVOCA issuanc revocation of permit . TION OF PERZIIT.-Upon the filing of such application, it shall be the duty of the governor to examine it, and the other papers and docu- ments filed therewith, or cause the same to be examined, and he may, if he deems it advisable, make or have made a detailed examination, audit, and investigation of the applicant and its affairs. If he finds that the proposed plan of business of the applicant is not unfair,, unjust, inequitable, or contrary to the policy of administering the C anal Zone as an ad j unct of the Panama Canal, that it intends to transact its business fairly and honestly, and that the securities that it proposes to issue and the methods to be used by it in issuing or di sposing of them are not such as, in his opinion, will wo rk a fraud upon the purchaser thereof, the Governor may issue to the applicant a permit authorizing it to issue and dispose of securities, as thereinn provided, in the Canal Zone. Each such permit shall expire on the thirty-first day of December next following its issuance, unless sooner revoked. Otherwise, he shall deny the application antid refuse such permit and notify the applicant in writing of his decision. Every permit sbeU recite that the issuance thereof is permissive only and does not constitute a recommendation or indorsement of the securities permitted to be sold. The gove rnor may imp ose s uch con ditions as h e may deem necessary to the issue of such securities, and shall have the power too establish such rules and regulations as may be reaso nable or necessary to in sure the disposition of the proceeds of such securities in the manner and for the purposes pro- vided in such permit, and may, from time to time for cause, amend, alter, or revoke any permit issued by him, or temporarily suspend the rights of the applicant under such permit. Ce rtiSeateofagentor SEC. 181b. CERTn KATE OF AGENT OR BROKER.-No person or corn- b roker. pang shall act as an agen t or bro ker, other than for a company holding a permit under the preceding section, until such person or company shall have first applied for and secured from the Governor a certificate, then in effect, authorizing such person or company so to do. Each such certificate shall expire on the thirty-first day of December next after its issuance, unless sooner revoked. To secure such certificate, the applicant shall make and file in the office of the Gov ernor an applica tion the refor in writing, verifie d by or in behal f of the applicant. In such application the applicant shall set forth, Additions! informs- in addition to such other information as may be required by the tio n required- Governor 1 . The name and address of the applicant, and, if it be a corpora- tion, association, or joint-stock company, the name and address of each of its managing officers and agents, and, if it be a partnership, the name and address of each of the partners ; 2 . A succinct statement of facts showing that the applicant, and its managing officers and agents, if it be a corporation, or members, if it b e a partn ership, have a g ood busi ness rep utation 3 . If the applicant is a broker, the general plan and character of the business of the applicant.