Page:United States Statutes at Large Volume 47 Part 1.djvu/1175

 c2d CONGRESS. SESS. II. CH. 128 . FEBRUARY 27, 1933 . If the applicant is a corporation or association it shall file with its application a designation of a process agent, as provided in section 181 . SEC. 181c. EXAMINATION OF APPLICATION ; ISSUANCE AND REVOCATION Examination of ap- OF PERMIT.-The Governor shall examine such application, or cause placation ; issuance and the same to be examined, and shall nuke such further investigation re soration ofpermit. of the applicant and its affairs as he shall deem advisable. If, from such examination, the Governor shall be satisfied that the business reputation of the applicant and of its officers or members, if any, is good, and tha t the conduct of such business w ill not conflict with the policy of administering tl~e Canal Zone as an adjunct of the Panama Canal, he may issue such certificate. Otherwise he shall refuse the same and deny the application and notify the applicant of his decision. The Governor may at any time revoke any broker's or agent's certi ficate issued by him if he shall find that the ho lder thereof is of bad business repute, or had violated any provision of this chapter, or has engaged in, or is about to engage in, any fraudu- lent transaction, or if he shall find that the conduct of such business conflicts with good policy in the administration of the Canal Zone. SEC. 181d. REPOR T ON SALE OF SECURITIES .-Every company or Report on sale of se- broker authorized under this chapter to sell securities shall there- cantles. after, at such times as they may be required by the Executive Secre- tary, make and file in the office of the Executive Secretary, a report, setting forth, i n such form as t he Executive Sec retary may prescr ibe, the securities s old by it under the authority of any permit issue d by him, the proceed s derive d theref rom, the disposit ion of s uch pro- ceeds and such other information concerning its property, officers, or affairs, relating to or affecting the value of such securities, as the Executive Secretary may require. SEC. 181e. FEES.-Each company or broker shall, with its applica- Fees. tion for a permit or certificate, remit the sum of $10, which amount shall cover the filing fee and the annual license fee for the remainder of the calendar year during which the permit or certificate is issued, but no part of such fee shall be returned if the application is dis- appro ved. The annual fee for renewal of a permit or certificate issued here under shall be $ 10, pa yable in advance on or before January first of each year. SEC. 181f. PENALTY FOR vIOLATION .-Any comp any, age nt, or Penalty for violation broker, which shall directly or indirectly issue or cause to be issued, or solicit the sale of any security contrary to the provisions of this chapter, shall be subject to a fine of not more than $500. In addi - tion to this penalty, every contract made by or on behalf of any such company, agent, or broker affecting the liability thereof shall be void on its behalf and on behalf of its assigns, but shall be enforceable agai nst it or them. SEC. 181g. DEFINITIONS .-The following words have in this chapter Definitio ns. the signification attached to them in this section, unless otherwise apparent from the context 1 . The word "company" includes all corporations, associations, " Com p any." joint-stock companies, and partnerships ; 2. The word "security" includes all stocks, bonds, or other evi- "security" dences of property or interest in any company ; 3. The word "agent" as used in this chapter means and includes "Agent ." eve ry person or co mp any employed or appointed by a co mp any or broker who shall, within the Canal Zone, either as an employee or otherwise, for a compensation, sell, offer for sale, negotiate for the sale of, or take a subscription for the sale of any security