Page:United States Statutes at Large Volume 76A.djvu/140

–44– -44(b) The Governor may issue to the applicant a permit authorizing it to issue and dispose of securities in the Canal Zone as therein provided, if he finds that: (1) the proposed plan of business of the applicant is not unfair, unjust, inequitable, or contrary to the policy of administering the Canal Zone as an adjunct of the Panama Canal; (2) the applicant intends to transact its business fairly and honestly; and (3) the securities that the applicant proposes to issue and the methods to be used in issuing or disposing of them will not, in the Grovernor's opinion, work a fraud on the purcliaser. Otherwise the Governor shall deny the application, refuse the permit, and notify the applicant in writing of his decision. (c) Each permit shall expire on December 31 next following its issuance unless sooner revoked. (d) Each permit shall recite that the issuance thereof is permissive only and not a recommendation or indorsement of the securities permitted to be sold. (e) The Governor may impose the conditions he deems necessary to the issue of the securities. He may establish reasonable or necessary rules and regulations to insure the disposition of the proceeds of the securities in the manner and for the purposes provided in the permit. From time to time for cause, the Governor may amend or revoke a permit issued by him, or temporarily suspend the rights of the applicant under the permit. § 1295. Certificate of agent or broker (a) A person or company may not act as an agent or broker, other than for a company holding a permit pursuant to section 1294 of this title before securing from the Governor a certificate, then in effect, authorizing the person or company to do so. Each certificate expires on December 31 next following its issuance, unless sooner revoked. (b) To secure the certificate, the applicant shall make and file in the office of the Governor an application in writing, verified by or in behalf of the applicant. The application shall set forth, in addition to other information that the Governor may require: (1) the name and address of the applicant; and, if it is a corporation, association, or joint stock company, the name and address of each of its managing officers and agents; and, if it is 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 is a corporation, or members, if it is a partnership, have a good business reputation; and (3) if the applicant is a broker, the general plan and character of the biisinp-sa. (c) If the applicant is a corporation or association it shall file with its application a designation of a process agent, as provided by section 1293 of this title. § 1296. Issuance and revocation of broker's or agent's certificate (a) The Governor shall examine or cause to be examined the application for a broker's or agent's certificate and shall make any further investigation that he deems advisable of the applicant or its affairs.

�