business. Provided further that all expenses paid or incurred and all fees or charges received or collected for any examination made under these provisions of this Section of this Act shall be reported in detail to the Comptroller, and a full report and record thereof made and kept.

Sec. 5. It shall not be lawful for any such Investment Company, or any agent thereof, or any person owning or controlling any of the securities of such company, to sell or offer for sale any of the said securities herein before specified, except as provided in Section One, within the State of Florida until it shall have complied in all respects with the terms of this Act and obtained the certificate of the Comptroller and Attorney General as provided herein.

1913

Sale of Se curities without certificate

Agent's reg

istration,

and bond

Sec. 6. Any Investment Company may appoint one or more Agents, but no agent shall sell or offer for sale in this State, except as provided in Section One of this Act, the securities of any such Investment Company until he shall first register with the Comptroller as agent for such Investment Company, and for each of such registrations there shall be paid to the Comptroller the sum of One Dollar. Provided the Comptroller and Attorney General, at their discretion, shall require such Agent or Agents to give and file with the Comptroller bond in such sums and amounts as they may deem best to the best interests of the investing public, either in their own right or on the part of the Investment Company whom he represents, payable to the Governor of the State of Florida, and conditioned that the securities he offers for sale are fair and just, and that he will save harmless, the purchaser or purchasers against any loss which may be occasioned by reason of the reliance of such purchaser or purchasers on any false or fraudulent representation made in the course of the sale of such securities. And it is hereby expressly provided that any person or per- Suit on sons who may have sustained an injury covered by such bond. bond, may, in addition to any other remedy that he may have, bring suit on such bond in the name of the Governor of the State of Florida, for the use of such person or persons. Such registration shall entitle such Agent to represent such Investment Company as its agent until the first day of January, following, unless such authority

1913

File statement of financial condition.

When revoke license.

False entry or statement of conditions.

is sooner revoked by the Comptroller or the Investment Company, and such authority shall be subject to revocation at any time by the Comptroller and Attorney General for cause appearing to them sufficient.

Sec. 7. Every Investment Company, Domestic or Foreign, shall at such times as required by the Comptroller and Attorney General, file a statement verified by by the oath of the person authorized to make the same, setting forth in such forms as may be prescribed by the Comptroller and Attorney General its financial condition and the amount of its assets and liabilities and furnish such other information concerning its affairs as said Comptroller and Attorney General may require; such statement shall be accompanied by a filing fee of Five Dollars. Any Investment Company failing to file its report within sixty days after the written request of the Comptroller and Attorney General shall forfeit its right to do business in this State

an

the

Sec. 8. Whenever it shall appear to the Comptroller and Attorney General that the assets of Investment Company doing business in State are impaired to the extent that such assets do not equal its liabilities or that it is conducting its business in an unsafe, inequitable, or unauthorized manner, or jeopardizing the interests of its stockholders and investors in stocks, bonds, or other securities by it offered for sale, or whenever any Investment Company shall fail to or refuse to file any papers, statements or documents required by this Act, without giving satisfactory reasons therefor, said Comptroller and Attorney General shall at once revoke the license of said Investment Company to do any further business in the State of Florida.

Sec. 9. Any person who shall knowingly subscribe to or make or cause to be made, any false statements or false entry in any book of such Investment Company or exhibit any false paper with the intention of deceiving any person authorized to examine into the affairs of such Investment Company, or shall make, utter or publish any false statement of the financial condition of such Investment Company or the stock, bonds, or other securities by it offered for sale, shall be deemed guilty of a

felony, and upon conviction thereof shall be fined not exceeding Five Thousand Dollars or imprisoned in the State Prison not exceeding five years, or either or both, in the discretion of the court.

Sec. 10. Any person or persons, agent or agents, who shall sell or attempt to sell the stocks, bonds or other securities of any investment company, domestic or foreign, when such investment company has not complied with the provisions of this Act; and any agent or agents who shall sell or attempt to sell any such securities of any invest ment company, domestic or foreign, in this State, which agent is not at the time fully registered and has not fully complied with the provisions of this Act, shall be deemed guilty of a misdemeanor, and upon conviction thereof. shall be punished by imprisonment in the county jail not exceeding one year or by fine not exceeding one thousand dollars, or by both such fine and imprisonment in the discretion of the Court.

Provided, That nothing in this Act shall extend to any seller of stock, bond, or other security, who has purchased the same in good faith for value, and who is the bona fide owner of such stock, bond, or other security at the time of such sale.

1913

Sale of stock without

coming

Act.

Fees col

this Act.

Sec. 11. All fees herein provided for shall be collected by the Comptroller and shall by him be turned into the lected under State Treasury, and all such fees turned into the State Treasury are hereby reapportioned to the Comptroller for the purpose of paying all salaries and expenses necessary for the carrying into effect of this Act, and the Comptroller is hereby authorized to appoint such clerks and deputies as are absolutely necessary to carry into full force and effect the provisions of this Act. All money actually or necessarily paid out by the Comptroller to any clerk or deputy appointed under this Act as salaries or compensation for services, or any money actually or necessarily paid out by the Comptroller, or by any clerk or deputy or employee appointed under this Act, for traveling or incidental expenses, shall be paid by the State Treasurer out of such fees, upon warrants drawn by the Comptroller and approved by the Governor, containing an itemized account of such salaries or expenses.

1913

Sec. 12. All laws and parts of laws in conflict herewith are hereby repealed.

Sec. 13. This Act shall take effect and be in force from and after July first, 1913.

Approved May 20, 1913.

CHAPTER 6423-(No. 3).

AN ACT Making Appropriation for Salaries and Expenses of the State Government for Six Months of the Year 1913, and for the Year 1914, and for Six Months of the Year 1915.

Be It Enacted by the Legislature of the State of Florida:

Section 1. That the following sums be, and are hereby appropriated for the Salaries and Expenses of the State Government for six months from July 1st, 1913, to December 31, 1913: