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terest on which has been in default for a period of two years next preceding the date of purchase; and it shall be unlawful for it to buy the stocks of any corporation except those that have earned annual dividends of at least four per cent per annum for at least three years just prior to the date of such purchase; except it shall be lawful for it to buy the bonds of the Federal Land Bank, organized under act of Congress dated June 28, 1916. No trust company shall buy, own or accept as collateral the stock of any corporation organized under this article.
Sec. 2. Repeal.—That said original paragraph eight, Section 743, Revised Statutes of 1913, is hereby repealed.
Sec. 3. Emergency.- Whereas, an emergency exists, this act shall be in force from and after its passage and approval.
Approved, March 31, 1917.
(House Roll No. 645.)
[Introduced by Mr. Peterson.]
AN ACT to amend Section 806 of the Revised Statutes of the state Ne
braska for 1913, and to repeal said original section as now existing.
Be it Enacted by the People of the State of Nebraska:
Section 1. Amendment. That Section 806 of the Revised Statutes of Nebraska for 1913 be amended to read as follows:
806 Sec. 258. Sale of stocks, bonds and securities—prerequisites-requirements before offering or selling securities.Before offering or attempting to sell any securities to any person or persons, except to a “dealer” as herein defined, or to a corporation, or offering to do any business whatever in this state or with a person residing in this state, excepting that of preparing the documents hereinafter required, every “company selling its own securities” shall comply with the following requirements:
a. No person, corporation, or company, of any character whatsoever, having complied with the requirements of this
Stocks and Bonds-Sale
article, shall transact or offer to transact any business, during any time after the adoption of any change in its articles of organization, by-laws, or plan of doing business, or after the making of any change in the form of its applications or contracts, before transcripts thereof shall have been filed with the commission:
b. Receive a permit from the commission which shall be for one year, and which shall be issued only upon the payment of the fee for the examination and report, which shall be twenty-five dollars for the first year, and ten dollars per year thereafter, and a permit for each agent, the fee for issuing which shall be one dollar per year;
. c. With the application for permit, file, under oath, an itemized statement of financial condition, copy of contracts and other information, in conformity to forms, and at the same time, under oath, file a statement of the general plans of business, copies of securities to be offered for sale, and copies of organization papers.
d. Annually, on or before the first day of March, file with the commission, under oath, a balance sheet and an income account for the year ending the thirty-first day of December preceding and upon request of the commission, at any time, file a statement of any information demanded.
When the company of which stocks, bond or securities are offered has not been in operation for more than six months the permit issued shall so indicate on its face, and all advertising used for the promotion of sale of such stocks, bonds, or securities, shall also clearly and specifically so state on the face thereof, and all proposed or expected earnings shall be clearly defined as being proposed or expected only.
f. The State Railway Commission shall allow and grant at the request of the Board of Directors of any corporation coming within the purview of this act the right to appropriate, use and expend fifteen per cent of the gross amount received from the sale of stock for the purpose of paying for the marketing and selling said stock, and in addition thereto said commission shall allow and grant at the request of the Board of Directors of any such corporation the right to appropriate, use and expend an amount of five per cent of the gross amount received from the sale of stock, for the purpose of paying and bearing the expense
of organization and promotion of said company. When the commission or bonus to be received, directly or indirectly, on the sale of any stocks, bonds or securities, exclusive of the amount allowed for promotion purposes, is to exceed fifteen per cent, then in such event, such fact shall be set forth on the face of the permit issued, and on the face of the stock sold, and in a written statement filed with the commission before any attempted sale of such securities,
g. The par value of all stocks sold or offered for sale shall in no case be less than ten dollars.
h. Every corporation or association of whatsoever character, organized outside of the State of Nebraska, shall file with the application for permit, a copy of the laws under which it was organized.
i. No corporation or association of any character whatsoever, which receives a permit under this article, may declare or issue a dividend in any amount whatsoever, unless such dividend has in fact been earned by the corporation or association.
j. No advertisement, pamphlet, circular or other document shall be issued, circulated or delivered within this state, by any person or company of any character, authorized under this article, or by his or its agents, unless the same shall bear a serial number, and a copy thereof shall first have been filed with the commission, and no such advertisement, pamphlet, circular or other document shall be issued, if its issuance has been forbidden by the commission.
k. The capital stock may at the option of the Board of Directors of any corporation coming within the purview of this act, be grouped in blocks for purposes of sale, all of the stock of each block to be sold at one price, provided, however, that the sale price of stock may differ in respect to blocks or groups in the discretion of the Board of Directors.
Section 2. That Section 806 of the Revised Statutes of Nebraska for 1913 as now existing be, and the same hereby is repealed.
Approved, April 25, 1917.
AN ACT to amend Section 976, Revised Statutes of 1913, relating to
counties and county government, and to repeal said original section.
Be it Enacted by the People of the State of Nebraska:
Section 1. Amendment.—That Section 976, Revised Statutes of 1913, is hereby amended to read as follows:
976 Sec. 156. Appeal from allowance of claims by county. -No county officer or county surveyor shall in any manner, either directly or indirectly, be pecuniarily interested in or receive the benefit of any contracts executed by the county for the furnishing of supplies, or any other purpose; neither shall any county officer or county surveyor, furnish any supplies for the county on order of the county board, without contract.
Sec. 2. Repeal. That said original Section 976, Revised Statutes of 1913, is hereby repealed.
Approved, April 11, 1917.
(Senate File No. 138.)
[Introduced by Mr. Bennett.]
An Act to amend Sections 978, 979, 980 of the Revised Statutes for 1913
and to repeal said original sections as they now exist and to repeal Sections 1 and 2 of Chapter 30 of the Laws of 1903 and to repeal Sections 1 and 2 of Chapter 150 of the Laws of 1913, and all acts or parts of acts in conflict with the provisions of this act, and to pro
vide for emergency. Be it Enacted by the People of the State of Nebraska:
Section 1. Amendment.—That section 978 of the Revised Statutes of Nebraska for 1913, be amended to read as follows:
Sec. 167. (Counties)-Commissioners-districts-qualifications.—The Board of County Commissioners, in all counties having not more than one hundred and twenty-five thousand inhabitants, shall consist of three persons and in counties having more than one hundred twenty-five thousand inhabitants shall consist of five persons. Provided, the electors in any county containing less than one hundred and twenty-five thousand inhabitants, may vote at any general election as to whether their county board shall consist of three or five commissioners. Counties under township organization voting to change to commissioner system may vote at the same time as to the number of commissioners desired. Whenever in counties not under township organization a petition or petitions for the submission of the question signed by not less than two hundred electors of the county, voting at the last general election, shall be filed in the office of the county clerk, not less than thirty days before the date of any general election, it shall be the duty of such county clerk to cause said question to be submitted to the voters of said county, at such election, and give notice thereof in the general notice of such election. The forms of ballots shall be respectively: “For three commissioners"; "for five commissioners"; and the same shall be written or printed upon the regular ballots cast for officers voted for at such election, and shall be counted and canvassed in the same manner. If a majority of votes cast at said election on such proposition have written or printed thereon the words “for five commissioners,” thereafter said county shall have five commissioners, and if a majority of the ballots cast at said election have thereon written or printed the words, "for three commissioners,” thereafter the said county shall have three commissioners. Ballots on which appear both for three commissioners”, and "for five commissioners”, neither being stricken out, shall not be counted as cast on said proposition. The commissioners shall have the qualifications of electors, and shall be residents of their respective districts. In counties of less than 125,000 inhabitants the commissioner shall be nominated by the qualified electors of the district, but be elected by a vote of the entire county. In counties of more than 125,000 inhabitants the commissioner shall be nominated and elected by the qualified electors of the district in which said commissioners reside.