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" e t esnt e e 1 e cSfseeeeemc i --T # ns rs&au. Havch #7h Must All Be Repist ql OPPOSED BY PREMER In Order to e 1 l t Asks Withdrawal of Three 5 S OC/ 'Bills for City of T * ' 6. Investigations may be held by ?'fi Toronto * Attorney--General. He is given fu wihibsinc ooo errie nrioeenioay Attor ney'Gcner al Price In-- | power to take such evidence and F°6 promie rereuson, in th PP ! such intormation as may be desirable, guson, in the L'egislature lrod uces N ew Blue [ and may apply to the Supreme Court Yesterday, asked Russell Nesbitt (Con-- »3 s s * | of Ontario for injunctions as conditions servative, Bracondale) to withdraw Sky" Legislation Into | y __ three bills which would have the ef-- 7. The Supreme kCourt of (?ntarxo fe;:t of mtllikibnlg public utilities and com-- may enjoin any brokers or salesmen missions liable for assessment for local H ouse E ver Y Bl' OkCl' from trading in securittiies ig it l.; fOl(llnd 1mlfir(l)lvizrrlxents by trlge t'r:;unicipalit,ies in * that they have been acting in a fraudu-- whic ey were situated. Must File Bond Of $500 lent way. } The bills which Mr. Nesbitt had in-- 8. The Attorney--General may issue; troduced for the City of Toronto came ns orders to banks to hold funds. | up for second reading yesterday and POW E R G R A NT E D 9. The Attorney--General may tale| Mr. Ferguson explained a serious situ-- bankruptcy proceedings where a broker| ation would arise in the application of | has become liable for frat;dulent acts these acts to Hydro. If Toronto were TO CH ECK F RA U D ! and is in an insolvent condition. to assess the Hydro, all the munici-- . $¥ f it palities along the power line between uomnsmieanmsamecmsmmist | List of Securities. Toronto and Niagara could do the same, # 10. The Registrar may ask every he said, and if that principle were ap-- Regz.slrar U nder ACt M UW brokerage firm selling securities to file plied it would mean an increase in the ( with him a statement of the securities cost of tpowert in Toror;tolof 120 or 25 s R er cent. "It is not legislation that Ask Brokerage Firm 10 veins soq and what ho is representing %%e {foize stould ies stt 1 imist i9 + ¢ * C > 4 Te \" _ Mr. Nesbitt to withdraw it," he said. File Statement of Securi-- tion is made to the public it will be evi-- Mr. Nesbitt said that he was sat-- s R r, __,_ Gence of a fraudulent act, and may isfied with the explanation and would ties Belng Sold___' ~eg1s-- leaéi to ia' cantci:ellation of registration -- withdraw the bills. and an injunction. trat » -- A contravention of the act will bring P ( gion May B(' Can a penalty of not more than $1,000 for resentations Are Mad? 5 celled the first offense, nor $2,000 for the To Mr. and Mrs. Macdiarmid frren thrre mesntnmnmedt nvvnobey second or subsequent offense, and in Conservative members of the Legis-- 5 =~ either case a first or subsequent of-- lature, in caucus at noon yesterday Aitorney--Generai William H. Price's fense to imprisonment for a term not presented Hon. Finlay Macdiarmid. widely heralded "Security Frauds Pre-- i";'l'cgi'gn%o?}'f g';'voer;t?;ipg}slgnxggi?prfg member f?r West Elgin, with a2 hand-- renti " w f h * some walking--stick i iti vention Act" was revesled to the Le&iS-- two years, but this act will be admin-- the thirtiet;xnga;'llclversl:rvre(cz)(%gnrfi:lgoner?-f lature yesterday afternoon. Second istered keeping in mind the Criminal trance to the Legislature. The pres-- reading of the measure will be defer-- Code as well as the provisions of the entation was made by William H. Ire-- red until next week in order that all 4C land, Chief Whip of the party. A bas-- members of the House will have ample Exceptions to Act. ket of roses, the gift of the members, time in which to digest its aims and s ; . was sent to Mrs. Macdiarmid. objects. There are certain exceptions to the In jntroducing the measure, the At-- act, and in conncction with the follow-- torney--General stressed the point that 198 NO person need be registered: (a) , it hes poor dentenet mnimeaty aith i9 ie Shom moriant insy sie one a view to checking the sale of worth-- | % ~\ 5 less securities--a problem which had 2;1001? g':n{é" r'ffieafigmsgcfiiifif- tf?f'l';?; | engaged the attention of several On-- 6 ac C P | tario Governments during the last de-- bY Pledgee for debt; (d) distribution of | cade. It combined, he said, all the de-- Stock dividends; (e) transactions where | sirable features of the Martin Act of ?c::fnpatrrtgsés gr p?x?slxlx(;a?rfgglaclérg;:ngangfI ; York State, and of the "blue sky" t 3 » f:i'"s ofo rson?eafgrty other States of tge is registered; (f) exchaqge of stock on s Union, "combined with certain ideas Merger; (g) prospectors' grub--stake, or of our own gaingg through experience share of mining property staked by in Ontario," and already had the "ap-- {;1m<:i (h) tnéstee (securxtxest;i (1:1) secured | % 4 ; (j) negotiable paper; proval of all the better business and | Ponds or notes; (J financial organizations of the Province| (k) securities based upon conditional who desire to see trading in securities| E¥les: (i) shares of educational, benevo-- 1v safeguarded so that the small| lent, fraternal, or recreational bodies -- ;)r'(?pe{ s ?_e;"e;z ot be fleeced a» % | where there is no pecuniary profit; (m) nvestor wil: OV NC ce 'such other classes of securities as may Nominal Fee. | be exempted by regulation. Features of thedacr, arle as follows: t: § cfizt;:}.nsficglx}?f'?ilngpr{%eisali(})xeggld f};g 1. Brokers an salesmen must | 9 *4 * register with the Registrar of joint $ ?een every effort to keep in mind the = S c it _|fact that there are certain stabilized stock comp'.mie.st l tthe Plg' incialjsegnf securities in which one should be able retary's Department, and no p° + s A i | shall disposepof any security unless hc'}t'o_t"'ade Mthoutf tbemg rtelgistered,t and hen * nmnmaf l registration fee will| certain classes of transactions not open ]g,aleglst'exeld. The regis to fraud. There is also an exemption 'nn%gg?i} 'broker must file a bond of fsl)r the pros}g)ec;;orbwiho dealts) lrtx ll:isd oxxx; y¥ 9. NAAA LE tus ._ claim, or who is being grub--staked. $500. This is done to give the Attor-- * o traye 5 o devcGenerat's Devartment . an | 0090E sooice t woer Aotation ant ite thares tunity of con.m'o.ilmgl the é':;f;;é:da thee_ are being sold to the public, the broker tuxtl'%t brcacl(;xw;x elothleasat'etb' are frit--| 9 salesmen Gdealing in the stock must public, otherwis 9e be registered." fered away..... ._ _ .. on pook All persons who sell securities, wheth-- 3. The Registrar shall keeP & POOK o acting as officials or salesmen of with the name and address Of CVETY gompanies, or not, are included in the broker and salesman entitled to do _;, business in the Province. 4 4. The Registrar may refuse regis-- No News kr Press tration within a ten--day period after application if directed by the Attorney-- * 6 General to do so. After Cabinet Meeting Bond in Some Cases. 'eecve n Gareiedrennenene mevgy 5. The Registrar may, on the dil'ecé The Ferguson Cabinet sat until tion of the ,Agt,°"§e¥,;'3§"§§i§tyde'?§3 11.30 o'clock last night, discussing tia n * s garsl\;bs;:na condition precedent to do-- legislation which will be brought L ing business This is intended to cover down to the Legislature next week. the case of foreign brokers and sales-- Hon. Lincoln Goldie's "hospitals" men, and others who may not be reP-- pill, it is understood, came in for utable, but who may be _ S!VER & special consideration. It is likely chance to do business under PYOPEY that Mr. Goldie will introduce the bonding. measure and speak to it Monday next. 4 No appointments were announced following Council. Premier Fer-- a guson had no news for the waiting press.