COMPILED CODE - Iowa Legislature - State of Iowa

357
Tit. XVII, Ch. 5. INVESTMENT COMPANIES. §§ 5408-a23-5418.
SEC. 5408-a23. Bule of interpretation.
1 Should any section of this chapter or any part thereof be held by
2 any court of competent jurisdiction to be unconstitutional, such section
3 or part thereof shall be deemed to be independent of and unrelated
4 to any other section or part of this chapter, and such decision shall
5 affect only the specific provision which it is held offends against the
6 constitution, and shall not be held to be an inducement to the passage
7 of any other section or provision of this chapter.
[39 G. A., ch. 176, § 4.]
CHAPTER 5.
INVESTMENT COMPANIES.
SECTION 5417. Permit to sell stock.
1 Every person, firm, association, company, or corporation that
2 shall, either directly or through representatives or agents, sell, offer,
3 or negotiate for sale, within this state, any stocks, certificates, bonds,
4 debentures, certificates of participation, certificates of shares or in-
5 terest, preorganization certificates and subscriptions, memberships,
6 profit sharing certificates, investments, contracts, unit interests in
7 property or real estate, oil, gas or mineral leases, provided, however,
8 that this shall not apply in whole or in part to mineral leases in Iowa
9 lands ; and notes or other evidences of indebtedness, and evidence of,
10 title to, interest in or liens upon any or all of the property or profits of
11 an individual or company, hereinafter referred to as "stocks, bonds, or
12 other securities", shall be subject to the provisions of this chapter, ex-
13 cept as herein otherwise provided ; and shall, before selling or offering
14 "for sale any such securities in this state, be required to secure a permit
15 from the secretary of state of the state of Iowa.
[S. S., '15, § 1920-u; 39 G. A., ch. 189, § 1.]
SEC. 5418. Stocks, bonds and securities excepted from operation
of chapter.
1 The provisions of this chapter shall not apply to :
2 1. Securities of this state, or of the United States, or of any state
3 or territory thereof, or of any foreign government, or of any district,
4 county, township, city, town or other public taxing subdivision of any
5 state or territory of the United States, including all drainage, county,
6 school or other municipal bonds of this state.
7 2. Conveyance of real estate located in Iowa : also conveyance of
8 real estate located elsewhere when the transaction does not involve an
9 agreement to develop on said real estate or in connection therewith
10 mines, oil wells, fruit trees, nut producing trees or other projects of a
11 speculative nature which the parties contemplate as a substantial ele-
12 ment of value in the transaction.
13 3. Evidences of indebtedness executed by a corporation and se-
14 cured by a mortgage on real estate, which mortgage may also cover
15 tangible property connected therewith, when the total amount of such
16 indebtedness does not exceed the fair value of the property pledged;
17 also evidences of indebtedness (not issued by a corporation) secured