COMPILED CODE - Iowa Legislature - State of Iowa

360
|§ 5429-5432-a2. INVESTMENT COMPANIES. Tit. XVII, Ch. 5.
SEC. 5429. Fees—account kept.
1 All fees herein provided for shall be collected by the secretary of
2 state and by him covered into the state treasury on the first secular
3 day of each month ; and the secretary of state shall keep a record of
4 the receipts and expenditures incurred in carrying out the provisions
5 of this chapter.
[S. S., '15, § 1920-U12; 39 G. A., ch. 209, § 3.]
SEC. 5432. Agent to register and file appointment with secretary—permit
issued—fee—expiration of permit—cancellation.
1 Every person, firm, association, company or corporation that has
2 received a permit to transact business in this state and desires to
3 appoint agents or representatives shall cause said agent or representa-
4 tive to register with the secretary of state and file with said officer
5 his written appointment and authority to represent said person, firm,
6 association, company or corporation as its agent in this state, and such
7 further information as the secretary may require, and receive from
8 said secretary a certificate showing that the principal represented by
9 said agent or representative has complied with the provisions of this
10 chapter and received a certificate to do business. All such certificates
11 shall be subject to revocation by the secretary of state if upon exam-
12 ination or investigation the secretary finds that the agent is misrepre-
13 senting the kind and character of securities, the nature of the business
14 or is thereby, or otherwise defrauding the people of this state, in the
15 sale of stocks, bonds or other securities. All such certificates, unless
16 sooner revoked, shall expire on the first day of July of each year. A
17 charge of three dollars shall be made by the secretary of state for each
18 certificate issued to such agent.
[S. S., '15, § 1920-U15; 39 G. A., ch. 189, §§ 8, 9.]
SEC. 5432-al. Secret agents—failure to disclose interest—penalty.
1 Any individual, not licensed as an agent, who, with intent to se-
2 cure financial gain for himself, advises and procures or assists in pro-
3 curing any person to purchase any securities contemplated by this
4 chapter and who received for such service any commission or reward,
5 without disclosing to the purchaser the fact of his interest shall, in
6 addition to any other penalty, be guilty of a misdemeanor.
[39 G. A., ch. 189, § 5.]
SEC. 5432-a2. Promotion expense—agent's commission.
1 No person, firm, association, company or corporation shall offer
2 for sale, sell or otherwise dispose of, within this state, any securities
3 coming within the provisions of this chapter on which the total pro-
4 motion expense, including all commissions, discount on paper or other
5 expense in marketing such'securities exceeds ten per cent of the selling
6 price thereof ; provided, that any such company organized for the pur-
7 pose of carrying on an industrial business within this state may expend
8 for such purposes not to exceed fifteen per cent of such selling price ;
9 and provided, that in addition there may be paid all charter fees,
10 franchise taxes, permit and certificate fees, attorney fees, and neces-
11 sary expenditures for stationery and supplies. The agent's commission