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district, not included within the boundaries of any incorporated city or town, or of the electors of any portion of a supervisorial district not included within the boundaries of any incorporated city or town, any question or proposition as to the prohibition or permitting of the manufacture or the sale or the licensing or non-licensing of the sale of intoxicating liquors in any such incorporated city or town or supervisorial district, or portion of a supervisorial district. And whenever any election shall be hereafter held in the state at large at which there shall be submitted to the votes of the electors any such question or proposition as last mentioned, no other or further election upon any such question or proposition shall be held for a period of eight years after such last mentioned election. Subdivision second: If, at the

said general election held in the year 1914, a majority of the votes cast shall be or were against the proposed amendment so submitted, each and every incorporated city and town and each and every supervisorial district not included within the boundaries of any incorporated city or town, and each and every portion of a supervisorial district not included within the boundaries of any incorporated city or town, in which incorporated city or town or supervisorial district, or portion of a supervisorial district, a majority of the votes cast shall be found upon a canvass thereof to have been against the said proposed amendment, shall be deemed and considered and held to be "license territory” (meaning by the words "license territory” territory within which licenses for the sale of intoxicating liquors may be granted or the granting of licenses therefor may be authorized by the governing or legislative body having legislative authority or jurisdiction in or over such incorporated city or town or supervisorial district, or portion of a supervisorial district), and each and every incorporated city and town and each and every supervisorial district or portion of a supervisorial district not included within the boundaries of any incorporated city or town, in which incorporated city or town or supervisorial district, or portion of a supervisorial district, a majority of the votes cast shall be found upon a canvass thereof to have been in favor of the said proposed amendment, shall be deemed and considered and held to be “non-license territory," and no license for the sale or authorizing the sale of intoxicating liquors within such non-license territory shall be granted or authorized.

Subdivision third: Whenever any election shall be held hereafter throughout the state at large at which there shall be submitted to the votes of the electors any question or proposition as to whether the manufacture and sale (or either), of intoxicating liquors shall be prohibited throughout the state, or whether the same shall be licensed or shall not be licensed, and a majority of the votes cast at such election shall be against the prohibition thereof, or in favor of the licensing thereof, each and every incorporated city and town and each and every supervisorial district not included within the boundaries of any incorporated city or town, and each and every portion of a supervisorial district not included within the boundaries of any incorporated city or town, in which incorporated city or town or supervisorial district, or portion of a supervisorial district, a majority of the votes cast shall be found upon a canvass thereof to have been against such prohibition, or in favor of the licensing of such manufacture or sale of intoxicating liquors, shall be deemed and held and considered to be

license territory, as defined in subdivision second of this section 13, and each and every incorporated city and town and each and every supervisorial district, or portion of a supervisorial district not included within the boundaries of any incorporated city or town, in which incorporated city or town, or supervisorial district, or portion of a supervisorial district, a majority of the votes cast shall be found upon a canvass thereof to have been in favor of the prohibition of such manufacture and sale of intoxicating liquors, and against the licensing thereof, shall be deemed and considered and shall be held to be “non-license territory,” and no license for the sale or authorizing the sale of intoxicating liquors within such non-license territory shall be granted or authorized.

Subdivision fourth: Whenever pursuant to any law now existing or hereafter enacted, relating to local option, or pursuant to the provisions of the charter of any county, city and county, city, or town, any election shall hereafter be held in any county, city and county, city or town, or supervisorial district not included within the boundaries of any incorporated city or town, or portion of a supervisorial district not included within the boundaries of any incorporated city or town, upon the question of prohibiting or permitting the manufacture or the sale or the licensing or non-licensing of the manufacture and sale (or either), of intoxicating liquors therein, no other or further election shall be held upon such question in such county, city and county, city or town, supervisorial district or portion of supervisorial district, for a period of eight years thereafter, and whenever any such election as in this subdivision mentioned shall be held hereafter, each county, city and county, city or town, supervisorial district or portion of supervisorial district, in which upon a canvass of the votes it shall be found that a majority of the votes cast shall be or shall have been against such prohibition or in favor of the licensing of the manufacture or sale of intoxicating liquors, shall be deemed and held and considered to be "license territory” within which licenses for the sale of intoxicating liquors may be granted or the granting of licenses therefor may be authorized by the governing or legislative body having legislative authority or jurisdiction in or over such territory, and each and every county, city and county, or incorporated city or town, or supervisorial district not included within the boundaries of any incorporated city or town, or portion of a supervisorial district not included within the boundaries of any incorporated city or town, in which, upon a canvass of the votes, it shall be found that a majority of the votes cast shall be or shall have been in favor of prohibiting the manufacture or sale of intoxicating liquors or against the licensing thereof, shall be deemed and held and considered to be “non-license territory," and no license for the sale, or authorizing the sale, of intoxicating liquors within such non-license territory, shall be granted or authorized. Subdivision fifth: The

proper governing or legislative body having legislative authority or jurisdiction over any county, city and county, incorporated city or town, or supervisorial district or portion of a supervisorial district, as the case may be, shall have authority to enforce by laws or ordinances and penalties for the violation thereof, the prohibition of the manufacture, sale, or giving away of intoxicating liquors in non-license territory, and shall also have authority to regulate the manufacture and sale of intoxicating liquors in license territory and the granting and issuance of licenses therein.

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ARGUMENT IN FAVOR OF AMENDMENT REGULATING PROHIBITION ELECTIONS.

This amendment is of vital interest to every voter, and especially every taxpayer, whether "wet" or "dry.”

Without stopping, or hindering, any real temperance or anti-saloon work, this amendment will regulate the holding of liquor elections so that the same results may be accomplished, but without continually engendering strife and bitter feeling in peaceful communities, without demoralizing other business interests, and without imposing the grievous burden on taxpayers inflicted by the present system.

First—The amendment provides that, beginning with the election to be held on November 3, 1914, the period between liquor elections of any kind shall be eight years. The taxpayers have paid for three hundred liquor elections in the last three years. This amendment will give the state a chance to adjust itself and will relieve the taxpayers of any more such expense for eight years.

SecondIt restores local authority to communities where it has been taken away; that is, any city, or supervisorial district outside of an incorporated city, which votes against statewide prohibition in November, will thereby regain the right to handle its own liquor question as it pleases without holding an election.

Third-It provides that any city, or supervisorial district outside of an incorporated city, which votes in favor of state-wide prohibition will thereby become “no-license” territory for eight years. The amendment does not take

away, interfere with, any of the police powers delegated by the state constitution to the governing or licensing body of any political subdivision of the state.

It does not take the control of the liquor traffic out of the hands of the people. The power of the city or county authorities, or of the state legislature, to regulate the sale of liquor where licensed, or to abolish it entirely at any time, is not affected in any way whatEver.

It does not hinder the work of any temperance organization but merely regulates their work 80 that taxpayers will have to pay for liquor elections only at reasonable intervals. It does not make any new wet territory.

It does not prevent any wet territory from going dry.

It does not repeal, or compel the repeal, of any dry ordinance of any kind whatever.

It does not compel any one to vote for statewide prohibition to keep saloons out of the local community. Every voter may vote against state-wide prohibition without making one change in the present wet or dry territory.

Every voter, whether "wet" or "dry,” should vote for this amendment because it is in line with the rising sentiment of the people against continual agitation of any kind that demoralizes business conditions and causes hard times.

While still retaining the power, through your legislative body, to establish license fees and regulations for the sale of liquor where permitted by law, or to abolish it entirely, you, Mr. Voter, and you, Mr. Taxpayer, now have an opportunity to secure a breathing spell and to help to restore peace and prosperity. Vote "Yes."

FRANK G. RONEY, Grand Recorder, Grand Lodge Knights of the

Royal Arch.

ARGUMENT AGAINST AMENDMENT REGU.

LATING PROHIBITION ELECTIONS. This amendment is unfair and misleading. It seeks to disfranchise the people by making a vote on one issue settle an entirely different matter. There are voters who favor local prohibition, but who are opposed to state-wide prohibition. Under this amendment they could not choose between the two. To preserve or obtain local prohibition they would have to vote for state-wide prohibition. Then there are voters opposed to saloons, and yet not in favor of absolute prohibition, either local or statewide. Under this amendment they could not vote for anything except absolute prohibition.

Under the pretense of preventing frequent elections, this amendment would repeal all existing laws and ordinances touching the liquor question. If it were adopted, the state legislature would have no power to either prohibit or regulate the liquor traffic. Subdivision 5 puts such power exclusively in the hands of local legislative bodies; and even they could not prohibit the traffic in "license territory”'; they could only "regulate” it. This would mean that liquor could be sold on election days, and to Indians, minors and drunkards, unless prohibited by local ordinance; also that saloons could be established as close to universities, prisons, soldiers' homes, and other state institutions as local governing bodies would permit.

Under this amendment "license territory” would mean every city or supervisorial district which gives a majority against state-wide prohibition on November 3d. Such a vote would repeal all existing charter provisions and ordinances touching the liquor traffic, would forbid the people or their representatives from prohibiting that traffic for eight years thereafter, and would make mandatory a policy of “regulation.” Not only would this be an unwarranted interference with the long established rights of California cities, but it would be an interference based on deception, as the amendment does not show on its face what is concealed beneath its legal verbiage.

This amendment is vicious because while pretending to give the people power to adopt local prohibition, it really takes that power from them. It provides that no license or au rity to sell intoxicating liquors shall be granted in "non-license territory,” but it does not prohibit or make unlawful the selling of such liquors therein. Ohio has had experience with this kind of constitutional provision. The supreme court there held that prohibiting licenses does not prohibit the sale of liquor. (Adler vs. Whitbeck, 44 Ohio St. 539.) Hence saloons flourished legally, though without licenses, in Ohio. They could do the same in California. Under this amendment, the people's vote against license would not insure prohibition of the traffic, but would leave that wholly with the local officials. They might either prohibit or permit the sale of liquor in territory which had voted dry. On the other hand, if a majority voted for license this vote would be mandatory, and neither the people nor their local officials could banish saloons from that territory for eight years thereafter. This is grossly one-sided and would be an intolerable interference with local rights. Vote "No."

D. M. GANDIER, State Superintendent Central and Northern Cali

fornia Anti-Saloon League.

REGULATING INVESTMENT COMPANIES. Initiative act authorizing governer to appoint auditor of investments empowered to emplo, deputies and fix their compensation, defining investment companies, authorizing examination thereo by auditor and judicial investigation of their practices, defining securities and prohibiting sal thereof to public, or taking subscriptions therefor, by such companies before filing with audito their financial statement and description of security, excepting from act certain companies and individuals, securities thereof and certain installment securities, regulating advertisements and circulars regarding securities, creating fund from official fees for salaries and expenses under act repeals all laws on subject adopted heretofore or concurrently herewith.

The electors of the State of California hereby either for an investment company or for ar present this petition to the secretary of state

investment broker. of said state, and hereby propose for submis

(e) The term sale, when used in this act sion to, and for approval of or rejection by, the

means the original transfer of title of its own

securities from an investment company for a qualified voters of said state, the following pro

valuable considera tion. posed law for said state, which proposed law is

Sec. 3. This act shall not apply to corporahereby and herein set forth in full in this

tions, associations, co-partnerships, companies. petition, and the following is the full title and firms or individuals when they are subject to text of the said proposed measure:

the jurisdiction or authority of the railroad An act to define investment companies, invest

commission, nor to corporations, associations, ment brokers, and agents; to provide for

co-partnerships, companies, firms or individuals the regulation and supervision thereof; to

after they have secured from the state banking provide penalties for the violation thereof;

department, the insurance commissioner or the

bureau of building and loan supervision a cer. to create the office of auditor of invest

tificate of authority or license to do business ments, and to make an appropriation there

within this state, nor to corporations, associafor; and to provide that the provisions of this act shall constitute the entire and only

tions, co-partnerships or companies, subject to law of this state upon or relating to the

federal regulation, nor to those not organized subject matter or matters dealt with in or

for profit, nor to mutual water companies, nor by this act, and that it shall operate as a

to irrigation districts, nor to municipal corporacomplete substitute for, and shall be deemed

tions, nor to the stocks, stock certificates, bonds to be amenda tory of all other provisions of

or other evidences .of indebtedness of such coror in any and all other laws of this state

porations, associations, co-partnerships, comrelating to such subject matter or matters,

panies, firms or individuals, nor to the securities

described or referred to in section 635-a of the whether heretofore existing, or approved or

Political Code. adopted prior to or concurrently with the adoption or approval of this act, and that

Sec. 4. (a) Before selling, offering for sale, the office of commissioner of corporations

negotiating for the sale of, or taking subscripshall not exist in this state.

tions for any security defined in this act, each

investment company shall file in the office of The people of the State of California do enact

the auditor of investments of this state, together as follows:

with a filing fee, as hereinafter provided, an Section 1. This act shall be known as the itemized statement setting forth the name of Investors' Protective Act of California.

the investment company; its principal place of Sec. 2. (a) The term investment company,

business; the amount and character of its when used in this act, includes every corpora

assets; the amount and character of its obligation, association, co-partnership and company, tions; and the names of its officers and of its which shall, within this state, sell, offer for directors or trustees, or the names of its partsale, negotiate for the sale of, or take subscrip- ners, if it be a co-partnership.

The above detions for any stock, stock certificate, bond or scribed statements shall be verified by the oath other evidence of indebtedness of any kind or of a member of the co-partnership or company, character, issued or to be issued by itself, other if it be a co-partnership or company, or by the than promissory notes not offered to the public oath of a duly authorized officer thereof, if it be by the maker thereof.

an incorporated or an unincorporated association. (b) The term security, when used in this act, Also, there shall be filed, together with said includes the stock, stock certificates, bonds, and statement, a copy of all forms of securities other evidences of indebtedness, other than which such investment company proposes to promissory notes not offered to the public by sell to the public, a certified copy of its char. the maker thereof, of an investment company. ter, articles of incorporation

(c) The term investment broker, when used association and all amendments thereto, and in this act, includes every corporation, associa- a certified copy of its by-laws and all amendtion, co-partnership, company and person who ments thereto. Said filing fee shall be five shall, within this state, engage in the business dollars, if the par or face value of said securiof selling, offering for sale or negotiating for ties amount to twenty-five thousand dollars the sale of, the securities of investment com- or less; ten dollars if the par or face value panies.

of said securities amount to over twenty-five (d) The term agent, when used in this act, thousand dollars and not over fifty thousand includes every corporation, association, co-part- dollars; fifteen dollars if the par or face value nership, company and person who shall, within of said securities amount to over fifty thou. this state, sell, offer for sale, negotiate for the sand dollars and not over seventy-five thousand sale of, or take subscriptions for any security dollars; twenty dollars if the par or face value of an investment company, as an employee on of said securities amount to over seventy-five a salaried basis or for a commission, if acting thousand dollars and not over

or articles of

one hundred

thousand dollars; and twenty-five dollars if the par or face value of said securities amount to over one hundred thousand dollars.

(b) If an investment company desire not to sell its securities to the public the auditor of inrestments shall file a written finding to that effect. Upon the filing of said finding the investment company and its securities shall be exempt from the provisions of this act unless said investment company shall sell its securities to the publie, whereupon the auditor of investments shall make and file an order setting aside said finding.

(c) Also, if such investment company be organized or created under or by virtue of the laws of any other state, territory or government, it shall file in the office of the auditor of investments, a certified copy of the statute or statutes or legislative or executive or governmental act or acts creating it, in cases where it has been created by statute or legislative or executive or governmental act, said copy to be duly certified by the official authorized by the law of the jurisdiction under which said corporation is formed to certify such copy; also such investment company shall file in the office of the auditor of investments its written instrument, irrevocable, appointing the auditor of investments its true and lawful attorney, upon whom all process in any action or proceeding against it may be served with the same effect as if said company were organized or created under the laws of this state and had been lawfully served with process therein. Seryice upon said attorney shall be deemed personal service upon such company.

The auditor of investments shall forthwith forward by mail, postage prepaid, to the person designated by such company by written instrument filed with the auditor of investments, to the address given in said instrument, or, in case no such instrument has been filed, to the secretary of such company at its latest known post office address, a copy of every process served upon him under the provisions of this section. For each copy of process, the auditor of investments shall collect the sum of two dollars, which shall be paid by the plaintiff or moving party at the time of such service, to be recovered by him as part of his costs, if he succeed in the suit or proceeding. Service shall be deemed not complete until said fee has been paid, and said copy of process mailed as herein before directed.

Sec. 5. It shall be the duty of the auditor of investments to examine the statement and other information so filed, and, if it appear to said auditor of investments from said statements that said company be in an unsafe or in an insolvent condition, to make, or to have made, at the cost of said company as hereinafter provided, a detailed examination, audit and investigation of the investment company's affairs. Such investment company shall pay to the auditor of investments, for each examination, traveling expenses, and a fee of ten dollars for each day or fraction thereof that he or his deputy shall necessarily be absent from his office for the purpose of making such examination, and failure or refusal of any investment company to pay such fee upon demand of the auditor of investments shall work a forfeiture of its rights to sell any further securities in this state until such fee shall have been paid to the auditor of investments, with interest at the rate of seven per cent. per annum from the time of the demand of the auditor of investments and an additional twenty-five per cent. of such fee by way of penalty. If the auditor of investments, upon such examination, find said investment company to be violating the provisions of its charter or of the laws of this state pro

vided for its government, or to be conducting its business in an unsafe or in an unauthorized manner, he may, by an order addressed to the said investment company 30 offending, direct a discontinuance of such violations or unsafe practices and a conformity with all the requirements of law; and if such investment company refuse or neglect to comply with such order within the time specified therein; or if it appear to the auditor of investments, at any time, that any such investment company is in an unsafe condition, or is conducting its business in an unsafe manner, so as to render its further proceeding hazardous to the public or to those having funds in its custody, he shall notify the attorney general of the State of California of such facts and shall furnish to him a statement showing the condition of such investment company, as the same may have been found by him to exist ; at the same time he shall notify the officers of such investment company of the fact of such notification having been given and of such statement having been furnished and direct them to cease the transaction of new business, and to hold all moneys, securities and property intact, pending the action of the attorney general on such report. The attorney general shall thereupon apply to the superior court of the county in which said investment company has its principal place of business to issue a mandamus pending such action on his part requiring compliance with said instructions of said auditor or to issue an injunction restraining it, in whole or in part, from further proceeding with its business until a hearing shall be had. Such court may, upon such application, issue such mandamus or injunction in whole or in part, and after a full hearing, it may dissolve it or it may modify it, or it may make it perpetual, and it may make such orders and such decrees according to the course of proceedings in equity to restrain or to prohibit the further prosecution of business by such investment company as may be needful in the premises ; and it may appoint one or more receivers to take possession of the property and of the effects of such investment company, subject to such directions as may from time to time be prescribed by the court; or it may, by its decree, order and direct that, in lieu of the appointment of a receiver, the business and affairs of such investment company be liquidated by a board of trustees equal in number to its board of directors, or partners, if it be a co-partnership, said board of trustees to be elected by the stockholders, or partners, if it be a co-partnership, at a meeting thereof, to be called for such purpose and to be held within two weeks after the first Monday succeeding the date of such order and decree; such meeting to be called and to be held on the order of the auditor of investments, who shall be present and who shall preside thereat until such election shall be had; whereupon he shall report the result to the proper court, and thereupon the term of office of the existing board of directors and of all the officers, or partners, if it be a co-partnership, of such investment company shall cease and shall determine.

Sec. 6. The provisions of sections four and five of this act, in so far as applicable, shall apply to investment brokers.

Sec. 7. It shall be unlawful for any investment company, investment broker or agent to issue, to circulate or to deliver any advertisement, pamphlet, prospectus, circular or statement or other similar document in regard to securities which are to be sold in this state unless the same shall be signed with the name of the investment company or of the investment broker

and shall bear a serial number, and a copy thereof first shall have been filed with the auditor of investments. The auditor of investments may for cause object to any such advertisement, pamphlet, prospectus, circular, statement or other similar document, whereupon it shall be unlawful for any such investment company, investment broker or agent further to circulate or to deliver such advertisement, pamphlet, prospectus, circular, statement or other similar document.

Sec. 8. (a) Every investment company shall file in the office of the auditor of investments, under date of December 31st and of June 30th of each year, and within fifteen days after said dates, respectively, a report setting forth the name of the company; its principal place of business; the amount and character of its assets; the amount and character of its obligations; and the names of its officers and of its directors or trustees or partners, if it be a co-partnership, together with a copy of all amendments to its charter, articles of incorporation, or articles of association, or by-laws which may have been made subsequent to the filing of its latest prior statement. The above described statements shall be verified by the oath of a member of the co-partnership or company, if it be a co-partnership or company, or by the oath of a duly authorized officer thereof, if it be an incorporated or an unincorporated association.

(b) Also, at the time of filing such statement every investment company shall publish a condensed statement of its financial condition, at least once, in a newspaper of general circulation, published in the city or town where the principal place of business of such investment company is located, and if no newspaper be published in the place designated as the principal place of business of such investment company then the publication may be made in some other newspaper published in the county, if there be one, and if there be none, then in a newspaper published in an adjoining county of this state. Said statement shall contain such items as shall show the actual financial condition of such investment company, and shall be verified.

Sec. 9. All papers, documents, reports and other instruments in writing filed with the auditor of investments under this act shall be open to public inspection; provided that, if in his judgment the public welfare or the welfare of any investment company demand that any portion of such information be not made public the auditor of investments may withhold such information from public inspection for such time as in his judgment be wise.

Sec. 10. Any person who knowingly or wilfully shall subscribe to or shall make or shall cause to be made any false statement or false entry in any book of any investment company or of any investment broker, or who shall exhibit any false paper with the intention of deceiving any person authorized to examine into such affairs, or who knowingly or wilfully shall make or publish any false or any misleading statement of financial conditions or concerning securities offered for sale, shall be guilty of a misdemeanor and shall be punishable by a fine not to exceed one thousand dollars or by imprisonment in a county jail not to exceed one year or by both such fine and by such imprisonment.

Sec. 11. Any person, corporation, association, co-partnership or company which shall violate or which shall fail to comply with any of the provisions of this act shall be subject to a penalty of not less than five hundred dollars nor more than two thousand dollars for each and every offense, which penalty if unpaid after demand by the auditor of investments shall be recovered in an action brought in the name of the people of the State of California by the attorney general of said state.

Sec. 12. There is hereby created the office of auditor of investments. The auditor of investments shall be appointed by the governor and he shall hold office at the pleasure of the governor. He shall receive a monthly salary at the rate of six thousand dollars a year to be paid from the state treasury upon a warrant of the controller. He shall within fifteen days from the time of notice of his appointment take and subscribe to the constitutional oath of office and file the same in the office of the secretary of state and he shall execute to the people of the state a bond in the penal sum of twelve thousand dollars with corporate security two

more sureties, to be approved by the governor of the state, for the faithful discharge of the duties of his office.

Sec. 13. The auditor of investments shall employ such clerks and such deputies as he may need to discharge in proper manner the duties imposed upon him by law. Neither the auditor of investments nor any of his clerks nor deputies shall be interested in any investment company, or investment broker, as director, stockholder, officer, member, agent or employee. Such clerks and deputies shall perform such duties as the auditor of investments shall assign to them. The auditor of investments shall fix the compensation of such clerks and deputies; which compensation shall be paid monthly from the treasury of the state upon the certificates of the auditor of investments and upon the warrants of the controller; provided, however, that the total expenditure provided for in this act shall not exceed the sum of thirty thousand dollars a year. Each deputy within fifteen days after his appointment shall take and shall subscribe to the constitutional oath of office and shall file the same in the office of the secretary of state.

Sec. 14. The auditor of investments shall have his office in the city of Sacramento and he shall from time to time obtain the necessary furniture, stationery, fuel, light and other proper conveniences for the transaction of his business, the expenses of which shall be paid out of the state treasury on the certificate of the auditor of investments and the warrant of the controller.

Sec. 15. A fund is hereby created to be known as the investment auditor's fund and out of said fund shall be paid all the expenses incurred in and about the conduct of the business of the auditor of investments, including the salary of the auditor of investments and of his clerks and of his deputies, traveling expenses, furniture and rent.

All moneys collected or received by the auditor of investments under and by virtue of the provisions of this act shall be delivered by him to the treasurer of the state, who shall deposit the same to the credit of said investment auditor's fund. All such fund so deposited or such part thereof as may be necessary for the purposes of this act hereby are appropriated to the use of the auditor of investments for the purposes of this act. It shall be the duty of the auditor of investments semi-annually to certify under oath to the state treasurer and to the secretary of state the total amount of receipts and of expenditures of the auditor's investment fund for the six months preceding. All fees and payments of every description required by this act to be paid to the auditor of investments shall be paid by him to the state treasurer on the first day of each month following their receipt by the auditor of investments.

Sec. 16. The auditor of investments shall adopt a seal bearing the words Auditor of Investments, State of California, and such other device as the auditor of investments may desire, by which he shall authenticate the proceedings of his office. Certified copies of all records and papers in the office of the auditor of investments shall be received as evidence in all cases equally and with like effect as originals.

The auditor of investments shall charge customary fees for certifying to copies of papers filed in his office.

Sec. 17. Any investment company, investment broker or agent complying with the requirements of this act may sell securities or perform any other act permitted under the provisions hereof.

Sec. 18. The office of commissioner of corporations shall not exist in this state.

Sec. 19. If any section, sub-section, sentence, clause or phrase of this act be, for any reason, held unconstitutional, such decision shall not affect the validity of the remaining parts of this act.

Sec. 20. All acts and parts of acts inconsistent with the provisions of this act are hereby repealed. Sec. 21.

sum of ten thousand dollars is hereby appropriated from any moneys in the state treasury not otherwise appropriated for the purpose of putting this act into effect.

Sec. 22. The provisions of this act shall constitute the entire and only law of this state upon or relating to the subject matter or matters dealt with in or by this act, and they shall operate as a complete substitute for, and shall be deemed to be amendatory of all other provisions of or in any and all other laws of this state relating to such subject matter or matters, whether heretofore existing, or approved or adopted prior to or concurrently with the adoption or approval of this act.

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