Complete Corporation Service IN ADDITION TO THE PUBLICATION OF THE MANUAL OF By LEONARD L. COWAN This Company renders the following services for corporations and their counsel in All States: Organization and re-organization of corporations; Preparation and presentation of applications for permits to sell securities under securities laws; Preparation of all State and Federal reports; Annual service to corporations in notification of all reports required to be filed and the payment of all taxes, and such other details as are required for the maintenance of their corporate existence. Maintains representatives and statutory offices in all States. Corporation Maintenance & Service Co. 10 SOUTH LA SALLE STREET CHICAGO, ILL. SECURITIES LAWS OF THE UNITED STATES CONTAINING The Complete Securities (Blue Sky) Laws of all of the States arranged under series of charts showing classes of securities embraced within such laws and those exempted; rulings of Attorneys-General and of the various Departments and a reproduction of forms used by the various Departments BY LEONARD L. COWAN OF THE CHICAGO BAR PUBLISHED BY CORPORATION MAINTENANCE & SERVICE CO. CHICAGO, ILLINOIS 1923 INTRODUCTION E FFECTIVE September 1, 1923, every State excepting Delaware and Nevada will have in force laws regulating the sale of securities commonly known as "Blue Sky Laws." The first law of this character was enacted by the Kansas Legislature in 1911 and since then other States from time to time have recognized the need for this type of legislation. Originally such laws were enacted to regulate the sale of speculative securities only. Gradually they have been extended to apply to the offering of other securities and the powers of the administrating departments have been so increased that practically every corporation issuing any form of security is now subject to the provisions of these laws. The evils intended to be corrected and local conditions are so varied that little progress has been made in the enactment of uniform legislation of this character. There are now forty-six laws regulating the sale of securities, no two of which are identical, and in many cases are so at variance and conflicting that lawyers, investment bankers and executives of corporations find it almost impossible to secure needed information quickly. As a result of a number of years' experience in the active practice of corporation law and matters pertaining to corporate finance, the need for a volume which would classify these laws and simplify the means of securing information became more and more evident. At the solicitation of a number of investment bankers and lawyers, I have undertaken to meet this need by arranging this volume in such form as to give the text of the laws as enacted and at the same time furnish a means of quickly securing the same relative information for all States. At the present writing, there is no one volume which contains the decisions or a digest of all the reported cases on the subject. In this volume every reported case involving the interpretation or application of a Securities Law has been cited. For assistance rendered by the departments of the various States and by my associate, George D. Kimball, I acknowledge sincere thanks. Chicago, Illinois, August 1, 1923. LEONARD L. COWAN |