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23 of 1912 - Prohibiting Bucket shops ROLL CALL r1 a • Salt Lake City, Utah,_EI'b.__19, _ 191 2 VOTING Yes No I move that the attached ordi ance be passed. 171 Keyser I VI Korns Lawrence Commissioner ofPublic Sa et _ Morris _.. Mr.Chairman . . . RESULT - I .. AN ORDINANCE . An ordinance to prohibit bucketing and bucket shopping, and t. abolish bucket shops within Salt Lake City. He it ordained by the Board of Commissioners of Salt Lake City, Utah: SECTION 1. The following words and phrases used in this ordi nance shall, unless a different meaning is plainly required by the context, have the following meanings: "Person" shall mean an individual, corporation, pa.rthership o. association, whether acting in his, its or their own right or as the officer, agent, servant, employee, correspondent or represen- tative of another. "Contract" shall mean any agreement, trade, contract or trans action. "Securities" shall mean all evidences of debt or property and options for the purchase or sale thereof, shares in any corporatio. or association, bends, coupons, scrip, rights, ohoses in action, and other evidences of debt or property and options for the puroha:e or sale thereof. "Commodities" shall mean anything movable that is bought and sold. "Bucket Shop" shall mean any room, office, store, building or other place where any contract prohibited by this ordinance is mad. or offered to be made. "Keeper" stall mean any person owning, keeping, managing, operating or promoting a bucket shop, or assisting to keep, manage, operate or promote a bucket shop. "Bucketing" o3' "Bucket Shopping" shall mean: (a) The making of or offering to make any contract respecting the purchase or sale of any securities or commodities, wherein both parties thereto in- tend, or such keeper intends, that such contract shall be, or may be, terminated, closed or settled according to or upon the basis o 2$ • _2_ the public market quotations of prices made on any board of trade or exchange upon which said securities or commodities are dealt in and without any actual or bona fide purchase or sale on such board of trade, exchange or curb; or (b) the making of or offering to ma•e any contract respecting the purchase or sale of any securities or commodities, wherein both parties thereto intend, or such keeper intends, that such contract shall be, or may be deemed terminated, closed or settled when such public market quotations of prices for the securities or commodities named in such contract shall reach a certain figure without a bone fide purchase or sale of the same; o (o) the making of or offering to make any contract respecting the purchase or sale of any securities or commodities, wherein both parties thereto do not intend, or such keeper does not intend, the actual or bona fide receipt or delivery of such securities or com- modities, but do intend, or such keeper does intend, a settlement of such contract based upon the difference in such public market quotations of prices at which said securities or commoditiew are, or are asserted to be bought and sold. SECTION 2. Any person who shall, at or in any bucket shop within Salt Lake City, make or offer to make any contract defined in the preceding section, or who shall, in Salt Lake City, be the keeper of any bucket shop, shall be guilty of a misdemeanor, and, upon conviction thereof, shall be punished by a fine of not more than fifty dollars, or by imprisonment for not more than thirty days, or by both such fine and imprisonment. SrCTION 3. Any person who shall, at or in any bucket shop within Salt Lake City, communicate, receive, exhibit or display in any mariner any statement of quotations of prices of any securities or commodities with an intent to make, or offer to make, or to aid in making, or offering to make any contract prohibited by this ordinance, shall be guilty of a misdemeanor, and, upon conviction thereof, shall be subjected to the penalties provided in Section 2 of this ordinance. -$- SECTION 4. Any person who shall, within Salt Lake City, for the purpose of doing any act prohibited by this ordinance, enter or visit, or be or remain in any room or premises or place used in whole or in part as a place for conducting or carrying on a bucket shop or bucketing or bucket shopping, shall be guilty of a misde- j manor, and, upon conviction thereof, shall be subjected to the penalties provided in 5eption 2 of this ordinance. SECTION S. lny'perOon whO shall, within Salt Lake City, knowingly permit any. house, root, apartment, premises or place owned by him, or under his charge or;eontrol, as lessee or otherwise, to be used in whole or in pet as place for conducting or carrying on a bucket shop or buoMeting a bucket shopping, shall be guilty of a misdemeanor, ant, Upon conviction thereof, shall be subjected , to the penalties provided in.Section 2 of this ordinance. SECTION 6. No person shall be excused from attending and testifying, or producing books, papers and documents, before any court having jurisdiction of the offenses herein defined, upon the ground or for the reason that the testimony or evidence, documentary or otherwise, may tend to incriminate him or subject him to a pen- alty or forfeiture. But no person shall be prosecuted or subjected to any penalty or forfeiture on account of any prosecution, matter or thing concerning which he may produce evidence, documentary or otherwise, before any court as aforesaid. SECTION 7. This ordinance shall take of cot upon 6,Ere first /9/2, Passsd by the Board of Commissioners of Salt Lake City, Utah, this day of February, 1912. y eoor er. 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