estate of homestead, if any, have been released or extinguished, or that the transfer or mortgage is intended to be subject thereto, in which case it shall be so stated in the certificate of title.

Provided then [that] when the land has been sold for taxes and a deed has been given and the court has accreed the amount to be paid prior to final registration and such amount has been paid into the hands of the clerk of the court, it shall be the duty of such clerk to issue a certificate showing that the order of the court has been complied with in regard to the payment for such taxes and deed. And said certificate when recorded with the recorder of deeds shall act as a satisfaction in full and an extinguishment of any and all liens created by said tax sale and the giving of said deed.

APPROVED June 25, 1917.

CORPORATIONS.

ANNUAL REPORT TO SECRETARY OF STATE.

§ 1. Amends section 7, Act of 1901.

§ 7. Corporations fail to make report proceedings for dissolution application

for reinstatement-fee.

(HOUSE BILL No. 184. APPROVED JUNE 11, 1917.)

AN ACT to amend an Act entitled, “An Act requiring corporations to make annual report to the Secretary of State, and providing for the cancellation of the articles of incorporation for failure to do so, and to repeal a certain Act therein named," approved May 10, 1901, in force July 1, 1901, and amendments thereto, in force July 1, 1903, by amending section seven (7) thereof.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That an Act entitled, "An Act requiring corporations to make annual report to the Secretary of State, and providing for the cancellation of the articles of incorporation for failure to do so, and to repeal a certain Act therein named," approved May 10, 1901, in force July 1, 1901, and amendments thereto, in force July 1, 1903, be and the same is hereby amended by amending section seven (7) thereof so that said section, when amended, shall read as follows:

§ 7. It is further provided that any corporation which is pursuing an active business under its charter, failing to make said report at the time provided by law, may at any time within one year from such default be reinstated upon the records in the office of the Secretary of State, upon the payment of a fee in the sum of $20 for such reinstatement, and filing in said office an affidavit stating all the facts required in section two of this Act, and in addition thereto the fact that it was at the time of such default, and still is, engaged in active business under its charter: Provided, further, that on or before the first day of July of each year, the Secretary of State shall certify the names of all corporations that have failed to file in the office of the Secretary of State an application for reinstatement within one year from date of default, together with the

facts in relation thereto, to the Attorney General, whose duty it shall be to direct the State's attorney of the county wherein such corporation or corporations are located, and it is hereby made the duty of the State's attorney, under the direction of the Attorney General, at the earliest practicable moment, in the name of the People of the State of Illinois, and at the relation of the Attorney General, to institute proceedings for the dissolution of such corporation or corporations for abandonment and non-user of its charter, and be it further provided, that said certificate from the Secretary of State to the Attorney General shall be taken and received in all courts and places as prima facie evidence of the facts therein stated. Provided, that before instituting suit the State's attorney shall mail to the corporation or corporations at last known address of the corporation, as given in said certificate, a notice of the fact that a suit will be instituted to dissolve said corporation unless an application for reinstatement, accompanied by the fee heretofore mentioned in this. section, is filed in the office of the Secretary of State within thirty days from the date of said notice. It shall be the duty of the Secretary of State upon the filing of said application for reinstatement, accompanied by said fee, by any corporation certified by him to the Attorney General, to notify the State's attorney of the proper county of the fact of the filing of said application for reinstatement. At the expiration of the said thirty days, the State's attorney shall proceed to dissolve any such corporation that has not filed an application for reinstatement, as provided by the provisions of this section. But if it shall appear, upon the hearing, that said corporation is pursuing an active business under its charter, then, upon payment to the Secretary of State of the sum of $50 and all costs that have accumulated in the prosecution of the suit, the charter shall be restored. Otherwise, a decree of dissolution shall be entered against said corporation by an appropriate judgment of the court for abandonment and non-user of its charter.

APPROVED June 11, 1917.

(HOUSE BILL No. 864. FILED JUNE 25, 1917.)

AN ACT to prevent fraud in the sale and disposition of stocks, bonds, or other securities sold or offered for sale within the State of Illinois, by any dealer, firm, company, association or corporation, foreign or domestic, by requiring an inspection of such stocks, bonds, or other securities and an inspection of the business of such persons, firms, companies, associations or corporations, including dealers and agents, and such regulation and supervision of the business of said persons, firms, companies, associations, or corporations, including dealers and agents, as may be necessary to prevent fraud in the sale within the State, of any stocks, bonds, or other securities, and providing penalties for the violation thereof.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That no dealer in stocks, bonds, debentures, or other securities of any kind or character, not exempt in this Act, shall sell or negotiate for sale, invite offers for, or inquiries about such securities, by personal solicitation, letters, circulars or otherwise, for the purpose of making a disposal of any such property for value without first being licensed so to do. That every corporation. co-partnership, or company, and every association formed for any lawful

purpose, now or hereafter organized in this State, whether incorporated. or unincorporated, which shall sell, advertise for, or negotiate for sale. any stocks, bonds, debentures, or other securities of any kind or character, not exempt in this Act, to any person or persons in this State, other than those specifically exempt hereunder, shall be known, for the purposes of this Act, as a domestic investment company; and every corporation, co-partnership, or company and association organized in or under the laws of any other state, territory or government which shall sell, advertise for or negotiate for sale any stocks, bonds, debentures, or other securities of any kind or character, not exempt under this Act, to any person or persons in this State other than those specifically exempt. hereunder, shall be known, for the purpose of this Act, as a foreign investment company, and these, whether foreign or domestic, including any individual engaged now or at any time hereafter in the sale or disposition of bonds, stocks, debentures, and other securities of any kind or character in this State as contemplated by this Act, shall also be known and designated as "dealer."

The Secretary of State of the State of Illinois shall possess and have all necessary powers, and shall perform all the duties which may be required, to properly and efficiently enforce and administer the requirements and provisions of this Act.

§ 2. No dealer or licensee under this Act shall sell or offer for sale, directly or indirectly, any such property for value without first filing in the office of the Secretary of State of this State all lawfully required information concerning the same and the issuer thereof, and no dealer shall sell any securities disapproved or declared fraudulent by the Secretary of State.

§ 3. The provisions of this Act shall not apply to the disposal of securities;

a. To a corporation; or

b. To public sinking fund trustees; or

c. To a licensee under this Act; or

d. Being securities listed or dealt in upon an organized stock exchange or organized curb in this State or in any state or territory of the United States approved therefor by the Secretary of State, or securities senior thereto; or

e. Being bonds of a municipality, government or governmental agency or other public securities; or

f. Whereof actual current sales at prices quoted shall have been from time to time, for not less than one year next preceding the transaction authorized by this clause, published in the tabulated market reports of a daily newspaper of general circulation published in this State or an adjoining state; or

g. Being bonds or notes secured by first mortage lien upon real estate or lesseholds [leaseholds] within this State or within any state or territory of the United States; or

h. Being the stock, notes, or other securities of, belonging to, or pledged to any national bank, or any bank, trust company, or insurance company organized and under the supervision of the Department of

Trade and Commerce, or other department of the State of Illinois, or building and loan association organized and doing business under the laws of this State; or

i. Being bonds, stocks, or other securities of quasi-public corporations, the issue of whose securities is regulated by a public service commission or board of any state or territory of the United States or any foreign government; or

j. Being securities listed in a standard manual or in manuals approved by the Secretary of State of the State of Illinois; or

k. Being stocks, bonds, or other securities sold at judicial, executors, administrators or trustee in bankruptcy's sale.

§ 4. A disposal of one's own property, of any kind named in section 1, for the owner's account exclusively, shall not, of itself, be held to amount to a dealing therein when such disposal

a. Is not made in the course of continuing or repeated transactions of a similar nature by such owner; or,

b. Is made to an incorporator, antecedent, promoter, or one who is already a holder of the fully paid stock of the Illinois corporation issuing the property so disposed of by it; or

c. Being made by the issuer of the property so disposed of, or his transferee, consists of negotiable promissory notes given for full value and for the sole purpose of evidencing or extending the time of payment of the price of goods, wares, or merchandise, purchased or dealt in by such issuer in the ordinary course of his business; commercial paper, or other evidence of indebtedness, running not more than twelve months;

or,

d. Is made to a bank, trust company, insurance company, building and loan association, or to a licensed dealer in said property.

§ 5. Upon the payment of a fee of ten dollars, the license required by this Act shall be issued by the Secretary of State to any applicant (for himself and his specified agents), who shall file in his office:

a. Evidence (to be confirmed or verified by the Secretary of State's investigation as he may deem necessary) establishing the applicant's good business repute, and showing for what length of time and in what capacities the applicant has been engaged in the kind of business sought to be licensed;

b. A statement of the name and of the residence and business addresses of all the persons directly interested, as principals, officers, directors, and as managing or sales agents, in the business for which license is sought, and the nature of the interest of each; a verified statement under oath (where oath is not waived in this Act) by the proper person or officer, duly authorized so to do, showing the actual assets and liabilities of the applicant, certified copies of charter, or articles of incorporation, constitution and by-laws, and such other information touching its affairs and purposes as said Secretary of State may require;

c. A statement of the class or classes of property proposed to be dealt in;