451.302 Protective committees, depositaries and solicitors; definitions. Sec. 2. Definitions as used in this act are as follows: (a) The term “commission” means the public trust commission as hereinbefore created. (b) The term “person” or “persons” shall include natural persons, corporations, partnerships, associations, companies, and syndicates. (c) The term “security” or “securities” shall include bonds, […]
451.303 Protective committees, depositaries and solicitors; license applications, fees, hearing, bonds; inactive committee or depositary; names, inspection. Sec. 3. It shall be unlawful for any person to act as a member of a protective committee, as a depositary or as a solicitor in this state for the purpose of procuring the modification and/or amendment and/or […]
451.304 Protective committees, depositaries and solicitors; licenses, non-resident applicants, filing; service of process. Sec. 4. Every applicant for a license who is a non-resident of this state shall file with the application an irrevocable consent that suits and actions arising out of or founded upon any activity of such applicant in this state as a […]
451.305 Protective committees, depositaries and solicitors; licenses, suspension or revocation. Sec. 5. The commission shall have the power to suspend or revoke licenses once issued for any practices on the part of the person licensed partaking of, or actually resulting in, fraud, deception or imposition upon the holders or owners of securities whether or not […]
451.306 Protective committees; statement, contents; application to solicit security holders. Sec. 6. Before any protective committee now in existence or hereafter formed, shall employ solicitors, or itself solicit, the deposit of securities with a depositary under a protective agreement and/or the consent of holders or owners of securities to a protective agreement, it shall file […]
451.307 Protective committees; solicitation of security holders; fraud, conditions, limitation of charges. Sec. 7. The right to solicit the deposit of securities by, and/or the consent to a protective committee agreement of, the holders or owners of securities in this state by protective committees organized after this act goes into effect shall not be granted […]
451.308 Protective committees; notice to issuer of security, objections, hearing. Sec. 8. Before said commission shall authorize a protective committee which is organized after this act goes into effect to solicit, either through its members or its employes, the deposit of securities and/or the consent of holders or owners of securities, it shall cause notice […]
451.309 Protective committees; records and reports. Sec. 9. Every protective committee now in existence or hereafter to be formed shall keep a written record of its meetings, doings and activities and it shall file with the commission at least as often as once each month a written report under oath of its meetings, doings and […]
451.310 Protective committees; authority to take action. Sec. 10. No protective committee, either now in existence or hereafter to be organized, shall take or authorize the taking of any action by suit or otherwise, against the property and/or business with respect to which a security was issued and/or against any person or persons liable or […]
451.311 Public trust commission; investigations, audits and appraisals. Sec. 11. The said commission is authorized and empowered to make investigations, audits, or appraisals relative to or in connection with the property and/or business located in this state with respect to which the security for the protection of which a protective committee has been organized. The […]
451.312 Public trust commission; subpoenas, oaths, records. Sec. 12. The said commission is authorized and empowered to issue subpoenas to compel the attendance of witnesses and to compel the production of books, records and documents in connection with any investigation, hearing, or other matter pending before the board, to issue process to compel such attendance […]
451.313 Public trust commission; investigations; costs; audits and appraisals. Sec. 13. Any person interested in any security in connection with which a protective committee is organized may request the commission to make an investigation, audit, or appraisal and report with respect to the property or business to which the security pertains. However, before any investigation, […]
451.315 Public trust commission; suspension of orders, grounds, procedure. Sec. 15. The commission may temporarily suspend any of its orders when it appears to such commission that the terms of an order have been or are about to be violated but no such suspension order shall be effective for longer than 10 days unless the […]
451.316 Aggrieved parties; action in circuit court. Sec. 16. Any person aggrieved by any order or action of the commission may apply to the circuit court of which such person is a resident or to the circuit court for Ingham county for any relief to which said person shall deem himself entitled, and in said […]
451.317 Fiduciary’s relation to security holders; reports of purchases. Sec. 17. All mortgagors and all persons who are depositaries, solicitors, and members of protective committees shall be deemed to be in a fiduciary relationship to the holders or owners of the securities with respect to which they are mortgagors, depositaries, solicitors, and members of protective […]
451.318 Construction of act; severing clause. Sec. 18. The provisions of this act shall be liberally construed to the end that the purposes thereof may be accomplished by preventing fraud, deception and damage on holders or owners of securities. Should any section or clause of this act be declared invalid by any court of last […]
451.318a Bonds; exception from act; securities exempt from blue sky law and mortgage tax act. Sec. 18a. The provisions of this act shall not be construed to apply to the bonds and other obligations issued by the United States government, by any state of the United States, or by any political subdivision thereof, or by […]
451.319 Violation of act; penalty. Sec. 19. Any person violating any of the provisions of sections 3, 5, 6, 9, 10 and 17 shall be punished by a fine of not less than 500 dollars nor more than 5,000 dollars, together with costs of prosecution, or by imprisonment in the Michigan reformatory at Ionia, state […]
