§ 7316. Keeping bucket-shop.

295 words·~1 min read·/pa/title-18/chapter-73/7316

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Offense defined.-- A person is guilty of a misdemeanor of the third degree if he keeps, or causes to be kept, any bucket-shop, or assists in the keeping of any bucket-shop.

(b)Corporate penalty.-- If a corporation is convicted, its charter shall be forfeited by a proceeding in quo warranto, instituted either at the relation of the Attorney General or the district attorney.

(c)Second offense.-- The continuance of the establishment after the first conviction shall be deemed a second offense.

(d)Evidence required.-- It shall not be necessary, in order to convict any person of keeping a bucket-shop, or causing one to be kept, to show that such person has entered into any contract, agreement, trade, or transaction of the nature of a "bucket-shop" as defined in this section; but it shall be sufficient to show that such person has offered to make such a contract, agreement, trade, or transaction, whether the contract, agreement, trade, or transaction was accepted or not. Proof of a single instance wherein any person or another on his behalf, has made or offered to make any such contract, agreement, trade, or transaction, shall be conclusive that the place wherein the same was made is a bucket-shop.

(e)Definition.-- As used in this section "bucket-shop" means a place where contracts, agreements, trades, or transactions respecting the sale or purchase of stocks, bonds, securities, grains, provisions or other commodities are made or offered to be made, to be closed, adjusted or settled upon the basis of public market quotations on a board of trade or exchange, but without a bona fide transaction on such board of trade or exchange.

18c7316v

Cross References. Section 7316 is referred to in sections 7317, 7318, 7319 of this title.

18c7317s