Chapter 233. To amend an Act entitled “An Act to establish a Code of Law for the District of Columbia,” relative to gambling, bucket shops, and bucketing
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CHAP. 233.— An Act To amend an Act entitled “An Act to establish a Code of Law for the District of Columbia,” relative to gambling, bucket shops, and bucketing. March 1, 1909..[[H. R. 20111](/us/bill/70/hr/20111).][[Public. No. 291](/us/pl/70/291)].] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That section eight hundredDistrict of Columbia Code amendmentsGambling.Vol. 31. p. 1381, amended. and sixty-nine of the Act of Congress entitled “An Act to establish a Code of Law for the District of Columbia,” approved March third, nineteen hundred and one, be, and is hereby, amended by adding sections eight hundred and sixty-nine a, eight hundred and sixty-nine b, eight hundred and sixty-nine c, and eight hundred and sixty-nine d, so as to read as follows:
“Sec. 869. a. An Act to Prohibit Bucketing and Bucket Shoppingbucket shops, etc., prohibited.Definitions. And to Abolish Bucket Shops.—The following words and phrases used in this Act shall, unless a different meaning is plainly required by the context, have the following meanings: “‘Person’ shall mean an individual, partnership, corporation, or“Person.” association, whether acting in his or their own right or as the officer, agent, servant, correspondent, or representative of another.
“‘Contract’ shall mean any agreement, trade, or transaction.“Contract.” “‘Securities’ shall mean all evidences of debt or property and“Securities.” options for the purchase and sale thereof, shares in any corporation or association, bonds, coupons, scrip, rights, choses in action, and other evidences of debt or property and options for the purchase or sale thereof. “‘Commodities’ shall mean anything movable that is bought and“Commodities. ’ sold. “‘ Bucket shop’ shall mean any room, office, store, building, or other“Bucket shop.” place where any contract prohibited by this Act is made or offered to be made.
“‘Keeper’ shall mean any person owning, keeping, managing, operating,“Keeper.” or promoting a bucket shop, or assisting to keep, manage, operate, or promote a bucket shop. “‘ Bucketing’ or ‘bucket shopping’ shall mean:
(a)The making of“Bucketing,” “bucket shopping.” or offering to make any contract respecting the purchase or sale, 671 either upon credit or upon margin, of any securities or commodities wherein both parties thereto intend, or such keeper intends, that such contract shall be, or may be, terminated, closed, or settled according to or upon the basis of 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 a bona fide purchase or sale of the same; or
(b)the making of or offering to make any contract respecting the purchase or sale, either upon credit or upon margin, of any securities or commodities, wherein noth parties 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 bona fide purchase or sale of the same: or
(c)the making of or offering to make any contract respecting the purchase or sale, either upon credit or upon margin, of any securities or commodities wherein both parties do not intend, or such keeper does not intend, the actual or bona fide receipt or delivery of such securities or commodities, but do intend, or such keeper does intend, a settlement of such contract based upon the differences in such public market quotations of prices at which said securities or commodities are or are asserted to be bought and sold. “Sec. 869. b. Any person who makes or offers to make any contractPunishment for violations. defined in the preceding section, or who is the keeper of any bucket shop, shall, upon conviction thereof, be punished by a fine not exceeding one thousand dollars or by imprisonment for not more than one year. Any person who shall be convicted of a second offense shall beSecond offense. punished by imprisonment for not more than five years. The continuing of the keeping of a bucket shop by any person after the first conviction therefor shall be deemed a second offense under this Act. If a domestic corporation shall be convicted of a second offense, theDomestic corporations. supreme court of the District of Columbia shall have jurisdiction, upon an information in equity in the name of the United States district attorney for the District of Columbia, on the relation of the Commissioners of the District of Columbia, to dissolve the corporation; and if a foreign corporation shall be convicted of a secondForeign corporations. offense, the supreme court of the District of Columbia shall have jurisdiction, in the same manner, to restrain the corporation from doing business in the District of Columbia. “Sec. 869. c. Any person who shall communicate, receive, exhibit,Punishment for displaying quotations, etc. or display in any manner 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 Act, upon conviction thereof shall be subject to the penalties provided in the preceding section. “Sec. 869. d. Every person shall furnish, upon demand, to any customerInformation to customer of actual sales. or principal for whom such person has executed any order for the actual purchase or sale of any securities or commodities, either for immediate or future delivery, a written statement, containing the names of the persons from whom such property was bought or to whom it has been sold, as the fact may be, the time when, place where, and the price at which the same was either bought or sold; and if such person shall refuse or neglect to furnish such statement withinEffect of refusal. twenty-four hours after such demand such refusal or neglect shall be prima facie evidence that such purchase or sale was bucketing or ucket shopping within the terms of this Act.” Approved, March 1, 1909.