Creates state corporation department. Authorizes governor to appoint commissioner of corporations who shall employ necessary deputies, fix their compensation, have control over investment companies and investment brokers and power of examination thereof as in state banks; prohibits issuance of securities before investigation by commissioner, regulates issuance and sale thereof, taking subscriptions therefor, advertisements and circulars respecting same: creates fund from official fees and declares salaries and expenses payable therefrom; provides for broker's permit and agent's certificate, reports by companies and broker, appeal to court from commissioner's decision, and penalties for violations.
Popular Vote Results
Y: 343805; A: 54.4; N: 288084; B: 45.6
Lee C. Gates, State Senator Thirty-fourth District
Francis V. Keesling
INVESTMENT COMPANIES ACT California Proposition 28 (1914).