have appointed the commissioner its attorney, as provided in section three of this act, and in any action or proceeding commenced or prosecuted in this state, arising out of or founded upon the actual fraud of any corporation or association which shall have appointed the commissioner its attorney, as provided in section five of this act, service of process may be made upon the commissioner. In any such case, the commissioner shall forthwith forward by mail, postage prepaid, to the person designated by such corporation or association by an instrument in writing duly executed by it and filed with the commissioner, at the address stated in such instrument, or, if no such designation has been made, to the secretary of such corporation or association at its last known postoffice address, a copy of such process; whereupon, and upon the payment of the fee herein provided for, service of such process upon such company shall be deemed to be complete and to be personal service upon such corporation or association, with the same effect as if said corporation or association were organized or incorporated under the laws of this state and had been lawfully served with process therein. The certifi cate of the commissioner, under his official seal, of such service, shall be competent and sufficient proof thereof. § 19. Offices. The commissioner shall have his principal office in the city of Sacramento, and may establish branch offices in the city and county of San Francisco, and in the city of Los Angeles, and he shall from time to time obtain the necessary furniture, stationery, fuel, light, and other proper conveniences for the transaction of the business of the department; the expenses of which shall be paid out of the state treasury on the certificate of the commissioner and the warrant of the controller. § 20. Fees. The commissioner shall charge and collect the following fees: 1. For filing any application for a permit to issue securities, ten dollars, plus One twentieth of one per cent of the amount of any excess of the aggregate value of the securities sought to be issued over twenty thonsand dollars and not exceeding fifty thousand dollars; One twenty-fifth of one per cent of such amount in excess of fifty thousand dollars and not exceeding one hundred thousand dollars; One fiftieth of one per cent of such amount in excess of one hundred thousand dollars and not exceeding five hundred thousand dollars; and One one-hundredth of one per cent of such amount in excess of five hundred thousand dollars. The value of such securities shall be deemed to be their par or face value, if they have a par or face value; otherwise, the price at which the company proposes to sell or issue the same, or the value, as alleged in the application, of the consideration (if other than money) to be received in exchange therefor. 2. For filing any application for a permit or other authority to make dividends, create debts, or to divide, withdraw, increase, reduce or pay to the stockholders, or any of them, the capital stock, or any part thereof, the same amount that would otherwise be chargeable or collectible if such application were for a permit to issue securities; provided, that in any such case the value shall be determined by the amount of dividends made, debts created, or capital stock divided, withdrawn, increased, reduced, or paid. 3. For filing any application for a broker's certificate, five dollars. 4. For filing any application for an agent's certificate, one dollar. 5. For any examination, audit, or investigation, ten dollars per day or fraction thereof, if made by the commissioner, or the actual amount of the salary or other compensation, not exceeding ten dollars per day, paid to any deputy or other employee of the commissioner, if made by a deputy or other employee, for each day or fraction thereof that such commissioner, deputy, or other employee shall necessarily be absent from his office for the purpose of making such examination, audit, or investigation, plus the actual amount of expenses reasonably incurred in the performance of such work. 6. For copies of papers and records not required to be certified or otherwise authenticated by the commissioner, ten cents for each folio. 7. For certified copies of official documents, orders, and other papers filed in his office; for making and mailing copies of process served upon him under the provisions of section eighteen of this act, and for transcripts on appeal, fifteen cents for each folio and one dollar for each certificate under seal affixed thereto. 8. For certificate of service and mailing of process served upon the commissioner under the provisions of section eighteen of this act, two dollars. No fees shall be charged or collected for copies of papers, records, or official documents furnished to public officers for use in their official capacity or for the reports of the commissioner in the ordinary course of distribution; but the commissioner may fix a reasonable charge for the publications issued under his authority. All fees charged and collected under this section shall be paid at least once each week, accompanied by a detailed statement thereof, into the treasury of the state to the credit of a fund to be known as the "corporation commission fund," which fund is hereby created. [Amendment approved June 1, 1921; Stats. 1921, p. 1117.] § 21. Use of moneys paid. All moneys which shall be paid into the state treasury and credited to the "corporation commission fund" are hereby appropriated to be used by the commissioner in carrying out the provisions of this act; and the controller shall draw his warrant on 1 fund from time to time in favor of the commissioner for the s expended under his direction, and the treasurer shall pay the e commissioner may with the consent of the board of controi, withdraw from said fund a sum not exceeding two thousand five hundred dollars, to be used as a revolving fund where cash advances are necessary. The commissioner must account for the sum withdrawn for said revolving fund at any time upon demand of the board of control. [Amendment approved May 31, 1921; Stats. 1921, p. 1008.] § 22. Seal. The commissioner shall adopt a seal bearing the following inscription: "Commissioner of Corporations State of California." The seal shall be affixed to all writs, orders, permits, and certificates issued by him, and to such other instruments as he shall direct. All courts shall take judicial notice of said seal. § 23. Copies of orders, etc. The commissioner may execute in duplicate any order, finding, or permit issued by him, and each of such parts shall be deemed to be an original. An original of every such order, finding, or permit shall be retained and preserved by him in his office. Copies of all documents, orders, and permits made, executed, or issued by the commissioner, and of all papers filed in his office, when certified by the commissioner under his official seal, shall be received in evidence in all cases in like manner and with the same effect as the originals. Any order or permit issued by the commissioner, or a copy thereof certified by the commissioner under his official seal, to be a true copy of the original order or permit, may be recorded in the office of the county recorder of the county in which is located the principal place of business of the company affected thereby or in which is situated any property of such company, and such record shall impart notice of such order or permit, and of all its provisions, to all persons. A certificate under the seal of the commissioner that any such order or permit has not been amended, altered, revoked, or suspended may also be recorded in the same offices and with like effect. § 24. Official reports prima facie evidence. Every official report made by the commissioner, and every report, duly verified, made to him by any deputy, clerk, or other person employed by him, of any examination, audit, or investigation made by him or under his direction, and copies of such reports, certified by the commissioner, shall be prima facie evidence of the facts therein stated for all purposes in any action or proceeding wherein any company, broker, agent, or the commissioner is a party. § 24a. Destruction of papers. The commissioner may, after four years from date of filing and with the approval of the board of control, destroy all applications, permits and certificates, together with the files and folders, as the same have become useless or obsolete. [New section enacted April 27, 1923. Stats. 1923, p. 92.] § 25. Subscription for shares prior to incorporation. Neither this act nor any provision hereof shall be deemed to prohibit subscriptions for shares of a domestic corporation made prior to the incorporation thereof and set forth in its articles of incorporation; but such subscriptions shall be deemed to have been made and accepted upon the condition that such corporation shall be incorporated within ninety days thereafter and, when incorporated, shall with reasonable diligence apply for and secure from the commissioner a permit authorizing the issue of the shares so subscribed for, in accordance with such subscriptions. The directors or trustees named in the articles of incorporation may, prior to the issue of any shares, organize by the election of a president, who must be one of their number, a secretary and a treasurer; and such directors, or a majority of them, or such president and secretary may, in the name of and in behalf of the corporation, present an application to the commissioner as herein provided. [Amendment approved June 1, 1921; Stats. 1921, p. 1118.] § 26. Acts continued. Decisions, etc., continued in force. Appeals not affected. Examination, etc., continued to final determination. This act, in so far as it does not add to, take from, or alter an act entitled "An act to define investment companies, investment brokers, and agents; to provide for the regulation, supervision and licensing thereof; to provide penalties for the violation thereof; to create the office of commissioner of corporations, and making an appropriation therefor," approved May 28, 1913, as amended by an act entitled "An act to amend section three of an act entitled 'An act to define investment companies, investment brokers, and agents; to provide for the regulation, supervision and licensing thereof; to provide penalties for the violation thereof; to create the office of commissioner of corporations, and making an appropriation therefor,' approved May 28, 1913," approved June 3, 1915, shall be construed as a continuation thereof. All decisions, orders, rules, findings, certificates, or permits heretofore made or issued, and acts done by the commissioner, shall continue in force and have the same effect as if they had been lawfully made, issued, or done under the provisions of this act. This act shall not affect any appeal pending from any decision of the commissioner, or any proceeding to which he, in his official capacity, is a party; but the same may be prosecuted or defended with the same effect as if this act had not been passed. Any examination, audit, or investigation undertaken, commenced, or prosecuted prior to the taking effect of this act may be conducted to a final determination in the same manner and with the same effect as if it had been undertaken, commenced, or prosecuted under the provisions of this act, and in the manner herein provided. No action or proceeding, either civil or criminal, or cause of action arising under any law of this state shall abate by reason of the passage of this act, but actions or proceedings may be commenced and prosecuted upon such causes in the same manner and with the same effect as if this act had not been passed. § 27. Foreign and interstate commerce. Neither this act nor any provision hereof shall apply to or be construed as a regulation of commerce with foreign nations or among the several states, except in so far as the same may be permitted under the provisions of the constitution and the acts of the congress of the United States. § 28. Constitutionality. If any section, subsection, sentence, clause, or phrase of this act is for any reason held to be unconstitutional, such decision shall not affect the validity of the remaining portions of this act. The legislature hereby declares that it would have passed this act, and each section, subsection, sentence, clause, and phrase thereof irrespective of the fact that any one or more other sections, subsections, sentences, clauses, or phrases be declared unconstitutional. § 29. Repeal of conflicting acts. All acts and parts of acts inconsistent with the provisions of this act are hereby repealed. Industrial loan corporations are subject to Investment Companies Act: See ante, Act 3603, §§ 10, 11. Corporate Securities Act applies to sale of securities by nonprofit co-operative agricultural, viticultural or horticultural associations: See Civil Code, §653se. Issue of stock to employees subject to Investment Companies Act: See ante, Act 1751, § 4. The Corporate Securities Act is not unconstitutional upon the asserted ground that it discriminates in favor of individuals and against partnerships in the matter of selling securities without a permit from the corporation commissioner: People v. Simonson, 42 Cal. App. Dec. 268, 220 Pac. 412. ACT 3824. TITLE 281. INYO COUNTY. Assessor, compensation of. [Stats. 1875-76, p. 81.] Amended 1877-78, p. 256. Repealed by County Government Act 1897, p. 568, § 211. See Act 1864. АСТ 3825. Government of, payment of expenses of. [Stats. 1873-74, p. 374.] See subds. 12 and 18, § 25, County Government Act 1897, pp. 460, 463. See Act 1864. ACT 3826. Protecting growing crops in. [Stats. 1871-72, p. 668.] Probably repealed by acts of 1897, p. 198, and 1901, p. 603, relating to estrays. See Acts 387, 391. This act was to prevent the trespassing of animals. ACT 3827. Additional notaries public for. [Stats. 1873-74, p. 574.] Repealed by Political Code, § 791. This act provided for the appointment of two additional notaries. ACT 3828. Salaries of certain officers of. [Stats. 1873-74, p. 177.] Supplemented and amended 1873-74, p. 510. Repealed by constitution of 1879, abolishing office of county judge, and by County Government Act 1897, p. 568, § 211. See Act 1864. ACT 3829. Public roads, improvement of. [Stats. 1875-76, p. 421.] Repealed 1883, p. 5, c. X, § 2, and Political Code, § 2652, as amended 1891, p. 478. ACT 3830. To provide for the distribution of school moneys in certain counties. [Stats. 1877-78, p. 746.] Repealed: See Political Code, § 1858. This act related to Inyo and Mono counties. АСТ 3831. Teachers in, employment of. [Stats. 1873-74, p. 509.] Probably repealed by Political Code, § 1696, as amended 1893, p. 255. АСТ 3832. Traveling fees of sheriffs of. [Stats. 1873-74, p. 236.] Amended 1877-78, p. 372. Repealed by County Government Act, 1897, pp. 568, 571, 572, §§ 211, 214, 215. See Act 1864. ACT 3833. Treasurer of, salary of. [Stats. 1877-78, p. 157.] 1864. |