[DOWNLOAD] "People V. Sidwell" by Supreme Court Of California # eBook PDF Kindle ePub Free
eBook details
- Title: People V. Sidwell
- Author : Supreme Court Of California
- Release Date : January 30, 1945
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 56 KB
Description
The defendants, Sidwell and Davis, were charged with violation of the Corporate Securities Act (Stats. 1917, p. 673, as amended, Deering's Gen. Laws, Act 3814) in that, on June 1, 1940, they knowingly sold a "certificate of interest" in an oil and gas lease, "to wit, five per cent of all oil, gas and other hydro-carbon substances from a [described] well," without having obtained a permit from the Corporation Commissioner. Defendants each pleaded not guilty, waived a jury, and after trial were convicted and sentenced to imprisonment in the county jail for the term of one year. They appeal from the judgments of conviction and from an order denying their motions for new trial. Defendants contend that the transaction for which they were prosecuted was primarily a loan and not a sale of a security within the meaning of the Corporate Securities Act, and that, if the act does require the obtaining of a permit for such a transaction, it is to that extent unconstitutional. We have concluded that these contentions cannot be sustained.