Published: 2015-07-08
Key Benefits:
Unless the provision or the context otherwise requires, the definitions set forth in this chapter govern the construction of this division.
(Added by Stats. 1949, Ch. 386.)
“Person” means an individual, partnership, corporation, limited liability company, or association, either domestic or foreign, whether acting in his or her own right or as the officer, agent, servant, employee, correspondent, or representative of another or as trustee.
(Amended by Stats. 1994, Ch. 1010, Sec. 93. Effective January 1, 1995.)
(a) “Trustee” means a person executing a trust, as defined in this section.
(b) “Trust” means any voluntary trust expressly created by or declared in an instrument in writing, other than a will or a judicial writ, order, decree, or judgment, to carry on any business or to secure the payment or repayment of money.
(Amended by Stats. 1986, Ch. 820, Sec. 23. Operative July 1, 1987, by Sec. 43 of Ch. 820.)
“Contract” includes any agreement, trade, or transaction.
(Added by Stats. 1949, Ch. 386.)
“Securities” means all shares in any corporation or association or of trustees, bonds, coupons, scrip, rights, choses in action, and other evidences of debt or property and options for the purchase or sale thereof or of any right entitling the holder thereof to participate in profits or a division of assets.
(Added by Stats. 1949, Ch. 386.)
“Commodities” means anything movable that is bought and sold.
(Added by Stats. 1949, Ch. 386.)
“Bucket shop” means any room, office, store, building, or other place where any bucketing or bucket shopping contract is made or offered to be made.
(Added by Stats. 1949, Ch. 386.)
“Keeper” means any person owning, keeping, managing, operating, or promoting a bucket shop, or assisting to keep, manage, operate, or promote a bucket shop.
(Added by Stats. 1949, Ch. 386.)
“Bucketing” or “bucket shopping” means any of the following:
(a) Making or offering to make any contract respecting the purchase or sale of any securities or commodities, wherein both parties intend, or the keeper intends, that the 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 the securities or commodities are dealt in, without a bona fide purchase or sale of the securities or commodities.
(b) Making or offering to make any contract respecting the purchase or sale of any securities or commodities, wherein both parties intend, or the keeper intends, that the contract shall be, or may be, deemed terminated, closed, or settled when the public market quotations of prices for the securities or commodities named in the contract reach a certain figure without a bona fide purchase or sale of the securities or commodities.
(c) Making or offering to make any contract respecting the purchase or sale 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 the securities or commodities, but do intend, or the keeper does intend, a settlement of the contract based upon the differences in the public market quotations of prices at which the securities or commodities are or are asserted to be bought and sold.
(d) The sale by a keeper of any security or commodity purchased by him for the account of or upon the order of another when the proceeds of the sale are not immediately credited by the keeper to the account of the other person and when a report or statement in writing of the sale is not rendered to the other person by the keeper on the next business day following the sale.
(Added by Stats. 1949, Ch. 386.)
