SECTIONS 29000-29008 - California Statutes

CORPORATIONS CODE

SECTION 29000-29008

29000. Unless the provision or the context otherwise requires, the
definitions set forth in this chapter govern the construction of this
division.

29001. "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.

29002. (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.

29003. "Contract" includes any agreement, trade, or transaction.

29004. "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.

29005. "Commodities" means anything movable that is bought and
sold.

29006. "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.

29007. "Keeper" means any person owning, keeping, managing,
operating, or promoting a bucket shop, or assisting to keep, manage,
operate, or promote a bucket shop.

29008. "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.