§ 6-17-1 - Definitions.
SECTION 6-17-1
§ 6-17-1 Definitions. – The following words and phrases used in this chapter, unless a differentmeaning is plainly required by the context, have the following meanings:
(1) "Bucketing" or "bucket shopping" means:
(i) The making of or offering to make any contract respectingthe purchase or sale, either upon credit or upon margin, of any securities orcommodities, in which both parties to the contract intend, or the keeperintends, that the contract shall be, or may be, terminated, closed, or settledaccording to or upon the basis of the public market quotations of prices madeon any board of trade or exchange upon which the securities or commodities aredealt in, and without a bona fide purchase or sale of the securities orcommodities;
(ii) The making of or offering to make any contractrespecting the purchase or sale, either upon credit or upon margin, of anysecurities or commodities in which both parties intend, or the keeper intends,that the contract shall be or may be deemed terminated, closed, or settled whenthe public market quotations of prices for the securities or commodities namedin the contract shall reach a certain figure without a bona fide purchase orsale of the securities or commodities; or
(iii) The making of or offering to make any contractrespecting the purchase or sale, either upon credit or upon margin, of anysecurities or commodities in which both parties do not intend, or the keeperdoes not intend, the actual or bona fide receipt or delivery of the securitiesor commodities, but do intend, or the keeper does intend, a settlement of thecontract based upon the differences in the public market quotations of pricesat which the securities or commodities are, or are asserted to be, bought andsold.
(2) "Bucket shop" means any room, office, store, building, orother place where any contract prohibited by this chapter is made, or offeredto be made.
(3) "Commodities" mean anything movable that is bought andsold.
(4) "Contract" means any agreement, trade, or transaction.
(5) "Keeper" means any person owning, keeping, managing,operating, or promoting a bucket shop, or assisting to keep, manage, operate,or promote a bucket shop.
(6) "Person" means an individual, partnership, corporation,or association, whether acting in his, her, or their own right or as theofficer, agent, servant, correspondent, or representative of another.
(7) "Securities" mean all evidences of debt or property andoptions for the purchase and sale of debt or property, shares in anycorporation or association, bonds, coupons, scrip, rights, choses in action,and other evidences of debt or property and options for the purchase or sale ofdebt or property.