§ 8-1-126 — Making or Assisting in Making Contract for Future Delivery When Actual Delivery Not Intended - Price Based on Bona Fide Sales on Exchange or Board of Trade Without Making Execution on Exchange or Board of Trade

Alabama § 8-1-126

• Jurisdiction: Alabama
• Title 8: Commercial Law and Consumer Protection
• Ch. 1: Contracts
• Art. 7: Future Delivery

Text

(a) Any person, either as agent or principal, who enters into or assists in making any contract of sale for the future delivery of any commodity, article, personal property, stock or bond, wherein no delivery is intended by the parties thereto, and uses as a basis for fixing the price or prices in such contract the bona fide sales made on any exchange or board of trade, without making a bona fide execution of such contract on such exchange or board of trade, shall be guilty of a misdemeanor.
(b) Upon conviction thereof, such a person shall be fined in a sum not to exceed $1,000 or be imprisoned in the county jail not exceeding two years, and any person or persons who shall be guilty of a second offense under this section may be, upon conviction, both fined and imprisoned, in the discretion of the court, in addition to the penalty above described, and if a corporation, it shall be liable to forfeiture of all its rights and privileges as such.
(c) The continuance of such establishment after the first conviction shall be deemed a second offense.

Legislative History

(Acts 1915, No. 791, p. 913; Code 1923, §3577; Code 1940, T. 9, §36.)