As used in this article, unless the context otherwise
requires:
(1) Board of trade means any person or group of persons engaged in buying
or selling any commodity or receiving the same for sale on consignment, whether
such person or group of persons is characterized as a board of trade, exchange, or
other form of marketplace.
(2) CFTC rule means any rule, regulation, or order of the commodity
futures trading commission in effect on July 1, 1989, and all subsequent
amendments, additions, or other revisions thereto, unless the commissioner, within
ten days following the effective date of any such amendment, addition, or revision,
disallows the application thereof to this article or to any provisions thereof by rule.
(3) Commissioner means the commissioner of securities created by section
11-51-701.
(4) Commodity means, except as otherwise specified by the commissioner
by rule, regulation, or order, any agricultural, grain, or livestock product or by-product, any metal or mineral (including a precious metal as defined in subsection
(13) of this section), any gem or gemstone (whether characterized as precious, semi-precious, or otherwise), any foreign currency, and all other goods, articles,
products, or items of any kind. The term commodity shall not include:
(a) A numismatic coin whose fair market value is at least fifteen percent
higher than the value of the metal it contains;
(b) Real property or any timber, agricultural, or livestock product grown or
raised on real property and offered or sold by the owner or lessee of such property;
or
(c) Any work of art offered or sold by art dealers, at public auction or offered
or sold through a private sale by the owner thereof.
(5) Commodity contract means any account, agreement, or contract for the
purchase or sale, primarily for speculation or investment purposes and not for use
or consumption by the offeree or purchaser, of one or more commodities, whether
for immediate or subsequent delivery or whether delivery is intended by the parties,
and whether characterized as a cash contract, deferred shipment or deferred
delivery contract, forward contract, futures contract, installment or margin
contract, leverage contract, or otherwise. A commodity contract shall not include
any contract or agreement which requires, and under which the purchaser receives,
within twenty-eight calendar days from the payment in good funds of any portion of
the purchase price, physical delivery of the total amount of each commodity to be
purchased under the contract or agreement.
(6) Commodity exchange act means the federal Commodity Exchange
Act, as amended, unless the commissioner, within ten days following the effective
date of any amendment, addition, or revision thereto, disallows the application
thereof to this article or to any provisions thereof by rule.
(7) Commodity futures trading commission means the federal commission
established by the commodity exchange act.
(8) Commodity merchant means any of the following as defined or
described in the commodity exchange act or by CFTC rule:
(a) Futures commission merchant;
(b) Commodity pool operator;
(c) Commodity trading advisor;
(d) Introducing broker;
(e) Leverage transaction merchant;
(f) An associated person of any of the foregoing;
(g) Floor broker; and
(h) Any other person (other than a futures association) required to register
with the commodity futures trading commission.
(9) Commodity option means any account, agreement, or contract giving a
party thereto the right but not the obligation to purchase or sell one or more
commodities or one or more commodity contracts, whether characterized as an
option, privilege, indemnity, bid, offer, put, call, advance guaranty, decline guaranty,
or otherwise, but shall not include an option traded on a national securities
exchange registered with the securities and exchange commission.
(10) Financial institution means a bank, savings institution, or trust
company organized under, or supervised pursuant to, the laws of the United States
or of any state.
(11) Offer includes every offer to sell, offer to purchase, or offer to enter
into a commodity contract or commodity option.
(12) Person means an individual, a corporation, a partnership, an
association, a joint-stock company, a trust where the interests of the beneficiaries
are evidenced by a security, an unincorporated organization, a government, or a
political subdivision of a government but does not include the commodity futures
trading commission or any clearinghouse thereof or a national securities exchange
registered with the securities and exchange commission (or any employee, officer
or director of such contract market, clearinghouse, or exchange acting solely in
that capacity).
(13) Precious metal means the following in either coin, bullion, or other
form:
(a) Silver;
(b) Gold;
(c) Platinum;
(d) Palladium;
(e) Copper; and
(f) Such other items as the commissioner may specify by rule, regulation, or
order.
(14) Sale or sell includes every sale, contract of sale, contract to sell, or
disposition, for value.
(15) Securities and exchange commission means the commission
established by the Securities Exchange Act of 1934.
(16) Securities Exchange Act of 1934 and Investment Company Act of
1940 mean the federal statutes of those names as amended, unless the
commissioner, within ten days following the effective date of any amendment,
addition, or revision thereto, disallows the application thereof to this article or to
any provision thereof by rule.