USCA4 Appeal: 25-1892
Doc: 16
Filed: 10/15/2025
Pg: 88 of 97
which the commodities … referred to in such contracts, agreements, trades or transactions are dealt in and without a bona fide transaction on such board of trade or exchange .” Fla. Comp. L. § 7899 (1927). G EORGIA x Outlawing bucket shops, which are “defined to be and mean any place of business where” persons make “any contract of sale for future delivery of cotton, grain, stocks, or other commodities, where it is not the bona fide intention of parties that the things mentioned therein are to be delivered , but which is to be settled according to or upon the basis of the public market quotations or prices made on any board of trade, exchange, or other similar institution, without any actual bona fide execution and the carrying out of such contract upon the floor of such exchange, board of trade, or similar institution , in accordance with the rules thereof.” Ga. Code Ann. §§ 4264(3)-(4) (1926 Code, 1930 Supp.). x Futures contracts are valid when they are “(1) made in accordance with the rules of any board of trade, exchange, or similar institution, and (2) actually executed on the floor of such board of trade, exchange, or similar institution, and performed or discharged according to the rules thereof, and (3) when such contracts of sale are placed with or through a regular member in good standing of a cotton exchange, grain exchange, board of trade, or similar institution, organized under the laws of the State of G eorgia or any other State.” Id. § 4264(2). I LLINOIS x Outlawing “any bucket -shop, office, store or other place wherein is conducted or permitted the pretended buying or selling of … petroleum, cotton, grain, provisions or other produce … without any intention of receiving and paying for the property so bought, or of delivering the property so sold .” Ill. Rev. Stat. ch. 38, §§ 317-318 (1931). I NDIANA x Outlawing bucket shops, which are defined, in relevant part, “to be [ ] office[s], store[s] or other place[s] wherein the proprietor or keeper thereof … conducts the business of making, or offering to make,
- A7 -
Made with FlippingBook - Online catalogs