§ 2.9.1

• Jurisdiction: Arizona

§ 2.9.1 Historical Background to the 1951 Securities Act

The securities laws that comprised the 1909, 1912, 1917, and 1921 securities acts were inadequate in many ways. This was especially true of the 1912 Investment-Company Act, which represented the centerpiece of Arizona's securities statutes. It was crudely drawn legislation that was copied almost verbatim from the blue-sky act enacted in Kansas the year before.³²⁶ Prosecutors found the 1912 Act's criminal provisions too weak to use.³²⁷ It did not provide civil remedies.³²⁸ And the complicated and uncertain registration process discouraged legitimate companies from attempting registration.³²⁹

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Notes:

^[326]See generally Parrish, supra note 7, at 6 (describing...