§ 2.9.5.5

• Jurisdiction: Arizona

§ 2.9.5.5 Passage of the 1951 Act

Hastings garnered wide support for the new act. In addition to the business and securities-industry representatives on the Securities Committee, the bill's supporters included the Arizona State Bar, the Arizona Bankers Association, the Arizona Small Mine Operators Association, the state's new Legislative Committee on State Operations, and the Investment Bankers Association.

In a March 1950 letter, Hastings urged the governor to introduce the proposed legislation in a special session. He was unsuccessful that year but was able to introduce the bill in 1951. The bill passed with only one "no" vote and was approved by the governor on March 6, 1951.

3IS IT A SECURITY?

The Arizona Securities Act's (ASA's) definition of a "security" is "substantially similar to the definition of securities in both the Securities Act of 1933 and the Securities and Exchange Act of 1934."³⁸⁴ As a result, Arizona courts commonly look to federal cases for guidance.³⁸⁵

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