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ORDINANCE NO. 6550
AN ORDINANCE REQUIRING AND FIXING THE AMOUNT OF A LICENSE
FEE TO BE PAID BY INVESTMENT BROKERS, FIXING A PENALTY FOR
VIOLATIONS, DECLARING AN EMERGENCY AND FOR OTHER PURPOSES.
BE IT ORDAINED BY THE CITY COUNCIL OF LITTLE ROCK, ARKANSAS:
SECTION 1. Ever
f y person or individual engaged in the
business of being an investment broker and pursuing said
business in the City of Little Rock, Arkansas, is hereby
required to take out and pay for a license to be issued
by the City Collector of the City of Little Rook, Arkansas.
SECTION 2. An investment broker is defined to be one
who, for a commission or other compensation, sells or offers
for sale or buys or offers to buy or takes options on
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stocks, shares in companies, bonds` debentures, securities,
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j notes, etc., and other forms of investment other than real
estate.
SECTION 3. Every person or individual engaged in any
part or all of the businesses as set out in Section 2 of this
ordinance shall pay an annual license fee of $10.00 to be
obtained from the City Collector. This section shall be held
to include all salesmen or solicitors employed by an investment
broker, each of whom shall obtain a license as provided ',herein.
SECTION 4. Each of the licenses mentioned in this ordinance
shall expire on December 31st of each calendar year. If
application for such a license is made on or after July lot
of any calendar year, the license fee for the remainder of
the year shall be $5.00 for each license.
SECTION 5. It shall be a misdemeanor for any person, firm,
individual, or corporation to engage in the business, or act
in the capacity of, an investment broker without first securing
a license therefor from the City Collector. Any person found
guilty of a misdemeanor in failing to obtain a license under
this ordinance shall be fined in any sum not less than $25.00
nor more than $250900 and each day that the violation continues
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shall constitute a separate offense.
SECTION 6. This ordinance shall be in full force and
dtffeot from and after its passage.
PAS
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Mayor
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