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-45(b) The Governor may issue the certificate only if he is satisfied from his examination that: (1) the business reputation of the applicant and of its officers and members, if any, is good; and (2) the conduct of the business will not conflict with the policy of administering the Canal Zone as an adjunct of the Panama Canal. If the Governor denies the application and refuses the certificate, he shall notify the applicant of his decision. (c) The Governor at any time may revoke a broker's or agent's certificate issued by him if he finds that: (1) the conduct of the business conflicts with the policy of administering the Canal Zone as an adjunct of the Panama Canal; or (2) the holder of the certificate: (A) is of bad business repute; (B) has violated a provision of this chapter; or (C) has engaged, or is about to engage, in any fraudulent transaction. § 1297. Report on sale of securities A company or broker authorized under this chapter to sell securities shall, at the times required by the executive secretary and in the form prescribed by him, make and file in the office of the executive secretary a report setting forth: (1) the securities sold under the authority of a permit issued by the Governor; (2) the proceeds derived from the securities; (3) the disposition of the proceeds; and (4) other information required b^r the executive secretary concerning its property, officers, or affairs, relating to or affecting the value of the securities. § 1298. Fees With its application for a permit or certificate, a company or broker shall remit $10, which shall cover the filing fee and the annual license fee for the remainder of the calendar year during which the permit or certificate is issued. No part of the fee may be returned if the application is disapproved. The annual fee for renewal of a permit or certificate issued under this chapter is $10, payable in advance on or before January 1 of each year. § 1299. Penalties for violation (a) A company, agent, or broker, which directly or indirectly issues or causes to be issued, or solicits the sale of a security contrary to this chapter, shall be fined not more than $500. (b) Whoever acts as an officer of, or agent for, a company, agent or broker, in the issuance, or solicitation for the sale, of a security contrary to this chapter, shall be fined not more than $100 or imprisoned in jail not more than 30 days, or both. (c) In addition to the penalties provided for in this section, every contract made by or on behalf of such a company, agent, or broker affecting the liability thereof is void on its behalf and on behalf of its assigns, but enforceable against it or them.
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