Sec 44-1651. Definitions

In this article, unless the context otherwise requires:

1. "Bucket shop" means any place wherein dealing in futures is carried on as defined in this section.

2. "Futures," "dealing in futures," and "future contracts" mean:

(a) A sale or purchase or contract to sell or offer to sell or purchase any copper, gold, silver, lead, cotton, grain or meat or any stocks or bonds of any corporation, to be delivered in the future when it is not the bona fide intention of the party being prosecuted, at the time the transaction was made, that the subject matter of the transaction should be delivered and paid for as specified in such transaction.

(b) Any sale, purchase, offer or contract where it was the intention of the party being prosecuted at the time of making the transaction, that it should, or at the option of either party might be, settled by paying or receiving a margin, or profit on such contract.

(c) Any purchase, sale or offer of sale or purchase, or contract for future delivery of anything set forth in this section, on, by or through any exchange or board of trade, the rules, by-laws, customs or regulations of which permit such transaction to be settled or closed by delivery or tender of any grade of the thing specified in such transaction, other than the grade upon which the price is based in such transaction, at any price other than the actual price for spot delivery of such other grade at the time and place of delivery or tender.