Pennsylvania § 7316 - Keeping bucket-shop.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 7316 — Keeping bucket-shop., with citation guidance and answers to common questions.
§ 7316. Keeping bucket-shop.
(a) Offense defined.--A person is guilty of a misdemeanor of the third degree if he keeps, or causes to be kept, any bucket-shop, or assists in the keeping of any bucket-shop.
(b) Corporate penalty.--If a corporation is convicted, its charter shall be forfeited by a proceeding in quo warranto, instituted either at the relation of the Attorney General or the district attorney.
(c) Second offense.--The continuance of the establishment after the first conviction shall be deemed a second offense.
(d) Evidence required.--It shall not be necessary, in order to convict any person of keeping a bucket-shop, or causing one to be kept, to show that such person has entered into any contract, agreement, trade, or transaction of the nature of a "bucket-shop" as defined in this section; but it shall be sufficient to show that such person has offered to make such a contract, agreement, trade, or transaction, whether the contract, agreement, trade, or transaction was accepted or not. Proof of a single instance wherein any person or another on his behalf, has made or offered to make any such contract, agreement, trade, or transaction, shall be conclusive that the place wherein the same was made is a bucket-shop.
(e) Definition.--As used in this section "bucket-shop" means a place where contracts, agreements, trades, or transactions respecting the sale or purchase of stocks, bonds, securities, grains, provisions or other commodities are made or offered to be made, to be closed, adjusted or settled upon the basis of public market quotations on a board of trade or exchange, but without a bona fide transaction on such board of trade or exchange.
Cross References. Section 7316 is referred to in sections 7317, 7318, 7319 of this title.
Frequently Asked Questions About Pennsylvania § 7316
What does Pennsylvania Consolidated Statutes § 7316 cover?
Section 7316 ("Keeping bucket-shop.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Pennsylvania § 7316?
A common citation format is "Pennsylvania Consolidated Statutes § 7316" (Pennsylvania). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 7316 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Pennsylvania.