Oklahoma-Texas Trust v. Securities & Exchange Commission

PHILLIPS, Circuit Judge.

On December 7, 1935, the Oklahoma-Texas Trust, 1 an express trust, was organized under the laws of Oklahoma, for the purpose of engaging in the business of acquiring, owning, and operating oil and gas leases. A. J. Diffie, W. E. Brown, H. I. Shanks, and V. IT. Van Horn were named as trustees in the declaration of trust. It authorized and directed the trustees to issue 107,000 participating interests or units, to offer such units to the general public at a price of $10 per unit, and to allow a commission or discount of $1.50 per unit to dealers, distributors, or…