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In State v. Gopher Tire & Rubber Co. 146 Minn. 52 , , it was held that an indictment charging an unlicensed issuer of securities with selling them to six different persons was not bad for duplicity.

These are the substantial provisions of the instrument designated “statement and purchase.” It differs, of course, from other contracts which we have had before us, but it is an investment contract within State v. Gopher T. R. & Co. 146 Minn. 52 , ; State v. Summerland, 150 Minn. 266 , ; and State v. Evans, 154 Minn. 95 , .

In State v. Gopher Tire & Rubber Co. 146 Minn. 52, 56 , , the court said: “The placing of capital or laying out of money in a way intended to secure income or profit from its employment, is an investment as that word is commonly used and understood,” and it was held in substance that if the defendant issued and sold its certificates to purchasers who pa

The so-called “units” are fairly within the definition of investment contracts as defined in State v. Gopher Tire & Rubber Co. 146 Minn. 52 , .