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  5. 738 S.W.2d 495 (1987)
 

FIRST AFF. SEC. v. LABOR & INDUS. REL.

No. WD 38911.

738 S.W.2d 495 (1987)

FIRST AFFILIATED SECURITIES, INC., Appellant, v. LABOR AND INDUSTRIAL RELATIONS COMMISSION OF MISSOURI and Missouri Division of Employment Security, Respondents.

Missouri Court of Appeals, Western District.

Motion for Rehearing and/or Transfer to Denied September 29, 1987.

Application to Transfer Denied November 17, 1987.

Attorney(s) appearing for the Case

Michael D. Hart, Michael A. Clithero, Peper, Martin, Jensen, Maichel and Hetlage, St. Louis, for appellant.

Susan P. Haag, Jefferson City, Sandy Bowers, for Missouri Div. of Employment Sec.

Alan J. Downs, Jefferson City, for Labor and Indus. Relations Comn.

Before KENNEDY, C.J., and MANFORD and LOWENSTEIN, JJ.

Motion for Rehearing and/or Transfer to Supreme Court Denied September 29, 1987.

LOWENSTEIN, Judge.

The appellant First Affiliated Securities (FAS), is a California corporation, and through five persons (licensee's), operates in this state in the sale of securities. Through an agreement with FAS individual licensees offer and solicit the sales of securities to the public, through the exclusive auspices of FAS. FAS...

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