LD 509
pg. 37
Page 36 of 94 PUBLIC Law Chapter 65 Page 38 of 94
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LR 441
Item 1

 
G.__The offering:

 
(1)__Will work or tend to work a fraud upon purchasers
or would so operate;

 
(2)__Has been or would be made with unreasonable
amounts of underwriters' and sellers' discounts,
commissions or other compensation, or promoters'
profits or participations, or unreasonable amounts or
kinds of options; or

 
(3)__Is being made on terms that are unfair, unjust or
inequitable.

 
2.__Standards under subsection 1, paragraph G.__For purposes
of promoting uniformity in the application of subsection 1,
paragraph G, the administrator may take into consideration, among
other factors, any relevant rules promulgated by the Securities
and Exchange Commission and by the administrators in other
jurisdictions.

 
3.__Institution of stop order.__The administrator may not
institute a stop order proceeding against an effective
registration statement on the basis of conduct or a transaction
known to the administrator when the registration statement became
effective unless the proceeding is instituted within 30 days
after the registration statement became effective.

 
4.__Summary process.__The administrator may summarily revoke,
deny, postpone or suspend the effectiveness of a registration
statement pending final determination of an administrative
proceeding. Upon the issuance of the order, the administrator
shall promptly notify each person specified in subsection 5 that
the order has been issued, the reasons for the revocation,
denial, postponement or suspension and that within 15 days after
the receipt of a request in a record from the person the matter
will be scheduled for a hearing. If a hearing is not requested
and none is ordered by the administrator, within 30 days after
the date of service of the order, the order becomes final. If a
hearing is requested or ordered, the administrator, after notice
of and opportunity for hearing for each person subject to the
order, may modify or vacate the order or extend the order until
final determination.

 
5.__Procedural requirements for stop order.__A stop order may
not be issued under this section without:

 
A.__Appropriate notice to the applicant or registrant, the
issuer and the person on whose behalf the securities are to
be or have been offered;


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