59.085 Conditions imposed on registration
185 words·~1 min read·
/or/ors-chapter-59/securities-regulation/59-085·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
59.085 Conditions imposed on registration. The Director of the Department of Consumer and Business Services may, by rule or order, impose on a registration such conditions, limitations and restrictions as the director deems appropriate to make the issue fair, just and equitable, including the following:
(1)That a prospectus containing any designated part of the information submitted in connection with registration be sent or given to each person to whom a security is offered or sold.
(2)That the security be sold only on a specified form of subscription or sale contract and that a signed or conformed copy of each contract be filed with the director or preserved for a period up to three years specified in the rule or order.
(3)That any of the following be deposited in escrow on terms approved by the director:
(a)Any security issued or to be issued for a consideration substantially different from the public offering price or for a consideration other than cash.
(b)The proceeds from the sale of the security until the issuer receives an amount specified by the director. [1967 c.537 §10]