CHAPTER 826
REAL ESTATE SYNDICATES

Table of Contents

Sec. 47-96. Permit fees. Determination of value of securities.
Sec. 47-97. No endorsement by commission to be implied by filing of application, qualification of securities or exemption. Inconsistent representations to purchasers prohibited. Permit to indicate permissive nature.

      Sec. 47-96. Permit fees. Determination of value of securities. (a) The fee for filing an application for a permit for the sale of real estate syndicate securities or renewal thereof is one hundred dollars plus one-tenth of one per cent of the aggregate value of the certificates of interest sought to be issued in this state up to a maximum aggregate fee of one thousand five hundred dollars. For the purpose of determining the fees fixed in this section, the value of the real estate syndicate securities shall be the price at which they are proposed to be sold, including obligations to make future payments, or the value as alleged in the application, or the actual value, as determined by the commission, of the consideration, if other than money, to be received therefor, whichever is greater.

      (b) The fee for filing any application for a permit to issue real estate syndicate securities evidencing any change in the rights, preferences, privileges or restrictions on outstanding real estate syndicate securities is one hundred dollars. Where such issuance will result in an increase in the aggregate face amount of the real estate syndicate securities, the fee shall be in accordance with subsection (a) of this section.

      (P.A. 73-593, S. 21, 35; P.A. 07-217, S. 176.)

      History: P.A. 07-217 made technical changes in Subsec. (b), effective July 12, 2007.

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      Sec. 47-97. No endorsement by commission to be implied by filing of application, qualification of securities or exemption. Inconsistent representations to purchasers prohibited. Permit to indicate permissive nature. (a) Neither the fact that an application for qualification under this chapter has been filed nor the fact that such qualification has become effective constitutes a finding by the commission that any document filed under this chapter is true, complete or not misleading. Neither any such fact nor the fact that an exemption is available for a real estate syndicate security or a transaction means that the commission has passed in any way upon the merits or qualifications of, or recommended or given approval to, any person, real estate syndicate security or transaction.

      (b) No person shall make or cause to be made to any prospective purchaser any representation inconsistent with subsection (a) of this section.

      (c) Every permit shall recite in bold type that the issuance thereof is permissive only and does not constitute a recommendation or endorsement of the real estate syndicate securities to be issued.

      (P.A. 73-593, S. 10, 13, 35; P.A. 07-217, S. 177.)

      History: P.A. 07-217 made a technical change in Subsec. (b), effective July 12, 2007.

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