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 per
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.