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15-4-1228. Investigations by Bank Commissioner or Securities Commissioner — Injunctions.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1228. Investigations by Bank Commissioner or Securities Commissioner — Injunctions.
(a) The Bank Commissioner may investigate, either upon complaint or otherwise, when it appears that a county or regional industrial development company is conducting its business in an unsafe and injurious manner or in violation of this subchapter or the rules promulgated under this subchapter by the Bank Commissioner or when it appears that any person is engaging in the business without being approved under the provisions of this subchapter.
(b) The Securities Commissioner may investigate, either upon complaint or otherwise, when it appears that a county or regional industrial development company is offering its securities in violation of § 15-4-1220 or is otherwise violating the provisions of Arkansas law that come under the jurisdiction of the Securities Commissioner.
(c)(1) Subject to the jurisdictional provisions of subsections (a) and (b) of this section, whenever it appears upon sufficient grounds or evidence satisfactory to the Bank Commissioner or the Securities Commissioner that any county or regional industrial development company has engaged in or is about to engage in any act or practice in violation of this subchapter or any rule or order under this subchapter, or the assets or capital of any county or regional industrial development company is impaired or the county or regional industrial development company's affairs are in an unsafe condition, the Bank Commissioner or the Securities Commissioner may:
(A) Refer the evidence which is available concerning violations of this subchapter or any rule or order under this subchapter to the appropriate agency, which may institute the appropriate corrective action or proceedings with or without the reference; or
(B)(i
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1228
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:15-4-1228
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6dc2cbb7488a46c5d5d5e52f1978dd5bc4b8f48e336a2f95b66e56e15190a4fd
Source location: content.xml paragraph 3014
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15-4-1228. Investigations by Bank Commissioner or Securities Commissioner — Injunctions.
(a) The Bank Commissioner may investigate, either upon complaint or otherwise, when it appears that a county or regional industrial development company is conducting its business in an unsafe and injurious manner or in violation of this subchapter or the rules promulgated under this subchapter by the Bank Commissioner or when it appears that any person is engaging in the business without being approved under the provisions of this subchapter.
(b) The Securities Commissioner may investigate, either upon complaint or otherwise, when it appears that a county or regional industrial development company is offering its securities in violation of § 15-4-1220 or is otherwise violating the provisions of Arkansas law that come under the jurisdiction of the Securities Commissioner.
(c)(1) Subject to the jurisdictional provisions of subsections (a) and (b) of this section, whenever it appears upon sufficient grounds or evidence satisfactory to the Bank Commissioner or the Securities Commissioner that any county or regional industrial development company has engaged in or is about to engage in any act or practice in violation of this subchapter or any rule or order under this subchapter, or the assets or capital of any county or regional industrial development company is impaired or the county or regional industrial development company's affairs are in an unsafe condition, the Bank Commissioner or the Securities Commissioner may:
(A) Refer the evidence which is available concerning violations of this subchapter or any rule or order under this subchapter to the appropriate agency, which may institute the appropriate corrective action or proceedings with or without the reference; or
(B)(i) Summarily order the county or regional industrial development company to cease and desist from the act or practice during the time the Bank Commissioner or the Securities Commissioner may apply to the Pulaski County Circuit Court to enjoin the act or practice and to enforce compliance with this subchapter or any rule or order under this subchapter.
(ii) However, the Bank Commissioner or the Securities Commissioner may apply directly to the Pulaski County Circuit Court for injunctive relief without issuing a cease and desist order.
(2) Upon a proper showing, a permanent or temporary injunction, restraining order, or writ of mandamus shall be granted and a receiver or conservator may be appointed for the county or regional industrial development company or its assets.
(3) The court may not require the Bank Commissioner or the Securities Commissioner to post a bond.
(4) In addition to any other remedy provided in this subchapter or under applicable law, the costs of the Bank Commissioner or the Securities Commissioner incurred in successfully prosecuting violations of this subchapter may be imposed by the court as additional damages payable by the company.
(d) A copy of all reports of the investigation or other proceedings conducted pursuant to this section shall be forwarded to the Secretary of the Department of Finance and Administration.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-1220. Exemption for securities.
(a)(1) The stock, units of interest, notes, debentures, bonds, and all other securities or obligations issued by any company organized and existing under the provisions of this subchapter shall be exempt from the provisions of the Arkansas Securities Act, § 23-42-101 et seq.
(2) However, any company organized and existing under the provisions of this subchapter shall not be exempt from the following:
(A) The antifraud provisions of the Arkansas Securities Act, § 23-42-101 et seq., under § 23-42-507;
(B) The criminal provisions for violation of the provisions found in § 23-42-104(a); and
(C) The civil remedies available for violation of the provisions found in § 23-42-106.
(b)(1) Notwithstanding the provisions of subsection (a) of this section, no company may offer its stock, units of interest, notes, debentures, bonds, or other securities or obligations without filing a notice with the Securities Commissioner before the first offer of the securities to be sold.
(2)(A) The filing shall state the terms of the offer and how the company intends to comply with the antifraud provisions of the Arkansas Securities Act, § 23-42-101 et seq., and shall be accompanied by copies of any sales materials the company will use in the offer of the securities.
(B) The filing shall be effective upon deposit with the commissioner.
(C) This filing requirement shall be applicable to the initial capitalization of the company and any subsequent offer of stock, units of interest, notes, debentures, bonds, or other securities or obligations or series thereof.
(c) Failure of a company to make the filing required by subsection (b) of this section shall be a basis for imposition of all remedies available to the commissioner for the offer and sa
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1220
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-4-1220. This identifies an authority to review, not proof of applicability.