NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

 

 

CHAPTER 1148

HOUSE BILL 1279

 

 

AN ACT TO AMEND THE NORTH CAROLINA SECURITIES ACT.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 78A-28(b) is amended by rewriting the last sentence to read as follows:

"In the case of a registration statement relating to a security issued by a face-amount certificate company or a redeemable security issued by an open-end management company, unit investment trust, mutual fund or limited partnership interest, the administrator may by rule or order prescribe the maximum amount of securities, but in no event less than two hundred fifty thousand dollars ($250,000), that may be offered upon payment of the maximum registration fee, and prescribe different amounts for different classes of issuers."

G.S. 78A-28(j) is amended by rewriting the first sentence thereof to read as follows:

"(j)       A registration statement filed in accordance with subsection (j) of this section may be amended after its effective date so as to increase the securities specified as proposed to be offered."

Sec. 2.  G.S. 78A-36(a) is amended by changing the period at the end thereof to a semicolon and adding the following:

"any dealer specializing in church securities may be registered to offer or sell only those securities which are issued by churches located within this State."

Sec. 3.  G.S. 78A-50(e) is amended by adding a new sentence at the end of that subsection to read as follows:

"When an exemption is claimed in writing, cites the section relied upon, and is considered eligible upon the showing made, a 'no action' letter will be furnished upon request and upon the payment of a fee often dollars ($10.00)."

Sec. 4.  This act shall become effective on January 1, 1981.

In the General Assembly read three times and ratified, this the 20th day of June, 1980.