17:16A-10 - Investment contracts; form; approval by Commissioner; review - New Jersey Statutes

17:16A-10.  Investment contracts;  form;  approval by Commissioner; review    Except as herein otherwise provided, no investment contract shall be issued  by any investment company of this State or be made, issued, solicited, sold or  delivered in this State by any investment company of another State or country  until the expiration of at least thirty days after the form thereof shall have  been filed with the commissioner.  After the expiration of such period, or if  prior to the expiration of such period the commissioner shall acknowledge such  filing, investment contracts in the form so filed, or so filed and  acknowledged, as the case may be, may thereafter be made, issued, solicited,  sold and delivered in this State by the company filing the same while the  company is authorized to transact an investment business in this State.  If the  commissioner shall at any time notify the company filing such form of his  disapproval thereof, as containing provisions which are unfair, unjust,  inequitable, contrary to law or to the public policy of this State, the company  shall not thereafter make, issue, solicit, sell or deliver in this State any  investment contract in the form so disapproved unless and until such  disapproval is canceled or withdrawn by him.  The disapproval of the  commissioner shall be subject to review by the Superior Court in a proceeding  in lieu of prerogative writ.

     L.1938, c. 322, p. 824, s. 10.  Amended by L.1953, c. 17, p. 230, s. 98.