§ 78A-36. Registration requirement. - North Carolina Statutes

Article 5.

Registration of Dealersand Salesmen.

§ 78A‑36.  Registrationrequirement.

(a)        It is unlawful forany person to transact business in this State as a dealer or salesman unless heis registered under this Chapter. No dealer shall be eligible for registrationunder this Chapter, or for renewal of registration hereunder, unless suchdealer is at the time registered as a dealer with the Securities and ExchangeCommission under the Securities Exchange Act of 1934.

(b)        It is unlawful forany dealer to employ a salesman unless the salesman is registered. Theregistration of a salesman is not effective during any period when he is notassociated with a particular dealer registered under this Chapter. When asalesman begins or terminates those activities which make him a salesman, thesalesman as well as the dealer shall promptly notify the Administrator.

The Administrator may by ruleor order require the return of a salesman's license upon the termination ofthose activities which make him a salesman or, if such return is impossible,require a bond or evidence satisfactory to the Administrator of suchimpossibility. No salesman may be registered with more than one dealer.

(c)        Every registrationexpires on the thirty‑first day of March of each year (or such other datenot more than one year from its effective date as the Administrator may by ruleor order provide) unless renewed. (1925, c. 190, s. 19; 1927, c. 149, s. 19; 1955, c.436, s. 9; 1959, c. 1122; 1971, c. 831, s. 1; 1973, c. 1380; 1975, c. 144, s.2; 1979, 2nd Sess., c. 1148, s. 2; 1981, c. 624, s. 4; 1983, c. 817, s. 8; 2001‑182,s. 1.)