§ 78A-65. Repeal and saving provisions. - North Carolina Statutes

§78A‑65.  Repeal and saving provisions.

(a)        The Securities Lawof the State of North Carolina, G.S. 78‑1 through 78‑25, isrepealed except as saved in this section.

(b)        Prior lawexclusively governs all suits, actions, prosecution, or proceedings which arepending or may be initiated on the basis of facts or circumstances occurringbefore April 1, 1975, except that no civil suit or action may be maintained toenforce any liability under prior law unless brought within any period oflimitation which applied when the cause of action accrued and in any eventwithin two years after April 1, 1975.

(c)        All effectiveregistrations under prior law, all administrative orders relating to suchregistrations, and all conditions imposed upon such registrations remain ineffect so long as they would have remained in effect if this Chapter had notbeen passed. They are considered to have been filed, entered, or imposed underthis Chapter, but are governed by prior law.

(d)        Prior law appliesin respect to any offer or sale made within one year after the effective dateof this Chapter pursuant to an offering begun in good faith before April 1,1975, on the basis of an exemption available under prior law.

(e)        Judicial review ofall administrative orders as to which review proceedings have not beeninstituted by April 1, 1975, are governed by G.S. 78A‑48, except that noreview proceeding may be instituted unless the petition is filed within anyperiod of limitation which applied to a review proceeding when the order wasentered and in any event within 60 days after April 1, 1975. (1973,c. 1380.)