48-103-108 - Administration Rules and orders Hearings. - Tennessee Statutes

48-103-108. Administration Rules and orders Hearings.

(a)  (1)  This part shall be administered by the commissioner, who may exercise all powers granted to the commissioner by chapter 2 of this title which are not inconsistent with this part.

     (2)  The commissioner is authorized to promulgate such rules and regulations, consistent with the provisions of this part, as are necessary to the administration thereof in carrying out the powers and duties vested in the commissioner by this part.

     (3)  The commissioner may by rule or order exempt from any provisions of this part takeover offers that the commissioner determines are not made for the purpose or do not have the effect of changing or influencing the control of an offeree company or where compliance with this part is not necessary for the protection of the shareholders of the offeree company, and the commissioner may similarly exempt any persons from the filing of statements under this part.

     (4)  The commissioner may by order direct any person to file any statement provided for in this part, if it appears that such person is delinquent in the filing of such statement.

(b)  All hearings before the commissioner shall be conducted in accordance with the provisions of the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, and each party to such proceeding shall have all the procedural rights set out therein including, but not limited to, the right to proper notice, the right to confront witnesses and examine the evidence against the party, the right to cross-examine witnesses, the right to counsel, the right to present evidence in the party's own behalf and the right to subpoena witnesses, books, records, papers and other objects. Such hearing may, at the option of the agency and upon agreement by the secretary of state or the secretary of state's designee, be conducted by a hearing officer from the administrative procedures division of the secretary of state's office. Judicial review of the final agency decision in a contested case shall also be in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.

(c)  The commissioner has the authority to promulgate rules in order to effectuate the purposes and objectives set out in this part, and such rules shall be promulgated and published in accordance with the provisions of the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. As provided in that chapter, any interested person has the right to petition the agency for the adoption, amendment or repeal of a rule or to petition the agency involved for a ruling on the applicability of a rule to any person, property or state of facts.

[Acts 1976, ch. 536, § 2; T.C.A., §§ 48-2108, 48-5-108, 48-35-108.]