55-505 - Agency regulation of public offering statement. - Virginia Statutes

§ 55-505. Agency regulation of public offering statement.

A. The agency at any time may require a declarant to alter or supplement theform or substance of a public offering statement to assure adequate andaccurate disclosure to prospective purchasers.

B. The public offering statement may not be used for any promotional purposebefore registration and afterwards only if it is used in its entirety. Noperson may advertise or represent that the agency has approved or recommendedthe cooperative, the disclosure statement or any of the documents containedin the application for registration.

C. In the case of a cooperative situated wholly outside of this Commonwealth,no application for registration or proposed public offering statement, filedwith the agency, which has been approved by an agency in the state where thecooperative is located and substantially complies with the requirements ofthis chapter, may be rejected by the agency on the grounds of noncompliancewith any different or additional requirements imposed by this chapter or bythe agency's regulations. However, the agency may require additionaldocuments or information in particular cases to assure adequate and accuratedisclosure to prospective purchasers.

(1982, c. 277.)