6.1-302 - (Repealed effective October 1, 2010) Regulations and orders. - Virginia Statutes

§ 6.1-302. (Repealed effective October 1, 2010) Regulations and orders.

A. The Commission is empowered to promulgate rules and regulations for theenforcement of this chapter, in addition thereto and consistent therewith, inthe manner required by law. Every regulation, every administrative ruling,and every requirement of general application shall be in writing and beentered and maintained as a public record in an indexed permanent book withthe date of each suitably indicated. A copy of each regulation and orderpromulgating it shall be mailed to all licensees at least ten days before theeffective date thereof, and a copy of each other order affecting personsother than licensees shall be mailed to the person or persons immediatelyaffected thereby but without a required period of notice except as and whenother procedure is required by law.

B. The Commission is also empowered to promulgate rules or regulationsprescribing disclosures which must be made in connection with the offer orsale of any "security," as that term is defined in § 13.1-501 of theVirginia Securities Act (§ 13.1-501 et seq.), issued by any licenseeorganized under the laws of this Commonwealth.

C. The disclosures required by subsection B shall contain substantially thefollowing language: "This security or these securities are being offered inVirginia pursuant to an exemption from the registration requirements of theVirginia Securities Act. The State Corporation Commission does not pass uponthe adequacy or accuracy of the security or this offering circular or uponthe merits of this security or this offering. These securities are notinsured or guaranteed by any state or federal agency." The disclosuresshall be printed in bold, ten-point type.

(Code 1950, § 6-331; 1966, c. 584; 1993, c. 366.)