21.20.250 - Registration by qualification or coordination -- Escrow -- Impounding proceeds. - Washington Statutes

Registration by qualification or coordination — Escrow — Impounding proceeds.

The director may by rule or order require as a condition of registration by qualification or coordination (1) that any security issued within the past three years or to be issued to a promoter for a consideration substantially different from the public offering price, or to any person for a consideration other than cash, be deposited in escrow; and (2) that the proceeds from the sale of the registered security in this state be impounded until the issuer receives a specified amount from the sale of the security either in this state or elsewhere. The director may by rule or order determine the conditions of any escrow or impounding required hereunder but the director may not reject a depository solely because of location in another state.

[1979 ex.s. c 68 § 15; 1959 c 282 § 25.]