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ACROSS SESSIONS
- Subject Index: Since 1995
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Developed and maintained by the Division of Legislative Automated Systems.
1994 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 13.1-509 of the Code of Virginia is amended and reenacted as follows:
§ 13.1-509. Registration by coordination.
(a) A. Any security for which a registration statement has
been filed under the Securities Act of 1933 in connection with the same
offering may be registered by coordination if no stop order or refusal order
is in effect against such registration statement and no proceeding looking
toward such an order is pending.
(b) B. A registration statement under this section shall
consist of the prospectus filed under the Securities Act of 1933 together
with all amendments or supplements thereto and a statement of the amount and
maximum offering price of the securities proposed to be offered in this
Commonwealth. The Commission may require that it also include the articles
of incorporation and bylaws, any agreements with underwriters, any indenture
or any other instrument governing the issuance of the security to be
registered, a specimen of the security and any other information documents
filed under the Securities Act of 1933. The registration statement shall be
accompanied by a fee of one-twentieth of one percent of the maximum aggregate
offering price of the securities proposed to be offered in this Commonwealth;
provided that the fee shall not be less than $200 nor more than $700, except
that in the case of a unit investment trust, as that term is defined in the
Investment Company Act of 1940, the fee shall not be less than $400 nor more
than $1,000.
(c) C. A registration statement under this section shall
automatically become effective at the moment the federal registration
statement becomes effective if all of the following conditions are satisfied:
(i) No stop order is in effect and no proceeding for the issuance of a stop
order is pending; and (ii) the registration statement and all
amendments other than a final amendment (hereinafter termed the "price
amendment") which is limited substantially to information concerning the
offering price, underwriting and selling discounts or commissions, amount of
proceeds, conversion rates, call prices, and other matters dependent upon the
offering price have been on file with the Commission, or any entity
designated by order or rule of the Commission, for at least three full
business days. Unless the definitive information concerning price and other
matters dependent thereon has been so on file with the Commission or such
entity, the registrant shall promptly notify the Commission by telephone
or telegram of the date and time when the federal registration statement
became effective and the content of the federal price amendment, if any, and
shall promptly file a post-effective amendment containing the information in
the federal price amendment but exclusive of exhibits. Failure to receive
such notification or such post-effective amendment if required shall be
grounds for the entry of a stop order retroactively denying effectiveness to
the registration statement, without notice or hearing, if the Commission
promptly notifies the registrant by telephone or telegram (and promptly
confirms by letter or telegram when it notifies by telephone) of the issuance
of such an order. If the registrant proves that he complied with the
requirements of this subsection as to notice and post-effective amendment,
the stop order shall be void as of the time of its entry. The Commission
may, by order, letter or telegram, accelerate the effectiveness of any
registration statement and may waive any or all of the conditions specified
in clause (ii) above. If the federal registration has become effective
before all of such conditions have been satisfied and they are not so waived,
the registration statement under this section shall automatically become
effective as soon as all of such conditions have been satisfied.