04 NCAC 16G .0715. PROHIBITED REPRESENTATIONS

The administrator will review the price information required under this Section in determining whether to give approval to the plan of conversion when the offering is to commence prior to the meeting of the members, and the administrator will review the information in determining whether to declare a final offering circular effective.  No representations may be made in any manner that the price information has been approved by the administrator or that the shares of capital stock sold pursuant to the plan of conversion have been approved or disapproved by the administrator or that the administrator has passed upon the accuracy or adequacy of any offering circular covering such shares.

 

History Note:        Authority G.S. 54C‑33; 54C‑53;

Eff. February 15, 1992.