§ 6.1-302. Regulations and orders
A. The Commission is empowered to promulgate rules and regulations for the enforcement of this chapter, in addition thereto and consistent therewith, in the manner required by law. Every regulation, every administrative ruling, and every requirement of general application shall be in writing and be entered and maintained as a public record in an indexed permanent book with the date of each suitably indicated. A copy of each regulation and order promulgating it shall be mailed to all licensees at least ten days before the effective date thereof, and a copy of each other order affecting persons other than licensees shall be mailed to the person or persons immediately affected thereby but without a required period of notice except as and when other procedure is required by law.
B. The Commission is also empowered to promulgate rules or regulations prescribing disclosures which must be made in connection with the offer or sale of any "security," as that term is defined in § 13.1-501 of the Virginia Securities Act (§ 13.1-501 et seq.), issued by any licensee organized under the laws of this Commonwealth.
C. The disclosures required by subsection B shall contain substantially the following language: "This security or these securities are being offered in Virginia pursuant to an exemption from the registration requirements of the Virginia Securities Act. The State Corporation Commission does not pass upon the adequacy or accuracy of the security or this offering circular or upon the merits of this security or this offering. These securities are not insured or guaranteed by any state or federal agency." The disclosures shall be printed in bold, ten-point type.
(Code 1950, § 6-331; 1966, c. 584; 1993, c. 366.)
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