Section 8-6-1 – Short Title.
Section 8-6-1 Short title. This article may be cited as the “Alabama Securities Act.” (Acts 1959, No. 542, p. 1318, §22; Acts 1990, No. 90-527, p. 772, §1.)
Section 8-6-10 – Registration of Securities – Exempt Securities.
Section 8-6-10 Registration of securities – Exempt securities. Sections 8-6-4 through 8-6-9 shall not apply to any of the following securities: (1) Any security, including a revenue obligation, issued or guaranteed by the United States, any state, any political subdivision of a state, any agency, corporate, or other instrumentality of one or more of the […]
Section 8-6-11 – Registration of Securities – Exempt Transactions.
Section 8-6-11 Registration of securities – Exempt transactions. (a) Except as hereinafter in this section expressly provided, Sections 8-6-3 through 8-6-9 shall not apply to any of the following transactions: (1) Any isolated nonissuer transaction, whether effected through a dealer or not; (2) Any nonissuer transaction in an outstanding security by a registered dealer if: […]
Section 8-6-12 – Registration of Securities – Applicability of Provisions of Article; Consent to Service of Process on Secretary of State.
Section 8-6-12 Registration of securities – Applicability of provisions of article; consent to service of process on Secretary of State. (a) The provisions of this article shall apply to persons who sell or offer to sell when (1) an offer to sell is made in this state, or (2) an offer to buy is made […]
Section 8-6-14 – Filing or Registration Not Finding of Truth, Completeness, etc., of Documents; Representations Concerning Effect of Registration or Exemption.
Section 8-6-14 Filing or registration not finding of truth, completeness, etc., of documents; representations concerning effect of registration or exemption. (a) Neither the fact that an application for registration under Section 8-6-3 or a registration statement under Sections 8-6-5, 8-6-6 or 8-6-7 has been filed, nor the fact that a person or security is effectively […]
Section 8-6-15 – Investigations and Subpoenas by Commission.
Section 8-6-15 Investigations and subpoenas by commission. (a) The Securities Commission, in its discretion, may: (1) Make such public or private investigations within or outside of this state as he deems necessary to determine whether any registration in the sale of securities should be granted, denied, or revoked, whether any person has violated or is […]
Section 8-6-16 – Administrative Cease and Desist Authority to Commission; Injunctive Relief; Appointment of Receivers or Conservators for Defendants or Defendants’ Assets; Court Ordered Rescission, Restitution, or Disgorgement for Violations.
Section 8-6-16 Administrative cease and desist authority to commission; injunctive relief; appointment of receivers or conservators for defendants or defendants’ assets; court ordered rescission, restitution, or disgorgement for violations. Whenever it appears to the Securities Commission that any person has engaged in or is about to engage in any act or practice constituting a violation […]
Section 8-6-17 – Prohibited Acts Regarding Offer, Sale, or Purchase of Securities.
Section 8-6-17 Prohibited acts regarding offer, sale, or purchase of securities. (a) It is unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly, to: (1) Employ any device, scheme, or artifice to defraud; (2) Make any untrue statement of a material fact or to omit to […]
Section 8-6-18 – Criminal Penalties for Violations of Article; Enforcement; Scienter.
Section 8-6-18 Criminal penalties for violations of article; enforcement; scienter. (a) A person who willfully violates Section 8-6-3 or Section 8-6-4, upon conviction, shall be guilty of a Class C felony. A person that willfully violates subsection (a), (b), or (c) of Section 8-6-17, upon conviction, shall be guilty of a Class B felony. The […]
Section 8-6-19 – Civil Liabilities of Sellers, Agents, etc.; Remedies of Purchasers.
Section 8-6-19 Civil liabilities of sellers, agents, etc.; remedies of purchasers. (a) Any person who: (1) Sells or offers to sell a security in violation of any provision of this article or of any rule or order imposed under this article or of any condition imposed under this article, or (2) Sells or offers to […]
Section 8-6-2 – Definitions.
Section 8-6-2 Definitions. When used in this article, unless the context otherwise requires, the following terms shall have the meanings respectively ascribed to them by this section: (1) COMMISSION or SECURITIES COMMISSION. The securities commission. (2) AGENT. Any individual other than a dealer who represents a dealer or issuer in effecting or attempting to effect […]
Section 8-6-21 – Commission Authorized to Swear Out Warrants of Arrest; Liability of Commission for Warrant.
Section 8-6-21 Commission authorized to swear out warrants of arrest; liability of commission for warrant. The Securities Commission is authorized and empowered to swear out warrants of arrest against any person violating the criminal provisions of this article, and it shall not be liable in damages or to an action for damages by reason of […]
Section 8-6-22 – Duties of Director; Director Empowered to Swear Out Warrants of Arrest; Liability of Director for Warrant.
Section 8-6-22 Duties of director; director empowered to swear out warrants of arrest; liability of director for warrant. The Director of the Securities Commission shall keep the records of the commission and generally perform such duties as the commission may direct. When ordered by the commission, he shall be authorized and empowered to swear out […]
Section 8-6-23 – Making, Amending, and Rescinding Rules and Prescribing Forms by Commission.
Section 8-6-23 Making, amending, and rescinding rules and prescribing forms by commission. The Securities Commission may from time to time make, amend, and rescind such rules and prescribe such forms as are necessary and desirable to carry out the provisions of this article. No rules or forms may be made or prescribed unless the commission […]
Section 8-6-24 – Liability for Acts Done or Omitted in Good Faith Under Rules, Forms, or Orders.
Section 8-6-24 Liability for acts done or omitted in good faith under rules, forms, or orders. No provision of this article imposing any liability applies to any act done or omitted in good faith in conformity with any rule, form, or order of the Securities Commission, notwithstanding that the rule or form may later be […]
Section 8-6-25 – Hearings to Be Public; Requests for Private Hearings.
Section 8-6-25 Hearings to be public; requests for private hearings. Every hearing in an administrative proceeding shall be public unless the Securities Commission, in its discretion, grants a request joined in by all the respondents that the hearing be conducted privately. (Acts 1959, No. 542, p. 1318, §20; Acts 1990, No. 90-527, p. 772, §1.)
Section 8-6-26 – Document Deemed Filed When Received.
Section 8-6-26 Document deemed filed when received. A document is deemed filed when it is received by the Securities Commission. (Acts 1959, No. 542, p. 1318, §20; Acts 1990, No. 90-527, p. 772, §1.)
Section 8-6-27 – Commission to Keep Register; Register to Be Open for Public Inspection.
Section 8-6-27 Commission to keep register; register to be open for public inspection. The Securities Commission shall keep a register of all applications for registration and registration statements which are or have ever been effective under this article and all denial, suspension, or revocation orders which have ever been entered under this article. The register […]
Section 8-6-28 – Commission to Furnish Copies of Register Entries or Documents; Certified Copy Deemed Prima Facie Evidence.
Section 8-6-28 Commission to furnish copies of register entries or documents; certified copy deemed prima facie evidence. Upon request and at such reasonable charges as it prescribes, the Securities Commission shall furnish to any person photostatic or other copies, certified under its seal of office if requested, of any entry in the register or any […]
Section 8-6-29 – Interpretative Opinions by Commission.
Section 8-6-29 Interpretative opinions by commission. (a) The Securities Commission, in its discretion, may honor requests from interested persons for interpretative opinions and no-action letters. (b) Any person who makes application to the Securities Commission for an interpretative opinion or no-action letter shall be assessed a non-refundable filing fee of $150 upon application for such […]