J. MILLARD TAWES, Governor 5

Registration of Broker-Dealers and Agents
§ 15. Registration Requirement.

(a) It is unlawful for any person to transact business in this
state as a broker-dealer or agent unless he is registered under this
act.

(b) It is unlawful for any broker-dealer or issuer to employ an
agent unless the agent is registered. The registration of an agent
is not effective during any period when he is not associated with a
particular broker-dealer registered under this act or a particular
issuer. When an agent begins or terminates a connection with a
broker-dealer or issuer, or begins or terminates those activities which
make him an agent, the agent as well as the broker-dealer or issuer
shall promptly notify the Commissioner.

(c) Every registration expires one year from its effective date
unless renewed. The Commissioner by rule or order may prepare
an initial schedule for registrations and renewals so that subsequent
renewals of registrations may be staggered by calendar months or
any other period. For this purpose the Commissioner by rule may
reduce the registration fee proportionately.

§ 16. Registration Procedure.

(a) A broker-dealer or agent may obtain an initial or renewal
registration by filing with the Commissioner an application together
with a consent to service of process pursuant to section 38 (g). The
application shall contain whatever information the Commissioner
by rule requires concerning such matters as (1) the applicant's form
and place of organization; (2) the applicant's proposed method
of doing business; (3) the qualifications and business history of
the applicant and, in the case of a broker-dealer, any partner,
officer, or director, any person occupying a similar status or per-
forming similar functions, or any person directly or indirectly
controlling the broker-dealer; (4) any injunction or administrative
order or conviction of a misdemeanor involving a security or any
aspect of the securities business and any conviction of a felony;
and (5) the applicant's financial condition and history.

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THE COMMISSIONER AT HIS DISCRETION MAY PUB-
LISH AN ANNOUNCEMENT OF THE APPLICANTS FOR REGIS-
TRATION IN SUCH NEWSPAPERS AS HE DETERMINES. If
no denial order is in effect and no proceeding is pending under section
18, registration becomes effective at noon of the thirtieth day after an
application is filed. The Commissioner may by rule or order specify
an earlier effective date, and he may by order defer the effective date
until noon of the thirtieth day after the filing of any amendment.

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(b) Every applicant for initial or renewal registration shall pay
a filing fee of $75. 00 in the case of a broker-dealer, plus $2. 00 for
each partner, officer, director or principal doing business in this
state, and $15. 00 in the case of an agent. When application is denied