J. MILLARD TAWES, Governor 9

pend registration pending final determination of any proceeding
under this section. Upon the entry of the order, the Commissioner
shall promptly notify the applicant or registrant, as well as the em-
ployer or prospective employer if the applicant or registrant is an
agent, that it has been entered and of the reasons therefor and that
within fifteen days after the receipt of a written request the matter
will be set down for hearing. If no hearing is requested and none is
ordered by the Commissioner, the order will remain in effect until it
is modified or vacated by the Commissioner. If a hearing is requested
or ordered, the Commissioner, after notice of and opportunity for
hearing, may modify or vacate the order or extend it until final
determination.

(d) If the Commissioner finds that any registrant or applicant
f or registration is no longer in existence or has ceased to do business
as a broker-dealer or agent, or is subject to an adjudication of mental
incompetence or to the control of a committee, conservator, or guard-
ian, or cannot be located after reasonable search, the Commissioner
may by order cancel the registration or application.

(e) Withdrawal from registration as a broker-dealer or agent be-
comes effective thirty days after receipt of an application to withdraw
or within such shorter period of time as the Commissioner may
determine, unless a revocation or suspension proceeding is pending
when the application is filed or a proceeding to revoke or suspend or
to impose conditions upon the withdrawal is instituted within thirty
days after the application is filed. If a proceeding is pending or insti-
tuted, withdrawal becomes effective at such time and upon such con-
ditions as the Commissioner by order determines. If no proceeding
is pending or instituted and withdrawal automatically becomes effec-
tive, the Commissioner may nevertheless institute a revocation or
suspension proceeding under section 18 (a) (2) (B) within one year
after withdrawal became effective and enter a revocation or suspen-
sion order as of the last date on which registration was effective.

(f) No order may be entered under any part of this section except
the first sentence of subsection (c) without (1) appropriate prior
notice to the applicant or registrant (as well as the employer or
prospective employer if the applicant or registrant is an agent), (2)
opportunity for hearing, and (3) written findings of fact and con-
clusions of law.

Registration of Securities
§ 19. Registration Requirement.

It is unlawful for any person to offer or sell any security in this
state unless (1) it is registered under this act, or (2) the security
or transaction is exempted under section 26.

§ 20. Registration by Notification.

(a) The following securities may be registered by notification,
whether or not they are also eligible for registration by coordination
under section 21:

(1) any security whose issuer and any predecessors have been in
continuous operation for at least five years if (A) there has been no