MARVIN MANDEL, Governor                               1969

REQUIREMENTS FOR DIFFERENT CLASSES.

(B)            LIMITATIONS ON POWER OF COMMISSIONER;
COOPERATION WITH STATE AND FEDERAL AGENCIES.

(1)            A RULE, FORM, OR ORDER MAY NOT BE MADE,
AMENDED, OR RESCINDED UNLESS THE COMMISSIONER FINDS THAT
THE ACTION IS NECESSARY OR APPROPRIATE IN THE PUBLIC
INTEREST OR FOR THE PROTECTION OF INVESTORS AND
CONSISTENT WITH THE PURPOSES FAIRLY INTENDED BY THE
POLICY AND PROVISIONS OF THIS TITLE.

(2)         IN PRESCRIBING RULES AND FORMS THE
COMMISSIONER MAY COOPERATE WITH THE SECURITIES
ADMINISTRATORS OF THE OTHER STATES AND THE SECURITIES AND
EXCHANGE COMMISSION WITH A VIES TO EFFECTUATING THE
POLICY OF THIS STATUTE TO ACHIEVE MAXIMUM UNIFORMITY IN
THE FORM AND CONTENT OF REGISTRATION STATEMENTS,
APPLICATIONS, AND REPORTS WHEREVER PRACTICABLE.

(C)       FINANCIAL STATEMENTS.

(1) THE COMMISSIONER BY RULE OR ORDER MAY
PRESCRIBE:

(1)   THE FORM AND CONTENT OF FINANCIAL
STATEMENTS REQUIRED UNDER THIS TITLE;

(II)     THE CIRCUMSTANCES UNDER WHICH
CONSOLIDATED FINANCIAL STATEMENTS SHALL BE FILED; AND

(III)    WHETHER ANY REQUIRED FINANCIAL
STATEMENTS SHALL BE CERTIFIED BY INDEPENDENT OR CERTIFIED
PUBLIC ACCOUNTANTS.

(2)     ALL FINANCIAL STATEMENTS SHALL BE
PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING
PRACTICES.

(D)   PUBLICATION OF RULES AND FORMS.

ALL RULES AND FORMS OF THE COMMISSIONER SHALL BE
PUBLISHED.

(E)    ACTS DONE IN GOOD FAITH NOT AFFECTED BY
SUBSEQUENT AMENDMENT, ETC.

A PROVISION OF THIS TITLE IMPOSING ANY LIABILITY
DOES NOT APPLY TO ANY ACT DONE OR OMITTED IN GOOD FAITH
IN CONFORMITY WITH ANY RULE, FORM, OR ORDER OF THE
COMMISSIONER, NOTWITHSTANDING THAT THE RULE, FORM, OR
ORDER MAY LATER BE AMENDED, RESCINDED, OR DETERMINED BY
JUDICIAL OR OTHER AUTHORITY TO BE INVALID FOR ANY REASON.