PUBLIC Law Chapter 65

	8.__Effective period.__Except while a stop order is in effect
under section 16306, a registration statement is effective for one
year after its effective date or for any longer period designated
in an order under this chapter during which the security is being
offered or distributed in a nonexempted transaction by or for the
account of the issuer or other person on whose behalf the offering
is being made or by an underwriter or broker-dealer that is still
offering part of an unsold allotment or subscription taken as a
participant in the distribution. For the purposes of a nonissuer
transaction, all outstanding securities of the same class
identified in the registration statement as a security registered
under this chapter are considered to be registered while the
registration statement is effective. If any securities of the same
class are outstanding, a registration statement may not be
withdrawn until one year after its effective date. A registration
statement may be withdrawn only with the approval of the
administrator.

9.__Periodic reports.__While a registration statement is
effective, a rule adopted or order issued under this chapter may
require the person that filed the registration statement to file
reports, not more often than quarterly, to keep the information
or other record in the registration statement reasonably current
and to disclose the progress of the offering.

10.__Posteffective amendments.__A registration statement may
be amended after its effective date. The posteffective amendment
becomes effective when the administrator so orders. If a
posteffective amendment is made to increase the number of
securities specified to be offered or sold, the person filing the
amendment shall pay a nonrefundable registration fee of $300.__A
posteffective amendment relates back to the date of the offering
of the additional securities being registered if, within one year
after the date of the sale, the amendment is filed and the
additional registration fee is paid.

11.__Rulemaking.__Rules adopted pursuant to this section are
routine technical rules as defined in Title 5, chapter 375,
subchapter 2-A.

§16306.__Denial, suspension and revocation

of securities registration

1.__Stop orders.__The administrator may issue a stop order
denying effectiveness to, or suspending or revoking the
effectiveness of, a registration statement if the administrator
finds that the order is in the public interest and that:

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