Ariz. Admin. Code § R14-4-108 - Sales Commission and Expenses
A. No issuer shall incur a liability which
must be paid by the issuer as a selling expense in connection with the sale of
a public issuance greater than 15% of the amount of said issue actually sold to
the public.
B. Selling expense
shall include commissions, salaries, advertising and all other expense directly
or indirectly incurred in connection with the sale of securities, excluding,
however:
1. Attorneys' fees for services in
connection with the issue and sale of the securities and their qualification
for sale under applicable laws and regulations;
2. The cost of prospectuses, circulars and
other documents required to comply with such laws and regulations;
3. Other expenses incurred in connection with
such qualification and compliance with such laws and regulations;
4. Cost of authorizing and preparing the
securities and documents relating thereto, including issue taxes and stamps;
and
5. Charges of transfer agents,
registrars, indenture trustees, escrow holders, depositories, auditors, and of
engineers, appraisers and other experts.
Notes
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