Ill. Admin. Code tit. 38, § 1075.1980 - Prohibitions on Offer, Sale, or Purchase of Securities
a) In the offer, sale , or purchase of
securities issued incident to its conversion, no savings bank or any
organization director , officer, attorney, agent, or employee thereof may:
1) employ any device, scheme or artifice to
defraud;
2) obtain money or
property by any untrue statement of a material fact or any omission to state a
material fact necessary to make the statements made, in the light of the
circumstances under which they were made, not misleading; or
3) engage in any act , transaction, practice,
or course of business that operates or would operate as a fraud or deceit upon
a purchaser or seller.
b) In addition, any act that the U.S.
Securities Exchange Commission finds violates section 10 of the Securities
Exchange Act of 1934 ( 15 USC 78 j ) or Rule 10b-5, as promulgated by the U.S.
Securities Exchange Act of 1934 (
17 CFR
240.10b-5 ) shall be considered a violation
of this Section. A violation found by the Securities Exchange Commission
includes, regardless of pending of appeal, any violation found by the
Commission, any violation admitted within a plea agreement or in a plea of nolo
contendere, any violation proved or admitted with respect to an unindicted
co-conspirator, any conviction for violation of the Securities Exchange Act of
1934 ( 15 USC 78 j ) or Rule (
17 CFR
240.10b-5 ), as promulgated by the U.S.
Securities Exchange Commission, and any violation found by any body of
competent jurisdiction of the Securities Exchange Act of 1934 ( 15 USC 78 ); or
Rule (
17 CFR
240.10b-5 ), as promulgated by the U.S.
Securities Exchange Commission.
Notes
Amended at 30 Ill. Reg. 19068, effective December 1, 2006
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