SB741: Authorizing State Auditor to conduct fairness hearings

Legislative Summary

The purpose of this bill is to authorize the State Auditor as Commissioner under the Uniform Securities Act of West Virginia to conduct fairness hearings for transactions involving the exchange of a security for one or more outstanding securities, claims or property interests or partly for cash, to determine whether the terms and conditions of the exchange are fair to the security holders participating in the exchange, which would allow the parties in the exchange to seek to qualify the exchange as exempt from registration under Section 3(a)(1) of the Securities Act, 15 U.S.C. §77c(a)(10) .