Connecticut General Statutes 47-105 – Required records and reports. Examination of records; examination costs
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(a) Every issuer qualifying real estate syndicate securities for sale in this state shall at all times keep and maintain a complete set of books, records and accounts of such sales and the disposition of the proceeds thereof, and shall thereafter, at such times as are required by the commission, make and file in the office of the commission a report, setting forth the interests sold by it under such qualification, the proceeds derived therefrom and the disposition thereof.
Terms Used In Connecticut General Statutes 47-105
- Commission: means the Real Estate Commission. See Connecticut General Statutes 47-91
- Issuer: means any person who issues or proposes to issue any real estate syndicate security. See Connecticut General Statutes 47-91
- Real estate syndicate: means any general or limited partnership, joint venture, unincorporated association, or similar organization, but not a corporation, owned beneficially for not less than eighteen persons and formed for the sole purpose of, and engaged solely in, investment in or gain from an interest in real property, including, but not limited to, a sale, exchange, trade or development. See Connecticut General Statutes 47-91
(b) The commission shall have the right to examine such records at any time and, when such examination requires out-of-state travel, the issuer shall pay the cost of such examination at the discretion of and as determined by the commission.