Connecticut General Statutes 47-97 – No endorsement by commission to be implied by filing of application, qualification of securities or exemption. Inconsistent representations to purchasers prohibited. Permit to indicate permissive nature
(a) Neither the fact that an application for qualification under this chapter has been filed nor the fact that such qualification has become effective constitutes a finding by the commission that any document filed under this chapter is true, complete or not misleading. Neither any such fact nor the fact that an exemption is available for a real estate syndicate security or a transaction means that the commission has passed in any way upon the merits or qualifications of, or recommended or given approval to, any person, real estate syndicate security or transaction.
Terms Used In Connecticut General Statutes 47-97
- Commission: means the Real Estate Commission. See Connecticut General Statutes 47-91
- Permit: means a permit to sell real estate syndicate securities. 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
- Real estate syndicate security: means any interest in a real estate syndicate. See Connecticut General Statutes 47-91
(b) No person shall make or cause to be made to any prospective purchaser any representation inconsistent with subsection (a) of this section.
(c) Every permit shall recite in bold type that the issuance thereof is permissive only and does not constitute a recommendation or endorsement of the real estate syndicate securities to be issued.