Ariz. Admin. Code § 14-4-108

Current through Register Vol. 30, No. 25, June 21, 2024

Section 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.

Ariz. Admin. Code § R14-4-108

Former Order S-8.