Sec. 36b-33. (Formerly Sec. 36-502). Applicability of chapter to offers to buy or sell. Appointment of commissioner as attorney for process.
Sec. 36b-33. (Formerly Sec. 36-502). Applicability of chapter to offers to buy
or sell. Appointment of commissioner as attorney for process. (a) Sections 36b-4,
36b-5, 36b-6, 36b-16, 36b-24 and 36b-29 apply to persons who sell or offer to sell when
an offer to sell is made in this state, or when an offer to buy is made and accepted in
this state.
(b) Sections 36b-4, 36b-5, 36b-6 and 36b-24 apply to persons who buy or offer to
buy when an offer to buy is made in this state, or when an offer to sell is made and
accepted in this state.
(c) For the purpose of this section, an offer to sell or to buy is made in this state,
whether or not either party is then present in this state, when the offer originates from
this state or is directed by the offeror to this state and received at the place to which it
is directed or at any post office in this state in the case of a mailed offer.
(d) For the purpose of this section, an offer to buy or to sell is accepted in this state
when acceptance is communicated to the offeror in this state and has not previously
been communicated to the offeror, orally or in writing, outside this state; and acceptance
is communicated to the offeror in this state, whether or not either party is then present
in this state, when the offeree directs it to the offeror in this state reasonably believing
the offeror to be in this state and it is received at the place to which it is directed or any
post office in this state in the case of a mailed acceptance.
(e) An offer to sell or to buy is not made in this state when the publisher circulates
or there is circulated on the publisher's behalf in this state any bona fide newspaper or
other publication of general, regular, and paid circulation which is not published in this
state, or which is published in this state but has had more than two-thirds of its circulation
outside this state during the past twelve months, or when a radio or television program
or other electronic communication originating outside this state is received in this state.
A radio or television program or other electronic communication is considered as having
originated in this state if either the broadcast studio or the originating source of transmission is located in this state, unless: (1) The program or communication is syndicated
and distributed from outside this state for redistribution to the general public in this state;
(2) the program or communication is supplied by a radio, television or other electronic
network with the electronic signal originating from outside this state for redistribution
to the general public in this state; (3) the program or communication is an electronic
communication that originates outside this state and is captured for redistribution to the
general public in this state by a community antenna or cable, radio, cable television or
other electronic system; or (4) the program or communication consists of an electronic
communication that originates in this state, but which is not intended for distribution
to the general public in this state.
(f) Sections 36b-5, 36b-6, 36b-23 and 36b-24, so far as they apply to investment
advisers and investment adviser agents, apply when any act instrumental in effecting
prohibited conduct is done in this state, whether or not either party is then present in
this state.
(g) Every applicant for registration under sections 36b-2 to 36b-33, inclusive, every
investment adviser exempt under subsection (e) of section 36b-6, and every issuer, other
than the United States, any state, Canada, any other foreign government with which the
United States currently maintains diplomatic relations, or any issuer of covered securities under Section 18(b)(1) of the Securities Act of 1933, which proposes to offer a
security in this state through any person acting on an agency basis in the common-law
sense shall file with the commissioner, in such form as the commissioner by regulation
prescribes, an irrevocable consent appointing the commissioner or the commissioner's
successor in office to be his or her attorney to receive service of any lawful process in
any noncriminal suit, action, or proceeding against him or her or his or her successor
executor or administrator which arises under sections 36b-2 to 36b-33, inclusive, or any
regulation or order thereunder after the consent has been filed, with the same force and
validity as if served personally on the person filing the consent. A person who has filed
such a consent in connection with a previous registration need not file another. Service
may be made by leaving a copy of the process in the office of the commissioner, but it
is not effective unless (1) the plaintiff, who may be the commissioner in a suit, action,
or proceeding instituted by the commissioner, forthwith sends notice of the service and
a copy of the process by registered mail, return receipt requested, or by any express
delivery carrier that provides a dated delivery receipt, to the defendant or respondent at
the defendant's or respondent's last address on file with the commissioner, and (2) the
plaintiff's affidavit of compliance with this subsection is filed in the case on or before
the return day of the process, if any, or within such further time as the court allows.
(h) When any person, including any nonresident of this state, engages in conduct
prohibited or made actionable by sections 36b-2 to 36b-33, inclusive, or any regulation
or order thereunder, and such person has not filed a consent to service of process under
subsection (g) of this section and personal jurisdiction over such person cannot otherwise
be obtained in this state, that conduct shall be considered equivalent to such person's
appointment of the commissioner or the commissioner's successor in office to be such
person's attorney to receive service of any lawful process in any noncriminal suit, action,
or proceeding against such person or such person's successor executor or administrator
which grows out of that conduct and which is brought under said sections or any regulation or order thereunder, with the same force and validity as if served on such person
personally. Service may be made by leaving a copy of the process in the office of the
commissioner, and it is not effective unless (1) the plaintiff, who may be the commissioner in a suit, action, or proceeding instituted by the commissioner, forthwith sends
notice of the service and a copy of the process by registered mail, return receipt requested,
or by any express delivery carrier that provides a dated delivery receipt, to the defendant
or respondent at the defendant's or respondent's last known address or takes other steps
which are reasonably calculated to give actual notice, and (2) the plaintiff's affidavit of
compliance with this subsection is filed in the case on or before the return day of the
process, if any, or within such further time as the court allows.
(i) Service pursuant to subsection (g) or (h) of this section may be made by the
commissioner in an investigation or administrative proceeding in which the commissioner is the moving party.
(P.A. 77-482, S. 34; P.A. 83-368, S. 10, 11; P.A. 88-208, S. 5; P.A. 97-22, S. 5; 97-220, S. 14, 15; P.A. 01-48, S. 6;
P.A. 05-177, S. 13.)
History: P.A. 83-368 amended Subsec. (g) to except the United States, any state, Canada or any other foreign government
with which this country maintains diplomatic relations from filing an irrevocable consent re service of process in any
lawsuit; P.A. 88-208 amended Subsec. (f) by substituting the reference to Sec. 36-473 for 36-471 and added the reference
to investment advisor agents; Sec. 36-502 transferred to Sec. 36b-33 in 1995; P.A. 97-22 made a technical change in
Subsec. (h); P.A. 97-220 amended Subsec. (g) by adding references to investment advisers exempt under Subsec. (e) of
Sec. 36b-6 and issuers of covered securities, effective July 1, 1997; P.A. 01-48 made technical changes for purposes of
gender neutrality in Subsecs. (e), (g) and (h) and amended Subsecs. (g) and (h) by adding references to return receipt
requested and express delivery; P.A. 05-177 amended Subsec. (e) to insert "or other electronic communication" re when
an offer to sell or buy is not made in state and to provide that, with specified exceptions, a radio or television program or
other electronic communication is considered as having originated in state if either the broadcast studio or originating
source of transmission is located in state, amended Subsec. (f) to add reference to Sec. 36b-23, amended Subsecs. (g) and
(h) to make technical changes, and added Subsec. (i) providing that service pursuant to Subsec. (g) or (h) may be made by
commissioner in proceeding in which commissioner is the moving party.