75-72-119 - Investigation of violations; enforcement.
§ 75-72-119. Investigation of violations; enforcement.
(1) Whenever it appears to the secretary of state that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of Sections 75-72-101 through 75-72-121 or any regulation adopted under Sections 75-72-101 through 75-72-121, the secretary of state may investigate and, in connection with such investigation, shall have the same powers to compel the production of books, papers and other documents and to administer oaths and conduct examinations as are granted to the secretary of state under the securities law. He may bring an action in any chancery court in the name and on behalf of the state against any person or persons participating in a violation, seeking such relief as the court may grant, including, without limitation, to enjoin those persons from continuing or doing any act in violation of Sections 75-72-101 through 75-72-121, to enforce compliance, to grant a permanent or preliminary injunction or temporary restraining order, or to order rescission of any sales, tenders for sale, purchases or tenders for purchase of equity securities determined to be unlawful under Sections 75-72-101 through 75-72-121 or any regulation of the secretary of state.
(2) Whenever any person has engaged in or is about to engage in any act or practice constituting a violation of Sections 75-72-101 through 75-72-121 or any regulation or order adopted thereunder, the bidder, subject company, or any record or beneficial owner of an equity security of the subject company may bring an action in the county where the subject company has its executive offices or a material portion of its total assets in the state seeking such relief as the court may grant, including, without limitation, to enjoin that person from continuing or doing any act in violation of Sections 75-72-101 through 75-72-121, to enforce compliance, to grant a permanent or preliminary injunction or temporary restraining order, to order rescission of any sales, tenders for sale, purchases, or tenders for purchase of equity securities determined to be unlawful under Sections 75-72-101 through 75-72-121 or any regulation of the secretary of state, or, in the case of record or beneficial owners of equity securities, damages.
(3) Every person who directly or indirectly controls a person liable under subsection (2) of this section is also liable jointly or severally with and to the same extent as that person, unless he did not know of the existence of the facts by reason of which the liability is alleged to exist.
(4) No action may be maintained under this section unless commenced before the expiration of three (3) years after the discovery of the facts constituting the violation.
(5) The rights and remedies under Sections 75-72-101 through 75-72-121 are in addition to any other rights or remedies that may exist at law or in equity.
Sources: Laws, 1980, ch. 418, § 10, eff from and after July 1, 1980.