55-504 - Annual report and amendments.
§ 55-504. Annual report and amendments.
A. A declarant, within thirty days after the anniversary date of the order ofregistration, shall file annually a report to bring up-to-date the materialcontained in the application for registration and the public offeringstatement. This provision does not relieve the declarant of the obligation tofile amendments pursuant to subsection B.
B. A declarant shall file promptly amendments to the public offeringstatement with the agency.
C. If an annual report reveals that a declarant owns or controls cooperativeinterests representing less than twenty-five percent of the voting power inthe association and that a declarant has no power to increase the number ofunits in the cooperative or to cause a merger or confederation of thecooperative with other cooperatives, the agency shall issue an orderrelieving the declarant of any further obligation to file annual reports.Thereafter, so long as the declarant is offering any cooperative interestsfor sale, the agency has jurisdiction over the declarant's activities, buthas no other authority to regulate the cooperative.
(1982, c. 277.)