NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

CHAPTER 144

SENATE BILL 222

AN ACT TO AMEND CHAPTER 78A OF THE GENERAL STATUTES, THE NORTH CAROLINA SECURITIES ACT.

The General Assembly of North Carolina enacts:

Section 1.  G.S. 78A-25(c), as the same appears in the 1974 Cumulative Supplement to Volume 2C of the General Statutes, is hereby amended by striking the words "Eastern Standard Time" appearing in line 3 thereof and substituting in lieu thereof the words "Raleigh, North Carolina time".

Sec. 2.  G.S. 78A-36(b), as the same appears in the 1974 Cumulative Supplement to Volume 2C of the General Statutes, is hereby amended by inserting the words "a bond or" in line 3 of the second paragraph thereof between the words "require" and "evidence".

Sec. 3.  G.S. 78A-56(b), as the same appears in the 1974 Cumulative Supplement to Volume 2C of the General Statutes, is hereby amended by striking the second comma in line 4 thereof and by inserting the words "(the seller not knowing of the untruth or omission), and who does not sustain the burden of proof that he did not know, and in the exercise of reasonable care could not have known, of the untruth or omission," in line 4 thereof between the words "misleading" and "shall".

Sec. 4.  G.S. 78A-63(b), as the same appears in the 1974 Cumulative Supplement to Volume 2C of the General Statutes, is hereby amended by striking the word "and" in line 1 thereof and by inserting "and 78A-56(b)" in line 1 thereof between the words "78A-36(a)" and "apply".

Sec. 5.  This act shall become effective upon ratification.

In the General Assembly read three times and ratified, this the 16th day of April, 1975.