HB2889 S BNK AMT #1 4-2

Casey  7897

The Committee on Banking and Insurance moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

Eng. Com. Sub. for Com. Sub. for House Bill 2889—A Bill to amend and reenact §32-4-402 of the Code of West Virginia, 1931, as amended; and to amend said code by adding thereto a new section, designated §32-4-402a, all relating to authorizing the Commissioner of Securities or his or her designee to conduct a fairness hearing for transactions involving the exchange of a security for one or more outstanding securities, claims, or property interests, or partly for cash; expressly authorizing commissioner or designee to conclude whether conditions of exchange are fair; providing exemption from registration and filing requirements; defining terms; providing for fairness hearing application process; providing deadlines and notice requirements; authorizing filing fee; correcting citations; authorizing rules and orders by commissioner; authorizing commissioner to conduct fairness hearings; and authorizing commissioner to recover costs associated with fairness hearing and issuance of findings.

Adopted

Rejected