This bill proposes the addition of a new section, 32-4-402a, to the Code of West Virginia, which authorizes the State Auditor, acting as Commissioner under the Uniform Securities Act, to conduct fairness hearings for transactions involving the exchange of securities. The hearings will assess whether the terms and conditions of such exchanges are fair to the participating security holders. The bill outlines the definitions of key terms such as "reorganization," "recapitalization," and "refinancing," and establishes the process for conducting these hearings, including timelines for application review and approval.

Additionally, the bill specifies that securities issued in accordance with a plan approved by the commissioner will be exempt from certain registration requirements. It mandates that applicants provide adequate information regarding the value of the securities involved and pay a filing fee, along with a deposit to cover hearing costs. The commissioner is also empowered to create necessary rules and classifications related to the applications and hearings. Overall, this legislation aims to streamline the process for securities exchanges while ensuring fairness for all parties involved.

Statutes affected:
Introduced Version: 32-4-402a