18 NCAC 06A .2054         INVESTOR CANCELLATION OF INVESTMENT COMMITMENT

(a)  Before an issuer has raised the minimum offering amount an investor may:

(1)           cancel the commitment to invest in the securities offering; and

(2)           request that the investor's funds be returned to the investor.

(b)  Within three business days of receipt of notice from an investor, the issuer shall notify the escrow agent to ensure that the funds are returned to the investor.

(c)  The escrow agent shall release the funds from the escrow account to the investor no later than 10 days from the escrow agent's receipt of the notice.

(d)  The issuer, investor, and escrow agent shall follow the procedures set out in the disclosure document and escrow agreement when complying with this Rule.

History Note:        Authority G.S. 78A-17.1(a)(5); 78A-17.1(f); 78A-49(a); 78A-49(d); 78A-64; S.L. 2016-103, s.4.(a);

Eff. April 1, 2017.