Idaho State Statutes - Idaho Attorney Directory

(a) The administrator is expressly
authorized to hold a hearing and consider the fairness of the terms and
conditions of a transaction described in section 30-14-202(9), Idaho Code.
This section 30-14-202A, Idaho Code, is intended to provide for a fairness
hearing before the administrator with respect to transactions which, if
approved by the administrator, will be exempt from the registration
requirements of the federal securities laws under section 3(a)(10) of the
securities act of 1933, or any section comparable thereto which may
subsequently be enacted.
(b) An application for approval shall describe the proposed transaction
and shall be in such form, contain such information and be accompanied by such
documents as the administrator shall reasonably require by rule or otherwise.
The applicant shall pay to the administrator a filing fee of three hundred
dollars ($300) and shall file with the administrator an undertaking to defray
the costs of a hearing officer and a stenographer for the hearing.
(c) An application for approval shall be set for hearing within thirty
(30) days after the filing of an application. The applicant shall give notice
of the hearing to all persons to whom securities are to be issued in the
proposed transaction, and all such persons shall have the right to appear at
the hearing.
(d) Within ten (10) days after the hearing, the administrator shall issue
an order either granting or denying approval of the terms of conditions of the
proposed plan. The order shall grant approval if the proposed transaction is
fair, equitable and free from fraud. The order shall deny approval if the
proposed transaction is unfair, inequitable or not free from fraud.

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