Fillable Explanatory Statement Form - 1999 (Page 3 of 6) in pdf

Page 3

constituting the violation and every broker-dealer or agent who materially aids in the

act or transaction constituting the violation are also liable jointly and severally with and

to the same extent as such person, unless the person who is so liable sustains the

burden of proof that he did not know, and in exercise of reasonable care could not have

known, of the existence of the facts by reason of which the liability is alleged to exist.

There shall be contribution as in cases of contract among the several persons so liable.

(d) Any tender specified in this section may be made at any time before entry of

judgment.

(e) Every cause of action under sections 36b-2 to 36b-33, inclusive, survives the death of

any person who might have been a plaintiff or defendant.

(f) No person may bring an action under this section more than two years after the date

of the contract of sale or of the contract for investment advisory services, except that (1)

with respect to actions arising out of intentional misrepresentation or fraud in the

purchase or sale of any interest in any limited partnership not required to be registered

under the Securities Act of 1933, no person may bring an action more than one year

from the date when the misrepresentation or fraud is discovered, except that no such

action may be brought more than five years from the date of such misrepresentation or

fraud provided, with respect to an action pending on July 1, 1993, that asserts facts

upon which a claim could be asserted under this section on and after July 1, 1993, and

which claim is asserted prior to January 1, 1994, no such action may be brought for

intentional misrepresentation or fraud that occurred more than five years prior to the

date of the filing of the complaint in such action, and (2) with respect to actions arising

out of intentional misrepresentation or fraud in the purchase or sale of securities other

than securities described in subdivision (1) of this subsection, no person may bring an

action more than one year from the date when the misrepresentation or fraud is

discovered or in the exercise of reasonable care should have been discovered, except that

no such action may be brought more than three years from the date of such

misrepresentation or fraud.

(g) No person may bring an action under subsection (a) of this section: (1) If the buyer

received a written offer, before suit and at a time when he owned the security, to refund

the consideration paid together with interest at six per cent per year from the date of

payment, less the amount of any income received on the security, and he failed to accept

the offer within thirty days of its receipt, or (2) if the buyer received such an offer before

bringing a cause of action and at a time when he did not own the security, unless he

rejected the offer in writing within thirty days of its receipt.

Explanatory Statement Form - 1999 Page 3