Suspension of registration.
Section 15
SEC. 15. Suspension of registration. —If, at any time, the information contained in the statement filed is or has become misleading, incorrect, inadequate or incomplete, or the sale or offering for sale of the security may work or tend to work a fraud, the Commission may require from the person filing such statement such further information as may in its judgment be necessary to enable the Commission to ascertain whether the registration of such security should be revoked on any ground specified in this Act, and the Commission may also suspend the right to sell such security pending further investigation, by entering an order specifying the grounds for such action, and by notifying by mail or personally or by telephone confirmed in writing, or by telegraph, the person filing such statement and every dealer and broker who shall have notified the Commission of an intention to sell such security. The refusal to furnish information required by the Commission, within a reasonable time to be fixed by the Commission, may be a proper ground for the entry of such order of suspension. Upon the entry of any such order of suspension, no further sales of such security shall be made until the Commission orders otherwise. Any such sale shall be void. In the event of such entry of such order of suspension, the Commission shall give prompt hearing to the parties interested. If upon such hearing, the Commission shall determine that the sale of any such security should be revoked on any ground specified in this Act, it shall make the necessary findings and enter a final order prohibiting sales of such security. Until the entry of such final order, the suspension of the right to sell, though binding upon the persons notified thereof, shall be deemed confidential, and shall not be published, unless it shall appear that the order of suspension has been violated after notice. If, however, upon such hearing the Commission finds that the sale of the security will neither be fraudulent nor result in fraud, it shall forthwith enter an order revoking such order of suspension, and such security shall be restored to its status as a security registered under this Act, as of the date of such order of suspension. (n)