Section 26-B228. DESCRIPTION OF BUSINESS

 

228.1The issuer shall briefly describe the business done and intended to be done by the issuer and its significant subsidiaries, and the general development of the business during the past 5 years. If the business consists of the production or distribution of different kinds of products or the rendering of different kinds of services, the issuer shall indicate, insofar as practicable, the relative importance of each product or service, or class of similar products or services, which contributed 15 percent or more to the gross volume of business done during the last fiscal year.

 

228.2The issuer shall provide a description, which may not relate to the powers and objects specified in the charter, but to the actual business done and intended to be done.

 

228.3In describing developments, the issuer shall provide information to be given as to matters such as the following:

 

(a)The nature and results of any bankruptcy, receivership, or similar proceedings with respect to the issuer or any of its significant subsidiaries;

 

(b)The nature and results of any other materially important reorganization, readjustments, or succession of the issuer or any of its significant subsidiaries;

 

(c)The acquisition of any material amount of assets otherwise than in the ordinary course of business;

 

(d)Any materially important changes in the types of products produced or services rendered by the issuer and its significant subsidiaries; and

 

(e)Any materially important changes in the mode of conducting the business, such as fundamental changes in the methods of distribution.

 

228.4The issuer shall indicate briefly, to the extent material, the general competitive conditions in the industry in which the issuer and its significant subsidiaries are engaged or intend to engage, and the position of the enterprise in the industry. If several products or services are involved, separate consideration should be given to the principal products or services or classes of products or services.

 

source

Amended by Emergency Rulemaking published at 47 DCR 9910 (December 15, 2000) [EXPIRED]; as amended by Emergency Rulemaking published at 48 DCR 1987 (March 2, 2001) [EXPIRED]; as amended by Emergency and Proposed Rulemaking published at 48 DCR 3952 (May 4, 2001) [EXPIRED]; as amended by Emergency and Proposed Rulemaking published at 48 DCR 9177 (October 5, 2001) [EXPIRED]; as amended by Final Rulemaking published at 48 DCR 10879 (November 30, 2001).