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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 26. INSURANCE, SECURITIES, AND BANKING |
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SubTilte 26-B. SECURITIES |
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Chapter 26-B2. REGISTRATION OF SECURITIES OFFERINGS |
Section 26-B233. LONG-TERM DEBT BEING REGISTERED
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233.1If long-term debt is being registered, the issuer shall state the title of the issue and outline any of the following provisions that are relevant:
(a)Provisions with respect to interest, maturity, conversion, redemption, amortization, sinking fund, or retirement;
(b)Provisions with respect to the kind and priority of any lien, restricting the declaration of dividends or requiring the maintenance of any ratio of assets, the creation or maintenance of reserves, or the maintenance of properties; and
(c)Provisions permitting or restricting the issuance of additional securities, the incurring of additional debt, the release or substitution of assets securing the issue, the modification of the terms of the security, and similar provisions.
233.2The issuer need not describe the provisions permitting the release of assets upon the deposit of equivalent funds, property no longer required in the business, obsolete property, or property taken by eminent domain.
233.3The issuer shall provide the name of the trustee and the nature of any material relationship with the issuer or any of its affiliates, the percentage of securities of the class necessary to require the trustee to take action, and what indemnification the trustee may require before proceeding to enforce the lien.
233.4The issuer shall provide a brief summary of the pertinent provisions from an investment standpoint is required. A complete legal description of the provisions referred to is not required and should not be given. The issuer need not set forth the provisions of the governing instruments verbatim. Only a succinct resume is required.