2016 Delaware Code
Title 6 - Commerce and Trade
CHAPTER 73. SECURITIES ACT
Subchapter V Administrative Enforcement Proceedings
§ 73-502. Judicial review.

(a) Any party aggrieved by an order of the Director may appeal such order to the Court of Chancery as follows:

(1) The party must file a notice of appeal with the Court, and serve a copy thereof on the Director, within 30 days of the date the notice of the order was sent to the party.

(2) Upon receiving service of a copy of the notice of appeal, the Director shall cause a transcription of the record to be prepared. Upon the completion of the transcription of the record, the Director shall present to the appellant or appellants a demand for the payment of the cost of transcribing the record. Where there are multiple appellants, the cost of transcribing the record shall be charged to the appellants on a pro rata basis.

(3) Within 10 days of receipt of the demand for payment of the cost of transcribing the record, each appellant shall present to the Director the payment demanded. If any appellant fails within the 10-day period to present such payment, the Court shall dismiss that appellant's appeal for lack of jurisdiction.

(4) Within 20 days of receipt of a payment required by paragraph (a)(3) of this section from any appellant, the Director shall certify and file the record with the Court.

(b) When the record has been filed and certified by the Director, the Court of Chancery has exclusive jurisdiction to affirm, modify, enforce or set aside the order, in whole or in part. The findings of the Director as to the facts, if supported by material and substantial evidence, are conclusive. If, within 20 days of the filing of the record by the Director, either party applies to the Court for leave to adduce material evidence, and shows to the satisfaction of the Court that there were reasonable grounds for failure to adduce the evidence in the hearing before the Director, the Court may order the additional evidence to be taken before the Director and to be adduced upon the hearing in such manner and upon such conditions as the Court considers proper.

(c) The commencement of the proceedings under subsection (a) of this section does not, unless specifically ordered by the Court, operate as a stay of the Director's order.

6 Del. C. 1953, § 7324; 59 Del. Laws, c. 208, § 1; 67 Del. Laws, c. 274, § 11; 68 Del. Laws, c. 181, § 31; 78 Del. Laws, c. 175, §§ 76, 108, 118; 79 Del. Laws, c. 182, § 3.;