2022 Georgia Code
Title 10 - Commerce and Trade
Chapter 5 - Georgia Uniform Securities
Article 7 - Applicability of Predecessor Provisions
§ 10-5-90. Predecessor Act Governs Actions Pending and Registrations, Orders, and Rules in Effect on July 1, 2009

1. The predecessor Act exclusively governs all actions or proceedings that are pending on July 1, 2009, or may be instituted on the basis of conduct occurring before July 1, 2009, but a civil action may not be maintained to enforce any liability under the predecessor Act unless instituted within any period of limitation that applied when the cause of action accrued or within five years after July 1, 2009, whichever is earlier.
2. All effective registrations under the predecessor Act, all administrative orders relating to the registrations, rules, statements of policy, interpretative opinions, declaratory rulings, no action determinations, and conditions imposed on the registrations under the predecessor Act remain in effect while they would have remained in effect if this chapter had not been enacted. They are considered to have been filed, issued, or imposed under this chapter but are exclusively governed by the predecessor Act.
3. The predecessor Act exclusively applies to an offer or sale made within one year after July 1, 2009, pursuant to an offering made in good faith before July 1, 2009, on the basis of an exemption available under the predecessor Act.

History. Code 1981, § 10-5-90 , enacted by Ga. L. 2008, p. 381, § 1/SB 358.

Code Commission notes.

Pursuant to Code Section 28-9-5, in 2008, “July 1, 2009” was substituted for “the effective date of this chapter” in subsections (a) and (c) and a comma was inserted following “July 1, 2009” in subsections (a) and (c).