§ 26.1-06-05 — Hearing

Any hearing pursuant to this chapter must be held within forty days of the date a filing is
made pursuant to section 26.1-06-02. Adjudications made pursuant to this chapter must be
made within sixty days after the filing. Upon filing an application with the commissioner for a
hearing under this section, the target company shall deposit with the commissioner the sum the
commissioner requires to defray the costs of the hearing and any investigation which the
commissioner makes in connection therewith. If the commissioner finds that the takeover bid is
in violation of chapters 26.1-05 and 26.1-07 or that effective provision is not made for fair and
full disclosure to offerees of all information material to a decision to accept or reject the offer, or
that the takeover bid would comply with this section if amended in certain respects, or that the
takeover bid is not in violation of chapters 26.1-04, 26.1-05, and 26.1-07 and that effective
provision is made for fair and full disclosure to offerees of all information material to a decision
to accept or reject the offer, the commissioner shall so adjudicate.