§ 1605 — Violations; penalties

New York § 1605

• Jurisdiction: New York
• Law BSC: Business Corporation
• Art. 16: Security Takeover Disclosure Act

Text

§ 1605. Violations; penalties.\n (a) Every person who willfully violates any provision of this article\nshall be guilty of a class E felony; every person who willfully violates\nany order, rule or regulation issued pursuant thereto, shall be guilty\nof a class A misdemeanor.\n (b) A violation of any provision of this article shall constitute a\nfraudulent practice within the meaning of article twenty-three-A of the\ngeneral business law.\n (c) Every person who violates any provision of this article shall be\nsubject to a civil penalty of one thousand dollars per violation if a\nnatural person or ten thousand dollars per violation if a corporation.\nWhen the violation is the failure to file a registration statement as\nrequired by subdivision (a) of section sixteen hundred two of this\narticle, the failure to file a solicitation or recommendation as\nrequired by subdivision (c) of section sixteen hundred two of this\narticle, or the failure to amend such registration statement as required\nby subdivision (b) of section sixteen hundred three of this article,\neach business day of non-registration or failure to file a\nrecommendation or solicitation or failure to amend constitutes a\nseparate violation. The penalty imposed by this section shall be\ncumulative and more than one penalty shall be recoverable in the same\naction in any court of competent jurisdiction.\n