Virginia Law

Every registered agent of the issuer as a condition of its registration as an agent under the Act hereby agrees and represents that:

1. All of the agent's records, immediately upon the request of the commission, will be made available for inspection by the commission and reproduction for the commission staff in the office where such records are maintained;

2. All of the agent's records (or legible copies, or printouts, if automated) pertaining to a securities transaction any part of which occurred or is to occur within the Commonwealth of Virginia will be made available for inspection by the commission in the office of the commission's Division of Securities and Retail Franchising within 48 hours after request of the commission;

3. The term "records" shall include all books, papers, documents, tapes, films, photographs, electronic readable format of other materials, regardless of physical form or characteristics, that are maintained for the recordation or storage of information prepared, used or to be used in connection with a securities transaction or that were used in connection with securities transactions;

4. Failure to comply with this section may be considered grounds for a proceeding to revoke an agent's registration or other penalty prescribed by the Act; and

5. Any issuer or agent subject to a commission investigation may be required to pay the actual cost of the investigation.