State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_78D > GS_78D-23

§78D‑23.  Power of court to grant relief.

(a)        (1)        Upona proper showing by the Administrator that a person has violated, or is aboutto violate, any provision of this Chapter or any rule or order of theAdministrator, any court of competent jurisdiction may grant appropriate legalor equitable remedies.

(2)        Upon showing ofviolation of this Chapter or a rule or order of the Administrator, the court,in addition to traditional legal and equitable remedies, including temporaryrestraining orders, permanent or temporary prohibitory or mandatoryinjunctions, and writs of prohibition or mandamus, may grant the followingspecial remedies:

a.         Imposition of acivil penalty in an amount which may not exceed twenty‑five thousanddollars ($25,000) for any single violation or five hundred thousand dollars($500,000) for multiple violations in a single proceeding or a series ofrelated proceedings;

b.         Disgorgement;

c.         Declaratoryjudgment;

d.         Restitution toinvestors wishing restitution; and

e.         Appointment of areceiver or conservator for the defendant or the defendant's assets.

(3)        Appropriate remedieswhen the defendant is shown only about to violate this Chapter or a rule ororder of the Administrator shall be limited to:

a.         A temporaryrestraining order;

b.         A temporary orpermanent injunction;

c.         A writ ofprohibition or mandamus; or

d.         An order appointinga receiver or conservator for the defendant or the defendant's assets.

The clear proceeds of civilpenalties imposed pursuant to this subsection shall be remitted to the CivilPenalty and Forfeiture Fund in accordance with G.S. 115C‑457.2.

(b)        The court shall notrequire the Administrator to post a bond in any official action under thisChapter.

(c)        (1)        Upona proper showing by the administrator or securities or commodity agency ofanother state that a person (other than a government or governmental agency orinstrumentality) has violated, or is about to violate, any provision of thecommodity code of that state or any rule or order of the administrator orsecurities or commodity agency of that state, the Superior Court of Wake Countymay grant appropriate legal and equitable remedies.

(2)        Upon showing of aviolation of the securities or commodity act of the foreign state or a rule ororder of the administrator or securities or commodity agency of the foreignstate, the court, in addition to traditional legal or equitable remediesincluding temporary restraining orders, permanent or temporary prohibitory ormandatory injunctions and writs of prohibition or mandamus, may grant thefollowing special remedies:

a.         Disgorgement; and

b.         Appointment of areceiver, conservator, or ancillary receiver or conservator for the defendantor the defendant's assets located in this State.

(3)        Appropriate remedieswhen the defendant is shown only about to violate the securities or commodityact of the foreign state or a rule or order of the administrator or securitiesor commodity agency of the foreign state shall be limited to:

a.         A temporaryrestraining order;

b.         A temporary orpermanent injunction;

c.         A writ ofprohibition or mandamus; or

d.         An order appointinga receiver, conservator, or ancillary receiver or conservator for the defendantor the defendant's assets located in this State. (1989, c. 634, s. 1; 1998‑215,s. 124.)