No proxy statement, form of proxy, notice of meeting, information statement, or other communication, written or oral, subject to this chapter shall contain any statement which, at the time and in the light of the circumstances under which it is made, is false or misleading with respect to any material fact, or which omits to state any material fact necessary in order to make the statements therein not false or misleading or necessary to correct any statement in any earlier communication with respect to the same meeting or subject matter which has become false or misleading.

Author: Commissioner of Insurance

Statutory Authority: Code of Ala. 1975, §§27-2-7, 27-2-17, 27-29-8.

History: New Rule: October 5, 1969; effective October 15, 1969. Revised: February 12, 1981; effective June 1, 1981. Filed for codification in the Alabama Administrative Code by the Department of Insurance on July 5, 2005, pursuant to the Code of Ala. 1975, §27-7-43.