The price of equity securities after the first offering by the issuer under an order or registration must be justified by:

1. (a) Market Value;
2. (b) Book Value, using tangible items only; or
3. (c) Capitalization of average annual profits covering a period of at least two (2) years without the use of non- recurring items.

Statutory Authority: Code of Ala. 1975, §8-6-23.

History: Filed September 30, 1982. Readopted: Filed November 9, 1983.