The disclosure document and any supplements thereto must be delivered to each investor before the earliest of any of the following events: (a) any order is accepted; (b) any subscription agreement is signed; or (c) any part of the purchase price is received. The foregoing information shall not be delivered to any investor prior to the effective date of the registration.

[12.11.10.15 NMAC - Rp, 12 NMAC 11.4.6.8, 1-1-2010]