STATE OF ARKANSAS

SECURITIES DEPARTMENT

 

IN THE MATTER OF ORDER EXTENDING
EXEMPTION PERIOD
CHURCH DEVELOPMENT
FUND, INC. ORDER NO. 99-001-S

 

FINDINGS OF FACT

  1. By letter dated January 4, 1999, Church Development Fund, Inc. submitted a proof of exemption filing for an offering of certain securities pursuant to Ark. Code Ann. Section 23-42-503(a)(7) of the Arkansas Securities Act (the "Act").

  2. All documents, information and fees required to complete said proof of exemption filing were submitted and the effective date of the exemption was June 18, 1998.

  3. Church Development Fund, Inc. has requested that the period of exemption be extended to January 31, 2000.

CONCLUSIONS OF LAW

  1. Section 23-42-503(d)(4) of the Act provides that the Commissioner may by order extend the period of effectiveness of an exemption filing for a time not to exceed five years.

OPINION

    All documents, information and fees necessary to claim an exemption pursuant to Section 23-42-503(a)(4) of the Act were filed with the Department, and it appears that no public interest would be served by requiring Church Development Fund, Inc. to make the same exemption filing each year provided no change in the offering is made, and such repeated filing is not necessary for the protection of investors.

ORDER

    IT IS THEREFORE ORDERED that the period of effectiveness for the proof of exemption filed by Church Development Fund, Inc. is hereby extended to January 31, 2000.

WITNESS MY HAND AND SEAL this_______day of January, 1999.

 

MAC DODSON
SECURITIES COMMISSIONER