STATE OF ARKANSAS

SECURITIES DEPARTMENT

IN THE MATTER OF ORDER EXTENDING
EXEMPTION PERIOD
THE PORTLAND BANK ORDER NO. 99-018-S

FINDINGS OF FACT

  1. By letter dated March 18, 1999, The Portland Bank submitted a proof of exemption filing for an offering of certain securities pursuant to Ark. Code Ann. Section 23-42-503(a)(3) 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 March 22, 1999.

  3. The Portland Bank has requested that the period of exemption be extended for a period of five (5) years from the effective date.

CONCLUSIONS OF LAW

    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)(3) of the Act were filed with the Department, and it appears that no public interest would be served by requiring The Portland Bank 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 The Portland Bank is hereby extended to March 22, 2004.

    WITNESS MY HAND AND SEAL this 24th day of March, 1999.

 

MAC DODSON
SECURITIES COMMISSIONER