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STATE ARIZ. CORP. COM'N v. BIONOMICS INT., LTD.

No. 1 CA-CIV 3091.

25 Ariz. App. 373 (1975)

543 P.2d 802

STATE of Arizona ex rel. ARIZONA CORPORATION COMMISSION, and its members in their representative capacity, Al Faron, Ernest Garfield, and B.L. "Bud" Tims, Claude Keller, Director of Securities Division, Arizona Corporation Commission, in his representative capacity, Appellants, v. BIONOMICS INTERNATIONAL, LTD., an Arizona Corporation, Appellee.

Court of Appeals of Arizona, Division 1, Department B.

Rehearing Denied January 13, 1976.

Review Denied February 3, 1976.

Attorney(s) appearing for the Case

Bruce E. Babbitt, Atty. Gen. by Gary L. Sheets, Asst. Atty. Gen., Phoenix, for appellants.

Daggett & Ullman by James A. Ullman, T. Michael Daggett, Phoenix, for appellee.

OPINION

JACOBSON, Presiding Judge.

This appeal requires a determination of whether the Arizona Corporation Commission has the power to order the release of impounded funds paid by buyers of speculative stock back to those buyers.

The facts giving rise to this action are not in dispute. Prior to June 4, 1973, appellee, Bionomics, filed with the appellant, the Arizona State Corporation Commission (Commission), a request to register and sell 600,000 shares...

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