LAC 10:XIII.323. Requirements as to Appraisals

A. There shall be included as an exhibit in every application for registration of securities of an issuer under this law which: 1. has not been engaged in the business in which it is engaged for five years; or 2. has not had a net profit in each of the last three years, an appraisal of the assets of the issuer as specified by the commissioner in each case prepared by a disinterested qualified person designated by the Commissioner of Securities. Such appraisal shall bear a dollar valuation as to the assets of the issuer and shall be prepared as of a date not more than 120 days prior to the date filed with the Commissioner of Securities.