Powers Of Commission And Executive Director

Powers Of Commission And Executive Director. (a) Without in any way limiting the generality of the provisions of the Act, in connection with any recommendation or action, the Executive Director or Commission may provide: 1. That a time period be accelerated or extended; or 2. That as a condition to the processing of an application or to the granting of an approval: i. An application be supplemented in any particular and to any extent either before or after the Commission has acted thereon; ii. An applicant or other person urging the approval or denial of an application appear personally before the Executive Director and Commission and submit to interrogation under oath or otherwise; iii. Funds, securities, instruments or agreements be placed in escrow upon specified conditions; iv. A transaction be in compliance with the applicable laws and regulations of any federal, state, or local governmental entity or agency; v. A transaction be approved by an applicant's board of directors; vi. An opinion of an applicant's legal counsel be furnished to the Commission; vii. An opinion of an applicant's auditors be furnished to the Commission; viii. All or any portion of an application be examined or evaluated by a consultant to the Commission at the expense of the applicant. (b) The Commission has the power to delegate to the Executive Director, in its order granting approval, the power to issue an interlocutory stop order. The interlocutory stop order may be issued for any cause deemed reasonable by the Executive Director. (Adopted: 09/25/1991.)