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DATA ACCESS SYSTEMS, INC. v. STATE

63 N.J. 158 (1973)

305 A.2d 427

DATA ACCESS SYSTEMS, INC., A NEW JERSEY CORPORATION, PLAINTIFF-APPELLANT, v. STATE OF NEW JERSEY, BUREAU OF SECURITIES, GEORGE F. KUGLER, JR., ATTORNEY GENERAL OF THE STATE OF NEW JERSEY, AND JOSEPH F. KRUPSKY, CHIEF, BUREAU OF SECURITIES, DEFENDANTS-RESPONDENTS.

The Supreme Court of New Jersey.

Argued December 19, 1972.

Decided June 5, 1973.

Attorney(s) appearing for the Case

Mr. John B.M. Frohling argued the cause for appellant (Mr. John B.M. Frohling, attorney; Mr. Donald P. Sharkey and Mr. Charles H. Brandt, on the brief).

Ms. Virginia Long Annich, Deputy Attorney General, argued the cause for respondents (Mr. George F. Kugler, Jr., Attorney General of New Jersey, attorney; Ms. Annich, of counsel and on the brief; Mr. Charles R. Parker, Deputy Attorney General, on the brief).

Mr. Robert P. Hazlehurst, Jr., argued the cause for Amicus Curiae, Investment Bankers Association of America (Messrs. Pitney, Hardin and Kipp, attorneys; Mr. Donald B. Kipp and Mr. Hazlehurst, of counsel).

The opinion of the Court was delivered by MOUNTAIN, J.

The issue here presented is whether the Division of Consumer Affairs1 has authority by virtue of the Uniform Securities Law (1967), N.J.S.A. 49:3-47, et seq., to review the merits of a federally registered securities offering where sales of securities in this State are contemplated.

By order entered June 23, 1971 the Division directed plaintiff, Data Access Systems,...

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