44-1873. Recording of registration; effective date of registration; renewal; eligibility of registered securities for sale A. Upon the receipt of a registration statement and the registration fee, and, if required, a consent to service of process, the director shall record the registration of the securities by description in a register of securities. A registration statement filed under the provisions of section 44-1872 shall be effective when filed with the commission. B. The registration shall be effective for a period of one year and may be renewed for additional periods of one year, if the securities are entitled to registration by description under section 44-1871 at the time of renewal, by the filing of a new registration statement under section 44-1872 together with payment of the fee prescribed in subsection C of section 44-1861. C. When registered by description as provided in this section, the securities may be sold in this state by any registered dealer or by any registered salesman employed by a registered dealer.
Arizona Legal Code