§ 13.1-514.1. Exemption of certain securities by order of Commission.
A. The Commission may by order exempt from the other provisions of thischapter any security that the Commission finds:
1. Is to be offered and sold as part of a community undertaking to attractnew business or industry to the community, or to establish or continuefinancial assistance to an existing business or industry in the community;
2. Is sponsored by the local chamber of commerce, by a local industrialdevelopment corporation or by other groups of representative localbusinessmen; and
3. Is to be sold mainly to persons interested in the development of thecommunity by salesmen who receive no compensation for offering and sellingthe security.
B. The Commission may also exempt any security it finds that is to be offeredand sold by any person organized and operated not for private profit butexclusively for religious, educational, benevolent, charitable, fraternal,social, athletic or reformatory purposes, or as a chamber of commerce ortrade or professional association.
C. The Commission may, by rule, exempt an offer, but not a sale, of asecurity from the securities and agent registration requirements of thischapter made by or on behalf of an issuer for the sole purpose of solicitingan indication of interest in receiving a prospectus (or its equivalent) forthe security. The rulemaking proceeding shall give due consideration to theprovisions of the national pilot project of the North American SecuritiesAdministrators Association, Inc., relating to the solicitations ofindications of interest prior to the filing of a registration statement. Thewritten documents, broadcasts and oral representations related tosolicitation of an indication of interest made to potential investors aresubject to the anti-fraud provisions of § 13.1-502. If the Commissiondetermines that such exemption should not be granted, it shall set forth thefindings and conclusions upon which its decision is based in its order.
(1960, c. 71; 1976, c. 656; 1993, c. 75; 1994, cc. 184, 355; 1995, c. 245;1997, c. 289.)
§ 13.1-514.1. Exemption of certain securities by order of Commission.
A. The Commission may by order exempt from the other provisions of thischapter any security that the Commission finds:
1. Is to be offered and sold as part of a community undertaking to attractnew business or industry to the community, or to establish or continuefinancial assistance to an existing business or industry in the community;
2. Is sponsored by the local chamber of commerce, by a local industrialdevelopment corporation or by other groups of representative localbusinessmen; and
3. Is to be sold mainly to persons interested in the development of thecommunity by salesmen who receive no compensation for offering and sellingthe security.
B. The Commission may also exempt any security it finds that is to be offeredand sold by any person organized and operated not for private profit butexclusively for religious, educational, benevolent, charitable, fraternal,social, athletic or reformatory purposes, or as a chamber of commerce ortrade or professional association.
C. The Commission may, by rule, exempt an offer, but not a sale, of asecurity from the securities and agent registration requirements of thischapter made by or on behalf of an issuer for the sole purpose of solicitingan indication of interest in receiving a prospectus (or its equivalent) forthe security. The rulemaking proceeding shall give due consideration to theprovisions of the national pilot project of the North American SecuritiesAdministrators Association, Inc., relating to the solicitations ofindications of interest prior to the filing of a registration statement. Thewritten documents, broadcasts and oral representations related tosolicitation of an indication of interest made to potential investors aresubject to the anti-fraud provisions of § 13.1-502. If the Commissiondetermines that such exemption should not be granted, it shall set forth thefindings and conclusions upon which its decision is based in its order.
(1960, c. 71; 1976, c. 656; 1993, c. 75; 1994, cc. 184, 355; 1995, c. 245;1997, c. 289.)
§ 13.1-514.1. Exemption of certain securities by order of Commission.
A. The Commission may by order exempt from the other provisions of thischapter any security that the Commission finds:
1. Is to be offered and sold as part of a community undertaking to attractnew business or industry to the community, or to establish or continuefinancial assistance to an existing business or industry in the community;
2. Is sponsored by the local chamber of commerce, by a local industrialdevelopment corporation or by other groups of representative localbusinessmen; and
3. Is to be sold mainly to persons interested in the development of thecommunity by salesmen who receive no compensation for offering and sellingthe security.
B. The Commission may also exempt any security it finds that is to be offeredand sold by any person organized and operated not for private profit butexclusively for religious, educational, benevolent, charitable, fraternal,social, athletic or reformatory purposes, or as a chamber of commerce ortrade or professional association.
C. The Commission may, by rule, exempt an offer, but not a sale, of asecurity from the securities and agent registration requirements of thischapter made by or on behalf of an issuer for the sole purpose of solicitingan indication of interest in receiving a prospectus (or its equivalent) forthe security. The rulemaking proceeding shall give due consideration to theprovisions of the national pilot project of the North American SecuritiesAdministrators Association, Inc., relating to the solicitations ofindications of interest prior to the filing of a registration statement. Thewritten documents, broadcasts and oral representations related tosolicitation of an indication of interest made to potential investors aresubject to the anti-fraud provisions of § 13.1-502. If the Commissiondetermines that such exemption should not be granted, it shall set forth thefindings and conclusions upon which its decision is based in its order.
(1960, c. 71; 1976, c. 656; 1993, c. 75; 1994, cc. 184, 355; 1995, c. 245;1997, c. 289.)
