HB0313 - Registration of securities-exemptions.

 

2001

State of Wyoming

01LSO-0657

 

 

 

HOUSE BILL NO.  HB0313

 

 

Registration of securities-exemptions.

 

Sponsored by:  Representative(s) Paseneaux and Simpson

 

 

A BILL

 

for

 

 1  AN ACT relating to the registration of securities;
 2  exempting cooperative membership securities from
 3  registration and literature filing requirements as
 4  specified; and providing for an effective date.

 5 

 6  Be It Enacted by the Legislature of the State of Wyoming:

 7 

 8         Section 1.  W.S. 17-4-114(a) by creating a new
 9  paragraph (xii) is amended to read:

10 

11         17-4-114.  Exemptions from registration and literature
12  filing requirements.

13 

14         (a)  The following securities are exempted from W.S.
15  17-4-107 and 17-4-115:

16 

 

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 1              (xii)  Any security of any cooperative
 2  incorporated or organized under law of this or another
 3  state and qualified with the secretary of state to do
 4  business in this state, subject to the following:

 5 

 6                   (A)  No commission or other remuneration is
 7  paid or given directly or indirectly for soliciting any
 8  prospective buyer in this state; and

 9 

10                   (B)  The security is necessary or incidental
11  to establishing membership in the cooperative association;
12  and

13 

14                   (C)  The security is nontransferable; or

15 

16                   (D)  The administrator is notified in
17  writing at least thirty (30) days before the security is
18  offered for sale. Notice under this subparagraph shall
19  contain the form of disclosure or prospectus and other
20  sales literature to be used in the security offering
21  together with financial statements in a form required by
22  the administrator.

23 

 

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 1         Section 2.  This act is effective July 1, 2001.

 2 

 3                         (END)

 

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