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2715.6300 SALES OF SECURITIES TO BE ACQUIRED.

Whenever any person is entitled, as an incident to ownership of an issued security and without the payment of consideration, to receive another security "when issued" or "when distributed," the security to be acquired shall be exempt from the operation of clause (3) of the act, provided that:

A.

the sale is made subject to the same conditions as those attaching to the right of acquisition;

B.

such person exercises reasonable diligence to deliver such security to the purchaser promptly after the right of acquisition matures; and

C.

such person reports the sale on the appropriate form for reporting transactions by persons subject to clause (1) of the act.

This part shall not be construed as exempting transactions involving both a sale of a security "when issued" or "when distributed" and a sale of the security by virtue of which the seller expects to receive the "when issued" or "when distributed" security, if the two transactions combined result in a sale of more units than the aggregate of those owned by the seller plus those to be received by the seller pursuant to the right of acquisition.

Statutory Authority:

MS s 60A.22

History:

17 SR 1279

Published Electronically:

September 14, 2007

Official Publication of the State of Minnesota
Revisor of Statutes