2004 Minnesota Statutes

     80A.09 Registration by notification. 

    Subdivision 1.    Authority.  The following securities 
 may be registered by notification:  any securities issued by a 
 person organized exclusively for social, religious, educational, 
 benevolent, fraternal, charitable, reformatory, athletic, 
 chamber of commerce, trade, industrial development, or 
 professional association purposes and not for pecuniary gain, 
 and no part of the net earnings of which inures to the benefit 
 of any private stockholder or individual; provided that no 
 securities issued by any person offering and furnishing a burial 
 service or funeral benefit, directly or indirectly for financial 
 consideration, may be registered under this section.  

    Subd. 2.    Contents.  A registration statement under 
 this section shall contain the consent to service of process 
 required by section 80A.27, subdivision 7, and such additional 
 information as the commissioner by rule or otherwise requires.  

    Subd. 3.    When effective.  If no stop order is in 
 effect, no proceeding is pending under section 80A.13, and no 
 order has been issued under subdivision 4, a registration 
 statement under this section automatically becomes effective at 
 5:00 in the afternoon on the fifth full business day after the 
 filing of the registration statement or the last amendment, or 
 at such earlier time as the commissioner by order determines.  

    Subd. 4.    Condition of registration.  The commissioner 
 may by order require that any security otherwise permitted to be 
 registered under this section be registered by qualification 
 under section 80A.11 if the commissioner determines that 
 registration by qualification is in the public interest and is 
 necessary for the protection of investors.  

    Subd. 5.    Withdrawal.  A registration statement that 
 is incomplete will be considered withdrawn if no activity occurs 
 with respect to the application for a period of 120 days.  
 Notwithstanding section 80A.28, subdivision 1, paragraph (c), no 
 part of the filing fee shall be returned if a registration 
 statement is withdrawn according to this subdivision. 

    HIST: 1973 c 451 s 9; 1983 c 284 s 7; 1985 c 210 art 1 s 2; 
 1986 c 444; 1987 c 336 s 11; 1996 c 439 art 2 s 4