2007 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withdrawn if no activity occurs with respect to the application for a period of 120 days.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returned if a registration statement is withdrawn according to this subdivision.
History: 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
NOTE: This section is repealed by Laws 2006, chapter 196, article 1, section 51, effective
August 1, 2007. Laws 2006, chapter 196, article 1, section 52.