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ACROSS SESSIONS
- Subject Index: Since 1995
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Developed and maintained by the Division of Legislative Automated Systems.
1995 SESSION
LD7191346Patrons--McClure, Brickley, Connally, O'Brien, Parrish and Scott; Senators: Calhoun and Howell
Be it enacted by the General Assembly of Virginia:
1. That § 13.1-514.1 of the Code of Virginia is amended and reenacted as follows:
§ 13.1-514.1. Exemption of certain securities by order of Commission.
A. The Commission may by order exempt from the other provisions of this chapter any security that the Commission finds:
1. Is to be offered and sold as part of a community undertaking to attract new business or industry to the community, or to establish or continue financial assistance to an existing business or industry in the community;
2. Is sponsored by the local chamber of commerce, by a local industrial development corporation or by other groups of representative local businessmen; and
3. Is to be sold mainly to persons interested in the development of the community by salesmen who receive no compensation for offering and selling the security.
B. The Commission may also exempt any security it finds that is to be offered and sold by any person organized and operated not for private profit but exclusively for religious, educational, benevolent, charitable, fraternal, social, athletic or reformatory purposes, or as a chamber of commerce or trade or professional association.
C. (Effective until July 1, 1997) The Commission may, by rule, exempt an
offer, but not a sale, of a security from the security
securities, broker-dealer and agent registration requirements of this
chapter made by or on behalf of an issuer for the sole purpose of soliciting
an indication of interest in receiving a prospectus (or its equivalent) for
the security. The rulemaking proceeding shall give due consideration to the
provisions of the national pilot project of the North American Securities
Administrators Association, Inc., relating to the solicitations of
indications of interest prior to the filing of a registration statement. The
written documents, broadcasts and oral representations related to
solicitation of an indication of interest made to potential investors are
subject to the anti-fraud provisions of § 13.1-502. If the Commission
determines that such exemption should not be granted, it shall set forth the
findings and conclusions upon which its decision is based in its order.
The Commission shall commence a rulemaking proceeding pursuant to its rules
and regulations no later than August 15, 1994, and shall conclude its
proceeding on or before December 15, 1994. If the Commission is unable to
complete such proceeding by December 15, 1994, it shall so advise the
Governor and the General Assembly.
The provisions of this subsection shall expire on July 1, 1997.