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1997 SESSION

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HB 2086 Securities; registration exemptions, philanthropic organizations.

Introduced by: Harry R. Purkey | all patrons    ...    notes | add to my profiles

SUMMARY:

Securities; registration exemptions; philanthropic organizations. Reinstitutes the application of Virginia's securities laws to security offerings otherwise subject to the federal Philanthropy Protection Act of 1995. This federal law preempts state law concerning philanthropic organizations' securities offerings unless individual states, by positive legislative act, declare that this federal act will not preempt securities registration requirements otherwise applicable to philanthropic organizations. Pursuant to this bill, philanthropic organizations' securities offerings will be filed with the Virginia State Corporation's Securities Division, and these organizations will be required to comply with certain financial solvency and disclosure standards.


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