(2) The following transactions are exempted from Sections 61-1-7 and 61-1-15:
* * *
(s) a transaction in a security, whether or not the security or transaction is otherwise exempt if:
Division Interpretive Commentary:
This provision exempts from registration those transactions whose terms have been approved in a Fairness Hearing conducted by the Division or by a District Court. It is designed to articulate with the federal exemption provided in section 3(a)(10) of the Securities Act of 1933.
The statutory reference provided in section 61-1-14(2)(s)(ii) should read 61-1-11.1.