61-1-14(2)(i) – Preorganization Subscription Transactional Exemption


(2) The following transactions are exempted from Sections 61-1-7 and 61-1-15:

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(i) an offer or sale of a preorganization certificate or subscription if:
(i) no commission or other remuneration is paid or given directly or indirectly for soliciting a prospective subscriber;
(ii) the number of subscribers acquiring a legal or beneficial interest therein does not exceed ten;
(iii) there is no general advertising or solicitation in connection with the offer or sale; and
(iv) no payment is made by a subscriber;