Ala. Admin. Code r. 830-X-6-.10

Current through Register Vol. 43, No. 1, October 31, 2024

Section 830-X-6-.10 - Eleemosynary Financing

The Commission will waive the testing requirements of applicants for a securities agent license for the offer or sale of church or other eleemosynary institutional securities exempt pursuant to Code of Ala. 1975, § 8-6-10(8); provided, however, that the following requirements are fully satisfied:

(a) A filing with the Commission which meets the requirements set out in the "Offering Circular Instructions" set out in "Guidelines" [see (e) below], and

(b) The submission of a draft of the Offering Circular proposed to be used in connection with the offering, and

(c) The submission of a registration form (U-4) for those individuals who are to solicit investor funds on behalf of the eleemosynary institution and payment of the fee in accordance with Code of Ala. 1975, § 8-6-3(h), and

(d) Such other requirements as the Commission may from time to time adopt.

(e) There must be substantial compliance with the Guidelines for Eleemosynary Financing ("Guidelines") heretofore promulgated by the Commission which are incorporated herein as a part of this rule by reference.

Copies of these "Guidelines" are available at the office of the Commission.

Author:

Ala. Admin. Code r. 830-X-6-.10

Filed September 30, 1982. Readopted: Filed November 9, 1983. Amended: Filed September 28, 1990.

Statutory Authority:Code of Ala. 1975, §§ 8-6-10(8), 8-6-23.