Section 032-534-1 - Purchasers Present in this State; Date of Sale1. For offerings relying on an exemption under 32 M.R.S.A. §16202(14) or (15), the following principles will be used to determine the number of purchasers who are "present in this State": A. An individual purchaser is present in this State if the purchaser is a resident of this State or is physically within this State at the time of the sale;B. An entity purchaser is present in this State if the entity's principal executive office is located in this State; andC. The presence of a purchaser in this State is determined as of the date of the sale to that person, and that person continues to be counted as a purchaser in that issue if the person subsequently leaves this State.2. A sale occurs when the purchaser delivers to the offeror either the funds to purchase the investment or a signed subscription agreement or similar commitment to invest such funds, whichever occurs first.02-032 C.M.R. ch. 534, § 1