Section 230-RICR-20-45-5.15 - Exemption from R.I. Gen. Laws Section 27-1-30 of Certain Transactions in Which Securities are Received by Redeeming Other Securities.A. Any acquisition of an equity security, other than a convertible security or tight to purchase a security, by a director or officer of the issuer of such security shall be exempt from the operation of R.I. Gen. Laws § 27-1-30 if: 1. The equity security is acquired by way of redemption of another security of an issuer substantially all of whose assets other than cash, or Government bonds, consist of securities of the issuer of the equity security so acquired, and which a. Represented substantially and in practical effect a stated or readily ascertainable amount of such equity security,b. Had a value which was substantially determined by the value of such equity security, andc. Conferred upon the holder the right to receive such equity security without the payment of any consideration other than the security redeemed;2. No security of the same class as the security redeemed was acquired by the director or officer within six (6) months prior to such redemption or is acquired within six (6) months after such redemption:3. The issuer of the equity security acquired has recognized the applicability of § 5.15(A) of this Part by appropriate corporate action.230 R.I. Code R. 230-RICR-20-45-5.15