Section 8-6-4 - Registration of securities - Required; exceptions
It is unlawful for any person to offer or sell any security in this state unless:
(1) It is registered under this article;(2) The security is exempt from registration under Section 8-6-10; or(3) The transaction is exempt under Section 8-6-11.
Ala. Code § 8-6-4 (1975)
Acts 1959, No. 542, p. 1318, §3; Acts 1990, No. 90-527, p. 772, §1.