New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 11 - SECURITIES
Part 12 - EXEMPT TRANSACTIONS
Section 12.11.12.10 - SECTION 58-13C-202K-TRANSACTIONS IN SECURED DEBT INSTRUMENTS
Universal Citation: 12 NM Admin Code 12.11.12.10
Current through Register Vol. 35, No. 18, September 24, 2024
A. The exemption provided in Section 58-13C-202 K is not available for any transaction in which the evidence of indebtedness, regardless of form, is offered or sold to more than one investor. Transactions fractionalizing, serializing, or forming partnerships, corporations, or other associations solely for the purpose of acquiring evidence of indebtedness will not qualify for the exemption.
B. For purposes of Subsection A of this section:
(1) a husband, wife and minor children of
either spouse, or any two or more of them, residing in the same household shall
count as one investor; and
(2) a
limited partnership, limited liability company, trust, corporation or limited
liability partnership shall count as one investor if it was not formed for the
purpose of investing or trading in the securities of the issuer claiming this
exemption and such entity has substantial other business or investments; an
industrial revenue bond that is sold to an affiliate of the entity on whose
behalf the bond was issued shall count as one investor provided that such
affiliate is wholly owned, directly or indirectly, by the entity on whose
behalf the bond was issued or its parent company.
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