Pennsylvania Code
Title 10 - BANKING AND SECURITIES
Part VII - Securities
Subpart B - Registration of Securities
Chapter 202 - EXEMPT SECURITIES
Section 202.091 - Shares of professional corporations

Universal Citation: 10 PA Code ยง 202.091

Current through Register Vol. 54, No. 12, March 23, 2024

(a) Under the authority contained in section 202(i) of the act (70 P.S. § 1-202(i)), the Department finds that it is not in the public interest or necessary for the protection of investors to require the registration under section 201 of the act (70 P.S. § 1-201) of shares issued by a professional corporation.

(b) The exemption contained in this section may not apply to a transaction entered into primarily to avoid the provisions of section 201 of the act or made in violation of the antifraud provisions in sections 401-409 of the act (70 P.S. §§ 1-401-1-409) and Subpart D (relating to fraudulent and prohibited practices).

The provisions of this § 202.091 amended under sections 202(g) and (i), 293(d), (i.1), (j) and (n)-(t), 204(a), 205(b), 207(g), (j.1) and (n), 209(b), 211(a) and (b), 504(d), 513, 603(a), 606(d) and 609(a) of the Pennsylvania Securities Act of 1972 (70 P.S. §§ 1-202(g) and (i), 1-203(d), (i.1), (j) and (n)-(t), 1-204(a), 1-205(b), 1-207(g), (j.1) and (n), 1-209(b), 1-211(a) and (b), 1-504(d), 1-513, 1-603(a), 1-606(d) and 1-609(a)); section 202.C of the Department of Banking and Securities Code (71 P.S. § 733-202.C); and section 9(b) of the Takeover Disclosure Law (70 P.S. § 79(b)).

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