§11482. Exemption from registration
A participation agreement offered pursuant to this chapter is not a security as defined in Title 32, section 16102, subsection 28. The authority may obtain written advice of legal counsel or written advice from the United States Securities and Exchange Commission, or both, that the offering of a participation agreement is not subject to federal securities laws but is in compliance with those laws and is not in violation of other applicable laws. [PL 2005, c. 65, Pt. C, §9 (AMD).]
SECTION HISTORY
PL 1997, c. 732, §4 (NEW). PL 2005, c. 65, §C9 (AMD).
Structure Maine Revised Statutes
Part 5: POST-SECONDARY EDUCATION
Chapter 417-E: MAINE EDUCATION SAVINGS PROGRAM
20-A §11472. Maine Education Savings Program
20-A §11473. Maine Education Savings Program Fund
20-A §11474. Powers of the authority
20-A §11475. Participation agreement
20-A §11476. Investment options and parameters
20-A §11477. Early termination or overfunding of participation agreement
20-A §11478. Ownership of account; transfer of ownership rights
20-A §11480. Rights of participants and beneficiaries to assets of the authority
20-A §11481. Release of information
20-A §11482. Exemption from registration
20-A §11483. Compliance with federal law