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TITLE 7BANKING AND SECURITIES
PART 7STATE SECURITIES BOARD
CHAPTER 109TRANSACTIONS EXEMPT FROM REGISTRATION
RULE §109.8Initial Offering Completed

The phrase "initial offering of such securities has been completed," used in section 5.P of the Act, means that any nonexempt public distribution of such securities has been completely sold to the public.


Source Note: The provisions of this §109.8 adopted to be effective January 1, 1976.

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