Connecticut General Statutes 47-98 – Sale of unqualified real estate syndicate securities prohibited
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No issuer shall offer or sell to the public in this state any real estate syndicate security unless such sale has been qualified under section 47-92 or unless such real estate syndicate security or transaction is exempted under section 47-101. No issuer shall offer or sell in this state any real estate syndicate security issued by it in connection with any change in the rights, preferences, privileges or restrictions of or on an outstanding real estate syndicate security unless such sale has been qualified under section 47-92 or unless such real estate syndicate security or transaction is exempted under section 47-101.
Terms Used In Connecticut General Statutes 47-98
- Issuer: means any person who issues or proposes to issue any real estate syndicate security. See Connecticut General Statutes 47-91
- Real estate syndicate: means any general or limited partnership, joint venture, unincorporated association, or similar organization, but not a corporation, owned beneficially for not less than eighteen persons and formed for the sole purpose of, and engaged solely in, investment in or gain from an interest in real property, including, but not limited to, a sale, exchange, trade or development. See Connecticut General Statutes 47-91
- Real estate syndicate security: means any interest in a real estate syndicate. See Connecticut General Statutes 47-91
- sell: includes every contract of sale of, contract to sell, or disposition of a real estate syndicate security for value and any exchange of a real estate syndicate security or any substantial change in the rights, preferences, privileges or restrictions of or on outstanding certificates of interest. See Connecticut General Statutes 47-91