Florida Regulations 69W-500.013: Exemption/Mobile Home Parks/Limited Purpose Stock Offering
Current as of: 2024 | Check for updates
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Transactions which involve the offer or sale of stock, bonds, or other instruments deemed to be securities as defined in Florida Statutes § 517.021(23), offered or sold by or on behalf of a non-profit corporation consisting solely of property owners of a singular mobile home park, where the securities evidence shares of the corporation, are hereby exempted from the registration requirements of Florida Statutes § 517.07, provided that such securities meet and comply with all of the following criteria:
(1) That proceeds from the sale of securities are used exclusively for the maintenance, improvement or acquisition of common areas within the mobile home park.
(2) That the solicitation and subsequent sale of securities is made exclusively by the non-profit corporation to persons retaining a property interest in the mobile home park and no form of general solicitation or general advertisement is instituted.
(3) That no individual, either directly or indirectly, receives any compensation or commission for or as a result of the sale of such securities.
(4) That prior to the sale of said securities, each property owner within the mobile home park is provided with or given reasonable access to full and fair disclosure concerning all relevant information relating to the securities themselves.
Rulemaking Authority 517.03 FS. Law Implemented 517.061(19) FS. History-New 1-8-86, Amended 7-31-91, Formerly 3E-500.013, Amended 9-30-10, 10-29-12.
Terms Used In Florida Regulations 69W-500.013
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
(2) That the solicitation and subsequent sale of securities is made exclusively by the non-profit corporation to persons retaining a property interest in the mobile home park and no form of general solicitation or general advertisement is instituted.
(3) That no individual, either directly or indirectly, receives any compensation or commission for or as a result of the sale of such securities.
(4) That prior to the sale of said securities, each property owner within the mobile home park is provided with or given reasonable access to full and fair disclosure concerning all relevant information relating to the securities themselves.
Rulemaking Authority 517.03 FS. Law Implemented 517.061(19) FS. History-New 1-8-86, Amended 7-31-91, Formerly 3E-500.013, Amended 9-30-10, 10-29-12.