Kansas Statutes 17-12a,204. Denial, suspension, revocation, condition or limitation of exemptions
Terms Used In Kansas Statutes 17-12a,204
- Federal covered security: means a security that is, or upon completion of a transaction will be, a covered security under section 18(b) of the securities act of 1933 (15 U. See Kansas Statutes 17-12a,102
- Offer to purchase: includes an attempt or offer to obtain, or solicitation of an offer to sell, a security or interest in a security for value. See Kansas Statutes 17-12a,102
- Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity. See Kansas Statutes 17-12a,102
- Sale: includes every contract of sale, contract to sell, or disposition of, a security or interest in a security for value, and "offer to sell" includes every attempt or offer to dispose of, or solicitation of an offer to purchase, a security or interest in a security for value. See Kansas Statutes 17-12a,102
- Security: means a note; stock; treasury stock; security future; bond; debenture; evidence of indebtedness; certificate of interest or participation in a profit-sharing agreement; collateral trust certificate; preorganization certificate or subscription; transferable share; investment contract; voting trust certificate; certificate of deposit for a security; fractional undivided interest in oil, gas, or other mineral rights; put, call, straddle, option, or privilege on a security, certificate of deposit, or group or index of securities, including an interest therein or based on the value thereof; put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; or, in general, an interest or instrument commonly known as a "security"; or a certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. See Kansas Statutes 17-12a,102
(a) Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this act may deny, suspend application of, condition, limit, or revoke an exemption created under Kan. Stat. Ann. § 17-12a201(3)(C), (7) or (8) or 17-12a202, and amendments thereto, or an exemption or waiver created under Kan. Stat. Ann. § 17-12a203, and amendments thereto, with respect to a specific security, transaction, or offer. An order under this section may be issued only pursuant to the procedures in Kan. Stat. Ann. § 17-12a306(d) or 17-12a604, and amendments thereto, and only prospectively.
(b) Knowledge of order required. A person does not violate Kan. Stat. Ann. § 17-12a301, 17-12a303 through 17-12a306, 17-12a504 or 17-12a510, and amendments thereto, by an offer to sell, offer to purchase, sale, or purchase effected after the entry of an order issued under this section if the person did not know, and in the exercise of reasonable care could not have known, of the order.
(c) Nothing in this section shall be construed to exempt any person from the anti-fraud provisions of Kan. Stat. Ann. § 17-12a501, and amendments thereto, nor shall any exemption contained in Kan. Stat. Ann. §§ 17-12a201 through 17-12a203, and amendments thereto, be construed to provide relief from any other provision of this article if the sale of such security would violate the provisions of Kan. Stat. Ann. § 17-12a501, and amendments thereto.