Administrative Code

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Virginia Administrative Code
Title 21. Securities and Retail Franchising
Agency 5. State Corporation Commission, Division of Securities and Retail Franchising
Chapter 40. Exempt Securities and Transactions
12/13/2019

21VAC5-40-150. Employee Benefit Plans; Eligible Participants.

The term "employee" as referred to in § 13.1-514 A 10 of the Act shall include all directors of the issuer regardless of whether the director is employed by the issuer. The term "employee" shall also include all consultants and advisors under compensatory arrangements as defined by SEC Rule 701 under the Securities Exchange Act (17 CFR 230.701). This exemption shall not apply to transfers of securities to individuals who are appointed directors, consultants, or advisors for the purpose of avoiding registration under the Act.

Statutory Authority

§§ 12.1-13 and 13.1-523.1 of the Code of Virginia.

Historical Notes

Derived from Volume 15, Issue 22, eff. July 1, 1999; amended, Virginia Register Volume 19, Issue 23, eff. July 1, 2003.

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