LD 509
pg. 51
Page 50 of 183 An Act To Adopt the Maine Uniform Securities Act Page 52 of 183
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LR 441
Item 1

 
this chapter and a resale transaction by a sponsor of a unit
investment trust registered under the federal Investment Company
Act of 1940 in a security of a class that has been outstanding in
the hands of the public for at least 90 days, if, on the date of
the transaction:

 
A.__The issuer of the security is engaged in business, the
issuer is not in the organizational stage or in bankruptcy
or receivership and the issuer is not a blank check, blind
pool or shell company that has no specific business plan or
purpose or that has indicated that its primary business plan
is to engage in a merger or combination of the business
with, or an acquisition of, an unidentified person;

 
B.__The security is sold at a price reasonably related to
its current market price;

 
C.__The security does not constitute the whole or part of an
unsold allotment to, or a subscription or participation by,
the broker-dealer as an underwriter of the security or a
redistribution;

 
D.__A nationally recognized securities manual or its
electronic equivalent designated by routine technical rule
as defined in Title 5, chapter 375, subchapter 2-A adopted
under this chapter or order issued under this chapter or a
publicly available record filed with the Securities and
Exchange Commission contains:

 
(1)__A description of the business and operations of
the issuer;

 
(2)__The names of the issuer's executive officers and
the names of the issuer's directors, if any;

 
(3)__An audited balance sheet of the issuer as of a
date within 18 months before the date of the
transaction or, in the case of a reorganization or
merger when the parties to the reorganization or merger
each had an audited balance sheet, a pro forma balance
sheet for the combined organization; and

 
(4)__An audited income statement for each of the
issuer's 2 immediately previous fiscal years or for the
period of existence of the issuer, whichever is
shorter, or, in the case of a reorganization or merger
when each party to the reorganization or merger had
audited income statements, a pro forma income
statement; and


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