Series 79: Offerees And Purchasers: “Person Resident” (Again) And Limitation Of Resales

Offerees and Purchasers: “Person Resident” (Again) and Limitation of Resales

To qualify as an exempt issue under Section 3(a)(11), the securities may be “offered and sold only to persons resident within a single State.” Rule 147 considers an individual to be resident in a state if her principal residence is in the state at the time of the offer or sale; a business organization is resident in the state where its principal office is loca