Source: https://www.revisor.mn.gov/laws/?year=2017&type=0&doctype=Chapter&id=10
Timestamp: 2017-04-27 13:00:50
Document Index: 610300248

Matched Legal Cases: ['art 230', 'art 230', 'art 230', 'art 230', 'art 230', 'art 230']

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Laws90th Legislature2017, Regular SessionChapter 10
Veto InformationChapter 10
Section 1. Minnesota Statutes 2016, section 80A.461, is amended to read:
(1) the principal office of the entity is located in Minnesota;
(2) as of the last day of the most recent semiannual fiscal period of the entity, at least 80 percent, or other threshold permitted by Code of Federal Regulations, title 17, part 230.147, of the entity's assets were located in Minnesota;
(3) except in the case of an entity whose gross revenue during the most recent period of 12 full months did not exceed $5,000, the entity derived at least 80 percent, or other threshold permitted by Code of Federal Regulations, title 17, part 230.147, of the entity's gross revenues from the operation of a business in Minnesota during (i) the previous fiscal year, if the MNvest offering begins during the first six months of the entity's fiscal year; or (ii) during the 12 months ending on the last day of the sixth month of the entity's current fiscal year, if the MNvest offering begins following the last day;
(B) the issuer had at the end of its most recent semiannual fiscal period prior to an initial offer of securities in any offering or subsequent offering pursuant to this section, at least 80 percent of its assets and those of its subsidiaries on a consolidated basis located within Minnesota;
(2) an issuer that has previously conducted an intrastate offering pursuant to Code of Federal Regulations, title 17, part 230.147A, or Rule 147, part 230.147, may not conduct another intrastate offering pursuant to Code of Federal Regulations, title 17, part 230.147A, in a different state or territory, until the expiration of the time period specified in Code of Federal Regulations, title 17, part 230.147A(e), or Rule 147, section 230.147(e), calculated on the basis of the date of the last sale in such offering;
Residence of purchasers.
This section is effective April 20, 2017.