Source: https://www.sagarialaw.com/section-1145-exemption-from-securities-laws.html
Timestamp: 2017-09-23 02:14:42
Document Index: 71556539

Matched Legal Cases: ['§ 1145', '§ 77', '§ 78', '§ 1125', '§ 77', '§ 77', '§ 77', '§ 77']

Section 1145 - Exemption From Securities Laws :: San Jose Chapter 11 Bankruptcy Attorney SagariaLaw
Contact Monterey County Bankruptcy Lawyer SagariaLaw
Section 1145 - Exemption From Securities Laws
Exemption From Securities Laws –Section 1145
11 USCS § 1145
(a) Except with respect to an entity that is an underwriter as defined in subsection (b) of this section, section 5 of the Securities Act of 1933 [15 USCS § 77e] and any State or local law requiring registration for offer or sale of a security or registration or licensing of an issuer of, underwriter of, or broker or dealer in, a security do not apply to--
(1) the offer or sale under a plan of a security of the debtor, of an affiliate participating in a joint plan with the debtor, or of a successor to the debtor under the plan--
(3) the offer or sale, other than under a plan, of a security of an issuer other than the debtor or an affiliate, if--
(B) the issuer of such security is--
(i) required to file reports under section 13 or 15(d) of the Securities Exchange Act of 1934 [15 USCS § 78m or 78o(d)]; and
(C) such offer or sale is of securities that do not exceed--
(4) a transaction by a stockbroker in a security that is executed after a transaction of a kind specified in paragraph (1) or (2) of this subsection in such security and before the expiration of 40 days after the first date on which such security was bona fide offered to the public by the issuer or by or through an underwriter, if such stockbroker provides, at the time of or before such transaction by such stockbroker, a disclosure statement approved under section 1125 of this title [11 USCS § 1125], and, if the court orders, information supplementing such disclosure statement.
(b) (1) Except as provided in paragraph (2) of this subsection and except with respect to ordinary trading transactions of an entity that is not an issuer, an entity is an underwriter under section 2(11) of the Securities Act of 1933, if such entity--
(C) offers to buy securities offered or sold under the plan from the holders of such securities, if such offer to buy is--
(D) is an issuer, as used in such section 2(11) [15 USCS § 77b(11)], with respect to such securities.
(2) An entity is not an underwriter under section 2(11) of the Securities Act of 1933 [15 USCS § 77b(11)] or under paragraph (1) of this subsection with respect to an agreement that provides only for--
(A) (i) the matching or combining of fractional interests in securities offered or sold under the plan into whole interests; or
(3) An entity other than an entity of the kind specified in paragraph (1) of this subsection is not an underwriter under section 2(11) of the Securities Act of 1933 [15 USCS § 77b(11)] with respect to any securities offered or sold to such entity in the manner specified in subsection (a)(1) of this section.
(d) The Trust Indenture Act of 1939 [15 USCS §§ 77aaa et seq.] does not apply to a note issued under the plan that matures not later than one year after the effective date of the plan.