The purpose of this memorandum is to review certain reporting and disclosure requirements, and certain restrictions that may limit the disposition of securities of the company held by its officers, directors and principal shareholders, which are imposed by the Securities Act of 1933, the Securities and Exchange Act of 1934, and the rules of the Securities and Exchange Commission thereunder. This memorandum is prepared for the management of the company and should be treated as a confidential communication between the company and its counsel.
Nevada Limitation on Disposition of Securities Memorandum
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The Securities Act of 1933 is the federal law that requires that securities sold to the public be registered with the SEC and that complete information about the seller and the stock offering is made available to investors. The Securities Act of 1934 regulates the operation of stock exchanges and trading.
Breach of oral contract ? 4 years. Breach of written contract ? 6 years. Sheriff action or non-action in their official duty ? 2 years. To recover seized property or taxes paid under protest ? 1 year.
In the United States, each individual state has its own securities laws and rules. These state statutes are commonly known as "Blue Sky" Laws. Although the specific provisions of these laws vary among states, they all require the registration of securities offerings, and registration of brokers and brokerage firms.
Civil and Criminal Penalties People who criminally violate the Investment Advisers Act of 1940 are subject to a $10,000 fine and/or five years in prison. The statute of limitations for an administrator taking action is five years.
The Securities Act of 1933 (as amended, the ?Securities Act?) was passed to ensure that investors have financial and other important information about securities that are being sold publicly. It also bans the use of fraud, deceit, and misrepresentation in the sales of securities.
A contract is a legally enforceable agreement between adults. To be enforceable, the contract must be entered into voluntarily, have clearly agreed upon terms and conditions and demonstrate the exchange of ?consideration?.
NRS §90.310 requires that all broker dealers and sales representatives acting in Nevada must be licensed (or exempt from licensing) to sell securities. The Nevada Securities Laws protect investors by requiring that investments sold in Nevada need to be either registered or exempt from registration.