Notwithstanding the foregoing, the aggregate offering price of all securities so offered or sold on behalf of any one person other than the issuer shall not exceed $100,000, except that this limitation shall not apply if the securities are to be offered on behalf of the estate of a deceased person within two years after the death of such person.
17 C.F.R. §230.603
15 U.S.C. 77c ; secs. 3(b) and 3(c) , Securities Act of 1933 (15 U.S.C. 77c(b) and (c) ) ; sec. 38, Investment Company Act of 1940 (15 U.S.C. 80a-37 )