10 Pa. Code § 202.091

Current through Register Vol. 54, No. 44, November 2, 2024

Section 202.091 - Shares of professional corporations

(a) Under the authority contained in section 202(i) of the act (70 P.S. § 1-202(i)), the Department finds that it is not in the public interest or necessary for the protection of investors to require the registration under section 201 of the act (70 P.S. § 1-201) of shares issued by a professional corporation.

(b) The exemption contained in this section may not apply to a transaction entered into primarily to avoid the provisions of section 201 of the act or made in violation of the antifraud provisions in sections 401-409 of the act (70 P.S. §§ 1-401-1-409) and Subpart D (relating to fraudulent and prohibited practices).

The provisions of this §202.091 adopted October 22, 1976, effective 10/23/1976, 6 Pa.B. 2688; amended December 30, 1999, effective 1/1/2000, 30 Pa.B. 18; transferred and renumbered from 64 Pa. Code § 202.091, December 14, 2012, effective 12/15/2012, 42 Pa.B. 7533; amended January 12, effective 1/13/2018, 48 Pa.B. 389.

The provisions of this §202.091 amended under sections 202(g) and (i), 293(d), (i.1), (j) and (n)-(t), 204(a), 205(b), 207(g), (j.1) and (n), 209(b), 211(a) and (b), 504(d), 513, 603(a), 606(d) and 609(a) of the Pennsylvania Securities Act of 1972 (70 P.S. §§ 1-202(g) and (i), 1-203(d), (i.1), (j) and (n)-(t), 1-204(a), 1-205(b), 1-207(g), (j.1) and (n), 1-209(b), 1-211(a) and (b), 1-504(d), 1-513, 1-603(a), 1-606(d) and 1-609(a)); section 202.C of the Department of Banking and Securities Code (71 P.S. § 733-202.C); and section 9(b) of the Takeover Disclosure Law (70 P.S. § 79(b)).