Statutes, codes, and regulations
Virginia Administrative Code
Title 21 - SECURITIES AND RETAIL FRANCHISINGAgency 5 - STATE CORPORATION COMMISSION
Chapter 40 - EXEMPT SECURITIES AND TRANSACTIONS
Section 21VAC5-40-150 - Employee benefit plans; eligible participants

21 Va. Admin. Code § 5-40-150

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Current through Register Vol. 41, No. 4, October 8, 2024
Section 21VAC5-40-150 - Employee benefit plans; eligible participants

The term "employee" as referred to in § 13.1-514A 10 of the Act shall include all directors of the issuer regardless of whether the director is employed by the issuer. The term "employee" shall also include all consultants and advisors under compensatory arrangements as defined by SEC Rule 701 under the Securities Exchange Act ( 17 CFR 230.701) . This exemption shall not apply to transfers of securities to individuals who are appointed directors, consultants, or advisors for the purpose of avoiding registration under the Act.

21 Va. Admin. Code § 5-40-150

Derived from Virginia Register Volume 15, Issue 22, eff. July 1, 1999; amended, Virginia Register Volume 19, Issue 23, eff. July 1, 2003.

Statutory Authority

§§ 12.1-13 and 13.1-523.1 of the Code of Virginia.