6.10.306    TRANSACTIONAL EXEMPTIONS FOR COOPERATIVE ASSOCIATIONS

(1) A cooperative association organized under another state's laws that are substantially the same as the provisions of Title 35, chapter 15, MCA, is entitled to a transactional exemption from the registration requirements of the Securities Act of Montana, provided that the association has furnished the commissioner with a general written description of the security to be offered or sold in Montana. For the purposes of 33-10-105, MCA, the commissioner has determined that the following states' laws authorizing the organization of the corresponding types of cooperative organizations are substantially the same as the provisions of Title 35, chapter 15, MCA:

(a)	Alabama	Incorporated Marketing Associations
(b)	Alaska	Cooperative Corporations
(c)	Arkansas	Agricultural Cooperative Associations Marketing Associations
(d)	California	Non-profit Cooperative Associations
(e)	Colorado	Cooperative Associations Cooperative Marketing Associations
(f)	Connecticut	Cooperative Marketing Associations
(g)	Florida	Agricultural Cooperative Marketing Associations
(h)	Georgia	Cooperative Marketing Associations
(i)	Hawaii	Agricultural Cooperative Associations
(j)	Idaho	Cooperative Marketing Associations
(k)	Illinois	Co-operative Corporations
(l)	Indiana	Agricultural Cooperatives
(m)	Iowa	Co-operative Associations
(n)	Kansas	Cooperative Associations
(o)	Kentucky	Cooperative Corporations
(p)	Louisiana	Agricultural Co-operative Associations
(q)	Maine	Cooperative Associations
(r)	Massachusetts	Cooperative Agricultural, Dairy or Mercantile Associations
(s)	Michigan	Cooperative Associations
(t)	Minnesota	Cooperatives
(u)	Mississippi	Cooperative Marketing Associations Aquatic Products Marketing Associations
(v)	Missouri	Cooperative Marketing Associations Commodity Associations
(w)	Nebraska	Cooperative Companies
(x)	Nevada	Cooperative Associations
(y)	New Jersey	Agricultural Cooperatives
(z)	New Mexico	Cooperative Associations
(aa)	New York	Cooperative Corporations
(ab)	North Carolina	Cooperative Associations
(ac)	North Dakota	Cooperative Associations
(ad)	Oklahoma	Cooperative Corporations Agricultural Marketing Associations
(ae)	Oregon	Cooperative Corporations
(af)	Ohio	Cooperative Corporations
(ag)	Pennsylvania	Cooperative Corporations
(ah)	Rhode Island	Producers' Cooperatives
(ai)	South Carolina	Cooperative Associations
(aj)	South Dakota	Cooperatives
(ak)	Tennessee	Cooperative Marketing Associations
(al)	Texas	Cooperative Corporations
(am)	Utah	Co-operative Associations
(an)	Vermont	Cooperative Associations
(ao)	Virginia	Cooperative Associations Agricultural Cooperatives Associations
(ap)	Washington	Cooperative Associations
(aq)	West Virginia	Cooperative Associations
(ar)	Wisconsin	Cooperative Associations Agricultural Associations
(as)	Wyoming	Cooperative Marketing Associations

(2) For the purposes of 30-10-105, MCA, a "general written description" must include:

(a) citation of the state law under which the cooperative is organized;

(b) the type of industry of business in which the cooperative is engaged;

(c) a general description of the offering, including type of security, price, restrictions, if any, on security ownership, and the number of shares to be issued;

(d) the purpose of the security offering; and

(e) a list of states in which the offering will be conducted.

 

History: 30-10-105, 30-10-107, MCA; IMP, 30-10-105, MCA; NEW, 1997 MAR p. 1990, Eff. 11/4/97; TRANS, from 6.10.134, 2008 MAR p. 2046, Eff. 9/26/08; AMD, 2020 MAR p. 1874, Eff. 10/24/20.