6.10.202    PROMOTIONAL SECURITIES--ESCROW

(1) The commissioner may require that promotional securities be placed in escrow with a financial institution approved by the commissioner for a period of 2 years from the date that the registration becomes effective, or for such other period, or upon such terms and conditions as the commissioner may, in his discretion, require.

(2) An issuer may not sell or transfer an escrowed promotional security or an interest in one, except by will, intestate succession, or other similar methods, without first obtaining written consent from the commissioner. The owner of an escrowed promotional security may exercise voting rights that attach to that security.

History: 30-10-107, MCA; IMP, 30-10-107, 30-10-206, MCA; EMERG, NEW, Eff. 7/5/75; AMD, 1988 MAR p. 1803, Eff. 8/12/88; TRANS, from ARM 6.10.104, 2008 MAR p. 2046, Eff. 9/26/08.