TI TLE17 CORPORATI ONS, PARTNERSHI PSANDASSOCI ATI ONS CHAPTER1 BUSI NESSCORPORATI ONS ARTI CLE1 I NGENERAL 17-1-101.Repealed by Laws 1989, ch. 249, 3. 17-1-102.Repealed by Laws 1989, ch. 249, 3. 17-1-103.Repealed by Laws 1989, ch. 249, 3. 17-1-104.Repealed by Laws 1989, ch. 249, 3. 17-1-105.Repealed by Laws 1989, ch. 249, 3. 17-1-106.Repealed by Laws 1989, ch. 249, 3. 17-1-107.Repealed by Laws 1989, ch. 249, 3. 17-1-108.Repealed by Laws 1989, ch. 249, 3. 17-1-109.Repealed by Laws 1989, ch. 249, 3. 17-1-110.Repealed by Laws 1989, ch. 249, 3. 17-1-111.Repealed by Laws 1989, ch. 249, 3. 17-1-112.Repealed by Laws 1989, ch. 249, 3. 17-1-113.Repealed by Laws 1989, ch. 249, 3. 17-1-114.Repealed by Laws 1989, ch. 249, 3. 17-1-115.Repealed by Laws 1989, ch. 249, 3. 17-1-116.Repealed by Laws 1989, ch. 249, 3. 17-1-117.Repealed by Laws 1989, ch. 249, 3. 17-1-118.Repealed by Laws 1989, ch. 249, 3. 17-1-119.Repealed by Laws 1989, ch. 249, 3. 17-1-120.Repealed by Laws 1989, ch. 249, 3. 17-1-121.Repealed by Laws 1989, ch. 249, 3. 17-1-122.Repealed by Laws 1989, ch. 249, 3. 17-1-123.Repealed by Laws 1989, ch. 249, 3. 17-1-124.Repealed by Laws 1989, ch. 249, 3. 17-1-125.Repealed by Laws 1989, ch. 249, 3. 17-1-126.Repealed by Laws 1989, ch. 249, 3. 17-1-127.Repealed by Laws 1989, ch. 249, 3. 17-1-128.Repealed by Laws 1989, ch. 249, 3. 17-1-129.Repealed by Laws 1989, ch. 249, 3. 17-1-130.Repealed by Laws 1989, ch. 249, 3. 17-1-131.Repealed by Laws 1989, ch. 249, 3. 17-1-132.Repealed by Laws 1989, ch. 249, 3. 17-1-133.Repealed by Laws 1989, ch. 249, 3. 17-1-134.Repealed by Laws 1989, ch. 249, 3. 17-1-135.Repealed by Laws 1989, ch. 249, 3. 17-1-136.Repealed by Laws 1989, ch. 249, 3. 17-1-137.Repealed by Laws 1989, ch. 249, 3. 17-1-138.Repealed by Laws 1989, ch. 249, 3. 17-1-139.Repealed by Laws 1989, ch. 249, 3. 17-1-140.Repealed by Laws 1989, ch. 249, 3. 17-1-141.Repealed by Laws 1989, ch. 249, 3. 17-1-142.Repealed by Laws 1989, ch. 249, 3. 17-1-143.Repealed by Laws 1989, ch. 249, 3. 17-1-144.Repealed by Laws 1989, ch. 249, 3. ARTI CLE2 FORMATI ONOFCORPORATI ONS 17-1-201.Repealed by Laws 1989, ch. 249, 3. 17-1-202.Repealed by Laws 1989, ch. 249, 3. 17-1-203.Repealed by Laws 1989, ch. 249, 3. 17-1-204.Repealed by Laws 1989, ch. 249, 3. 17-1-205.Repealed by Laws 1989, ch. 249, 3. 17-1-206.Repealed by Laws 1989, ch. 249, 3. ARTI CLE3 AMENDMENTSANDREDUCTI ONOFCAPI TAL 17-1-301.Repealed by Laws 1989, ch. 249, 3. 17-1-302.Repealed by Laws 1989, ch. 249, 3. 17-1-303.Repealed by Laws 1989, ch. 249, 3. 17-1-304.Repealed by Laws 1989, ch. 249, 3. 17-1-305.Repealed by Laws 1989, ch. 249, 3. 17-1-306.Repealed by Laws 1989, ch. 249, 3. 17-1-307.Repealed by Laws 1989, ch. 249, 3. 17-1-308.Repealed by Laws 1989, ch. 249, 3. 17-1-309.Repealed by Laws 1989, ch. 249, 3. 17-1-310.Repealed by Laws 1989, ch. 249, 3. 17-1-311.Repealed by Laws 1989, ch. 249, 3. 17-1-312.Repealed by Laws 1989, ch. 249, 3. ARTI CLE4 MERGERANDCONSOLI DATI ON 17-1-401.Repealed by Laws 1989, ch. 249, 3. 17-1-402.Repealed by Laws 1989, ch. 249, 3. 17-1-403.Repealed by Laws 1989, ch. 249, 3. 17-1-404.Repealed by Laws 1989, ch. 249, 3. 17-1-405.Repealed by Laws 1989, ch. 249, 3. 17-1-406.Repealed by Laws 1989, ch. 249, 3. ARTI CLE5 DI SPOSI TI ONOFASSETS; RI GHTS OFDI SSENTI NGSHAREHOLDERS 17-1-501.Repealed by Laws 1989, ch. 249, 3. 17-1-502.Repealed by Laws 1989, ch. 249, 3. 17-1-503.Repealed by Laws 1989, ch. 249, 3. 17-1-504.Repealed by Laws 1989, ch. 249, 3. ARTI CLE6 DI SSOLUTI ON 17-1-601.Repealed by Laws 1989, ch. 249, 3. 17-1-602.Repealed by Laws 1989, ch. 249, 3. 17-1-603.Repealed by Laws 1989, ch. 249, 3. 17-1-604.Repealed by Laws 1989, ch. 249, 3. 17-1-605.Repealed by Laws 1989, ch. 249, 3. 17-1-606.Repealed by Laws 1989, ch. 249, 3. 17-1-607.Repealed by Laws 1989, ch. 249, 3. 17-1-608.Repealed by Laws 1989, ch. 249, 3. 17-1-609.Repealed by Laws 1989, ch. 249, 3. 17-1-610.Repealed by Laws 1989, ch. 249, 3. 17-1-611.Repealed by Laws 1989, ch. 249, 3. 17-1-612.Repealed by Laws 1989, ch. 249, 3. 17-1-613.Repealed by Laws 1989, ch. 249, 3. 17-1-614.Repealed by Laws 1989, ch. 249, 3. 17-1-615.Repealed by Laws 1989, ch. 249, 3. 17-1-616.Repealed by Laws 1989, ch. 249, 3. 17-1-617.Repealed by Laws 1989, ch. 249, 3. 17-1-618.Repealed by Laws 1989, ch. 249, 3. 17-1-619.Repealed by Laws 1989, ch. 249, 3. 17-1-620.Repealed by Laws 1989, ch. 249, 3. 17-1-621.Repealed by Laws 1989, ch. 249, 3. 17-1-622.Repealed by Laws 1989, ch. 249, 3. ARTI CLE7 FOREI GNCORPORATI ONSGENERALLY 17-1-701.Repealed by Laws 1989, ch. 249, 3. 17-1-702.Repealed by Laws 1989, ch. 249, 3. 17-1-703.Repealed by Laws 1989, ch. 249, 3. 17-1-704.Repealed by Laws 1989, ch. 249, 3. 17-1-705.Repealed by Laws 1989, ch. 249, 3. 17-1-706.Repealed by Laws 1989, ch. 249, 3. 17-1-707.Repealed by Laws 1989, ch. 249, 3. 17-1-708.Repealed by Laws 1989, ch. 249, 3. 17-1-709.Repealed by Laws 1989, ch. 249, 3. 17-1-710.Repealed by Laws 1989, ch. 249, 3. 17-1-711.Repealed by Laws 1985, ch. 47, 2; 1989, ch. 249, 3. 17-1-712.Repealed by Laws 1989, ch. 249, 3. 17-1-713.Repealed by Laws 1989, ch. 249, 3. 17-1-714.Repealed by Laws 1989, ch. 249, 3. 17-1-715.Repealed by Laws 1989, ch. 249, 3. 17-1-716.Repealed by Laws 1989, ch. 249, 3. 17-1-717.Repealed by Laws 1989, ch. 249, 3. 17-1-718.Repealed by Laws 1989, ch. 249, 3. 17-1-719.Repealed by Laws 1989, ch. 249, 3. ARTI CLE8 CONTI NUANCEOFFOREI GNANDDOMESTI CCORPORATI ONS 17-1-801.Repealed by Laws 1980, ch. 50, 3. 17-1-802.Repealed by Laws 1980, ch. 50, 3. 17-1-803.Renumbered by Laws 1989, ch. 249, 2. 17-1-804.Renumbered by Laws 1989, ch. 249, 2. ARTI CLE9 FEESANDCHARGES 17-1-901.Repealed by Laws 1989, ch. 249, 3. 17-1-902.Repealed by Laws 1989, ch. 249, 3. ARTI CLE10 MI SCELLANEOUSPROVI SI ONS 17-1-1001.Repealed by Laws 1989, ch. 249, 3. 17-1-1002.Repealed by Laws 1989, ch. 249, 3. 17-1-1003.Repealed by Laws 1989, ch. 249, 3. 17-1-1004.Repealed by Laws 1989, ch. 249, 3. 17-1-1005.Repealed by Laws 1989, ch. 249, 3. 17-1-1006.Repealed by Laws 1989, ch. 249, 3. 17-1-1007.Repealed by Laws 1989, ch. 249, 3. 17-1-1008.Repealed by Laws 1989, ch. 249, 3. 17-1-1009.Repealed by Laws 1989, ch. 249, 3. 17-1-1010.Repealed by Laws 1989, ch. 249, 3. 17-1-1011.Repealed by Laws 1989, ch. 249, 3. ARTI CLE11 DOMESTI CATI ONOFFOREI GNCORPORATI ONS 17-1-1101.Renumbered by Laws 1989, ch. 249, 2. 17-1-1102.Renumbered by Laws 1989, ch. 249, 2. CHAPTER2 ANNUALREPORTSANDLI CENSETAXES 17-2-101.Renumbered by Laws 1989, ch. 249, 2. 17-2-102.Renumbered by Laws 1989, ch. 249, 2. 17-2-103.Renumbered by Laws 1989, ch. 249, 2. 17-2-104.Renumbered by Laws 1989, ch. 249, 2. CHAPTER3 PRACTI CEOFPROFESSI ONSBYCORPORATI ONS 17-3-101.Practice of profession through licensed stockholder or employee authorized. Acor por at i onor gani zedunder t heWyomi ngBusi nessCor por at i on Act or t heWyomi ngSt at ut or yCl oseCor por at i onSuppl ement , whose capi t al st ocki sownedexcl usi vel ybyaper sonor per sons l i censedt opr act i ceapr of essi onbyt hest at eof Wyomi ngor by anagency, of f i ceor i nst r ument al i t yaut hor i zedbyt hel awsofWyomi ngt ol i censei ndi vi dual sf or t hepr act i ceof such pr of essi on, may, byandt hr ought heper sonor per sonsof such l i censedst ockhol der or st ockhol der s, or l i censedempl oyees,pr act i ceandof f er pr of essi onal ser vi cesi nsuchpr of essi on. 17-3-102.Licensed stockholder or employee subject to certain requirements. Nocor por at i onmayof f er pr of essi onal ser vi cesor pr act i cea pr of essi onexcept byandt hr ought heper sonor per sonsof i t s l i censedst ockhol der or st ockhol der s, or l i censedempl oyees,eachof whomshal l r et ai nhi spr of essi onal l i censei ngood st andi ng, andshal l r emai nasf ul l yl i abl eandr esponsi bl ef orhi spr of essi onal act i vi t i es, andsubj ect t oal l r ul es,r egul at i ons, st andar dsandr equi r ement sper t ai ni ngt her et o, as t houghpr act i ci ngi ndi vi dual l yr at her t hani nacor por at i on. 17-3-103.Words or initials to be contained in corporate name. Thecor por at enameof ever ypr of essi onal cor por at i onshal lcont ai nei t her t hewor ds" APr of essi onal Cor por at i on" or t he capi t al i ni t i al s" P. C. " . Thesewor dsor i ni t i al sshal l bet he l ast wor dof t henameof t hepr of essi onal cor por at i on. 17-3-104.Language to be contained in articles of incorporation; location. Thear t i cl esof i ncor por at i onof apr of essi onal pr act i ce cor por at i oni ncor por at edaf t er t hedat eof t hi sact shal lcont ai nt hef ol l owi ngl anguage: " Al l shar ehol der sof t he cor por at i onar e, andwi l l cont i nual l ybe, l i censedi nt he pr of essi onf or whi cht hecor por at i oni sf or med, andno pr of essi onal ser vi cewi l l beof f er edbyt hecor por at i onexceptbyor under t hesuper vi si onof l i censedst ockhol der sor l i censed empl oyees. " Thi sl anguageshal l bei nser t edi nt hear t i cl es i mmedi at el yaf t er t hepr ovi si onsper t ai ni ngt ot heaggr egat e number of shar eswhi cht hecor por at i oni saut hor i zedt oi ssue. CHAPTER4 SECURI TI ES 17-4-101.Fraudulent practices prohibited in securities sales and purchases. ( a) I t i sunl awf ul f or anyper son, i nconnect i onwi t ht he of f er , sal eor pur chaseof anysecur i t y, di r ect l yor i ndi r ect l y: ( i ) Toempl oyanydevi ce, scheme, or ar t i f i cet o def r aud; ( i i ) Tomakeanyunt r uest at ement of amat er i al f actor t oomi t t ost at eamat er i al f act necessar yi nor der t omake t hest at ement smade, i nt hel i ght of t heci r cumst ancesunderwhi cht heyar emade, not mi sl eadi ng; or ( i i i ) Toengagei nanyact , pr act i ce, or cour seofbusi nesswhi choper at esor woul doper at easaf r audor decei tuponanyper son. 17-4-102.Fraudulent practices prohibited in advisory activities. ( a) I t i sunl awf ul f or anyper sonwhor ecei vesany consi der at i onf r omanot her per sonpr i mar i l yf or advi si ngt he ot her per sonast ot heval ueof secur i t i esor t hei r pur chaseorsal e, whet her t hr ought hei ssuanceof anal ysesor r epor t sorot her wi se: ( i ) Toempl oyanydevi ce, scheme, or ar t i f i cet o def r audt heot her per son; or ( i i ) Toengagei nanyact , pr act i ce, or cour seofbusi nesswhi choper at esor woul doper at easaf r audor decei tupont heot her per son. 17-4-103.Broker-dealers and agents; registration required; notification when agent begins or terminates activities; expiration of registrations. ( a) I t i sunl awf ul f or anyper sont ot r ansact busi nessi n t hi sst at easabr oker - deal er or agent unl esshei sr egi st er ed under t hi sact . ( b) I t i sunl awf ul f or anybr oker - deal er or i ssuer t o empl oyanagent unl esst heagent i sr egi st er ed. Ther egi st r at i on of anagent i snot ef f ect i vedur i nganyper i odwhenhei snotassoci at edwi t hapar t i cul ar br oker - deal er r egi st er edunder t hi s act or apar t i cul ar i ssuer . Whenanagent begi nsor t er mi nat esa connect i onwi t habr oker - deal er or i ssuer , or begi nsort er mi nat est hoseact i vi t i eswhi chmakehi managent , t heagentaswel l ast hebr oker - deal er or i ssuer shal l pr ompt l ynot i f yt he secr et ar yof st at e. ( c) Ever yr egi st r at i onexpi r esone( 1) year f r omi t s ef f ect i vedat eunl essr enewed. 17-4-104.Broker-dealers and agents; registration procedure generally; fees; successors; minimum capital requirements; surety bonds or deposits. ( a) Gener al l y. - Abr oker - deal er or agent mayobt ai nan i ni t i al or r enewal r egi st r at i onbyf i l i ngwi t ht hesecr et ar yofst at eanappl i cat i ont oget her wi t haconsent t oser vi ceofpr ocesspur suant t oW. S. 17- 4- 126( g) . Theappl i cat i onshal lcont ai nwhat ever i nf or mat i ont hesecr et ar yof st at ebyr ul e r equi r esconcer ni ngsuchmat t er sas( i ) t heappl i cant ' sf or mand pl aceof or gani zat i on; ( i i ) t heappl i cant ' spr oposedmet hodofdoi ngbusi ness; ( i i i ) t hequal i f i cat i onsandbusi nesshi st or yoft heappl i cant and, i nt hecaseof abr oker - deal er , anypar t ner ,of f i cer , or di r ect or , anyper sonoccupyi ngasi mi l ar st at usorper f or mi ngsi mi l ar f unct i ons, or anyper sondi r ect l yori ndi r ect l ycont r ol l i ngt hebr oker - deal er ; ( i v) anyi nj unct i onoradmi ni st r at i veor der or convi ct i onof ami sdemeanor i nvol vi nga secur i t yor anyaspect of t hesecur i t i esbusi nessandany convi ct i onof af el ony; and( v) t heappl i cant ' sf i nanci alcondi t i onandhi st or y. Thesecr et ar yof st at emaybyr ul eoror der r equi r eanappl i cant f or i ni t i al r egi st r at i ont opubl i sh anannouncement of t heappl i cat i oni none( 1) or mor especi f i ed newspaper spubl i shedi nt hi sst at e. I f nodeni al or der i si n ef f ect andnopr oceedi ngi spendi ngunder W. S. 17- 4- 106,r egi st r at i onbecomesef f ect i veat noonof t het hi r t i et hday af t er anappl i cat i oni sf i l ed. Thesecr et ar yof st at emayby r ul eor or der speci f yanear l i er ef f ect i vedat e, andhemayby or der def er t heef f ect i vedat eunt i l noonof t het hi r t i et hday af t er t hef i l i ngof anyamendment . Regi st r at i onof a br oker - deal er aut omat i cal l yconst i t ut esr egi st r at i onof any agent whoi sapar t ner , of f i cer , or di r ect or , or aper son occupyi ngasi mi l ar st at usor per f or mi ngsi mi l ar f unct i ons. ( b) Ever yappl i cant f or i ni t i al or r enewal r egi st r at i on shal l payaf i l i ngf eeof t wohundr eddol l ar s( $200. 00) i nt he caseof abr oker - deal er , andt hi r t y- f i vedol l ar s( $35. 00) i nt he caseof anagent . Whenanappl i cat i oni sdeni edor wi t hdr awn,t hesecr et ar yof st at eshal l r et ai nt heent i r ef ee. ( c) Successor s. - Ar egi st er edbr oker - deal er mayf i l ean appl i cat i onf or r egi st r at i onof asuccessor , whet her or not t he successor i st heni nexi st ence, f or t heunexpi r edpor t i onof t he year . Ther eshal l benof i l i ngf ee. ( d) Mi ni mumcapi t al . - Thesecr et ar yof st at emaybyr ul eoror der r equi r eami ni mumcapi t al f or r egi st er edbr oker - deal er s subj ect t ot hel i mi t at i onsof sect i on15of t heSecur i t i es ExchangeAct of 1934. ( e) Sur et ybonds. - Thesecr et ar yof st at emaybyr ul eoror der r equi r er egi st er edbr oker - deal er sandagent st opostsur et ybondsi namount sast hesecr et ar yof st at emaypr escr i be,subj ect t ot hel i mi t at i onsof sect i on15of t heSecur i t i es ExchangeAct of 1934, andmaydet er mi net hei r condi t i ons. Any appr opr i at edeposi t of cashor secur i t i esshal l beaccept edi n l i euof anybondsor equi r ed. Nobondmayber equi r edof any r egi st r ant whosenet capi t al , whi chmaybedef i nedbyr ul e,exceedst heamount sr equi r edbyt hesecr et ar yof st at e. Ever y bondshal l pr ovi def or sui t t her eonbyanyper sonwhohasa causeof act i onunder W. S. 17- 4- 122and, i f t hesecr et ar yofst at ebyr ul eor or der r equi r es, byanyper sonwhohasacause of act i onnot ar i si ngunder t hi schapt er . Ever ybondshal lpr ovi det hat nosui t maybemai nt ai nedt oenf or ceanyl i abi l i t y ont hebondunl essbr ought wi t hi nt wo( 2) year saf t er t hesal e or ot her act uponwhi chi t i sbased. 17-4-105.Broker-dealers and agents; records; financial reports; amendments to documents filed; examinations. ( a) Ever yr egi st er edbr oker - deal er shal l makeandkeep suchaccount s, cor r espondence, memor anda, paper s, books, and ot her r ecor dsast hesecr et ar yof st at epr escr i besbyr ul eoror der , except aspr ovi dedbysect i on15of t heSecur i t i es ExchangeAct of 1934. Al l r ecor dssor equi r edshal l be pr eser vedf or suchper i odast hesecr et ar yof st at epr escr i bes byr ul eor or der . ( b) Ever yr egi st er edbr oker - deal er shal l f i l esuch f i nanci al r epor t sast hesecr et ar yof st at epr escr i besbyr ul e or or der , aspr ovi dedbysect i on15of t heSecur i t i esExchange Act of 1934. ( c) I f t hei nf or mat i oncont ai nedi nanydocument f i l ed wi t ht hesecr et ar yof st at ei sor becomesi naccur at eori ncompl et ei nanymat er i al r espect , t her egi st r ant shal lpr ompt l yf i l eacor r ect i ngamendment unl essnot i f i cat i onof t he cor r ect i onhasbeengi venunder W. S. 17- 4- 103( b) . ( d) Al l t her ecor dsr ef er r edt oi nsubsect i on( a) of t hi s sect i onar esubj ect at anyt i meor f r omt i met ot i met osuch r easonabl eper i odi c, speci al , or ot her exami nat i onsby r epr esent at i vesof t hesecr et ar yof st at e, wi t hi nor wi t houtt hi sst at e, ast hesecr et ar yof st at edeemsnecessar yorappr opr i at ei nt hepubl i ci nt er est or f or t hepr ot ect i onofi nvest or s. For t hepur poseof avoi di ngunnecessar ydupl i cat i on of exami nat i ons, t hesecr et ar yof st at e, i nsof ar ashedeemsi tpr act i cabl ei nadmi ni st er i ngt hi ssubsect i on, maycooper at ewi t h t hesecur i t i esadmi ni st r at or sof ot her st at es, t hesecur i t i es andexchangecommi ssi on, andanynat i onal secur i t i esexchangeornat i onal secur i t i esassoci at i onr egi st er edunder t heSecur i t i es ExchangeAct of 1934. 17-4-106.Broker-dealers and agents; denial, revocation, suspension, cancellation or withdrawal of registration. ( a) Thesecr et ar yof st at emaybyor der deny, suspend,makecondi t i onal or pr obat i onar yor r evokeanyr egi st r at i onormayi mposeaci vi l penal t y, r equi r er est i t ut i ont oi nvest or s,censur eor r epr i mand, r equi r er emedi al t r ai ni ng, i mposespeci alr epor t i ngr equi r ement sor i mposeot her condi t i ons, whi chhe det er mi nest obei nt hepubl i ci nt er est , agai nst any r egi st r at i onor r egi st er edper soni f hef i nds: ( i ) That t heor der i si nt hepubl i ci nt er est ; and ( i i ) That t heappl i cant or r egi st r ant or , i nt hecase of abr oker - deal er , anypar t ner , of f i cer , or di r ect or , any per sonoccupyi ngasi mi l ar st at usor per f or mi ngsi mi l arf unct i ons, or anyper sondi r ect l yor i ndi r ect l ycont r ol l i ngt he br oker - deal er : ( A) Hasf i l edanappl i cat i onf or r egi st r at i on whi chasof i t sef f ect i vedat e, or asof anydat eaf t er f i l i ng i nt hecaseof anor der denyi ngef f ect i veness, wasi ncompl et ei n anymat er i al r espect or cont ai nedanyst at ement whi chwas, i n l i ght of t heci r cumst ancesunder whi chi t wasmade, f al seormi sl eadi ngwi t hr espect t oanymat er i al f act ; ( B) Haswi l l f ul l yvi ol at edor wi l l f ul l yf ai l ed t ocompl ywi t hanypr ovi si onof t hi sact or apr edecessor act oranyr ul eor or der under t hi sact or apr edecessor act ; ( C) Hasbeenconvi ct ed, wi t hi nt hepast t en( 10)year s, of anymi sdemeanor i nvol vi ngasecur i t yor anyaspect oft hesecur i t i esbusi ness, or anyf el ony; ( D) I sper manent l yor t empor ar i l yenj oi nedby anycour t of compet ent j ur i sdi ct i onf r omengagi ngi norcont i nui nganyconduct or pr act i cei nvol vi nganyaspect of t he secur i t i esbusi ness; ( E) I st hesubj ect of anor der of t hesecr et ar y of st at edenyi ng, suspendi ng, or r evoki ngr egi st r at i onasa br oker - deal er or agent ; ( F) I st hesubj ect of anor der ent er edwi t hi n t hepast f i ve( 5) year sbyt hesecur i t i esadmi ni st r at or of any ot her st at eor byt hesecur i t i esandexchangecommi ssi ondenyi ng or r evoki ngr egi st r at i onasabr oker - deal er , agent , ori nvest ment advi ser , or t hesubst ant i al equi val ent of t hoset er ms asdef i nedi nt hi sact , or i st hesubj ect of anor der of t he secur i t i esandexchangecommi ssi onsuspendi ngor expel l i nghi mf r omanat i onal secur i t i esexchangeor nat i onal secur i t i es associ at i onr egi st er edunder t heSecur i t i esExchangeAct of1934, or i st hesubj ect of aUni t edSt at espost of f i cef r aud or der ; but : ( I ) Thesecr et ar yof st at emaynoti nst i t ut ear evocat i onor suspensi onpr oceedi ngundersubpar agr aph( F) mor et hanone( 1) year f r omt hedat eof t he or der r el i edon; and ( I I ) Hemaynot ent er anor der undersubpar agr aph( F) ont hebasi sof anor der under anot her st at e act unl esst hat or der wasbasedonf act swhi chwoul dcur r ent l y const i t ut eagr oundf or anor der under t hi ssect i on. ( G) Hasengagedi ndi shonest or unet hi calpr act i cesi nt hesecur i t i esbusi ness; ( H) I si nsol vent , ei t her i nt hesenset hat hi s l i abi l i t i esexceedhi sasset sor i nt hesenset hat hecannotmeet hi sobl i gat i onsast heymat ur e; but t hesecr et ar yof st at e maynot ent er anor der agai nst abr oker - deal er under t hi scl ause wi t hout af i ndi ngof i nsol vencyast ot hebr oker - deal er ; or ( J ) I snot qual i f i edont hebasi sof such f act or sast r ai ni ng, exper i ence, andknowl edgeof t hesecur i t i es busi ness, except asot her wi sepr ovi dedi nsubsect i on( b) of t hi s sect i on. ( b) Thesecr et ar yof st at emaybyor der deny, suspend, orr evokeanyr egi st r at i oni f hef i nds: ( i ) That t heor der i si nt hepubl i ci nt er est ; and ( i i ) That t heappl i cant or r egi st r ant : ( A) Hasf ai l edr easonabl yt osuper vi sehi s agent si f hei sabr oker - deal er ; or ( B) Hasf ai l edt opayt hepr oper f i l i ngf ee; butt hesecr et ar yof st at emayent er onl yadeni al or der under t hi s subpar agr aph, andheshal l vacat eanysuchor der whent he def i ci encyhasbeencor r ect ed. ( c) Thesecr et ar yof st at emaynot i nst i t ut easuspensi on or r evocat i onpr oceedi ngont hebasi sof af act or t r ansact i on knownt ohi mwhenr egi st r at i onbecameef f ect i veunl esst he pr oceedi ngi si nst i t ut edwi t hi nt henext t hi r t y( 30) days. ( d) Thef ol l owi ngpr ovi si onsgover nt heappl i cat i onofW. S. 17- 4- 106( a) ( i i ) ( J ) : ( i ) Thesecr et ar yof st at emaynot ent er anor deragai nst abr oker - deal er ont hebasi sof t hel ackofqual i f i cat i onof anyper sonot her t han: ( A) Thebr oker - deal er hi msel f i f hei san i ndi vi dual ; or ( B) Anagent of t hebr oker - deal er . ( i i ) Thesecr et ar yof st at emaynot ent er anor dersol el yont hebasi sof l ackof exper i encei f t heappl i cant orr egi st r ant i squal i f i edbyt r ai ni ngor knowl edgeor bot h; ( i i i ) Thesecr et ar yof st at eshal l consi der t hat an agent whowi l l wor kunder t hesuper vi si onof ar egi st er ed br oker - deal er neednot havet hesamequal i f i cat i onsasa br oker - deal er ; ( i v) Thesecr et ar yof st at emaybyr ul epr ovi def oranexami nat i on, whi chmaybewr i t t enor or al or bot h, t obe t akenbyanycl assof or al l appl i cant s, andpr ovi def or a r easonabl ef eet obepai dbef or et heexami nat i oni st aken. ( e) Thesecr et ar yof st at emaybyor der summar i l ypost pone or suspendr egi st r at i onpendi ngf i nal det er mi nat i onof any pr oceedi ngunder t hi ssect i on. Uponent r yof t heor der , t he secr et ar yof st at eshal l pr ompt l ynot i f yt heappl i cant orr egi st r ant , aswel l ast heempl oyer or pr ospect i veempl oyer i ft heappl i cant or r egi st r ant i sanagent , t hat i t hasbeen ent er edandof t her easonst her ef or andt hat wi t hi nf i f t een( 15)daysaf t er t her ecei pt of awr i t t enr equest t hemat t er wi l l be set downf or hear i ng. I f nohear i ngi sr equest edandnonei s or der edbyt hesecr et ar yof st at e, t heor der wi l l r emai ni n ef f ect unt i l i t i smodi f i edor vacat edbyt hesecr et ar yofst at e. I f hear i ngi sr equest edor or der ed, t hesecr et ar yofst at e, af t er not i ceof andoppor t uni t yf or hear i ng, maymodi f y or vacat et heor der or ext endi t unt i l f i nal det er mi nat i on. ( f ) I f t hesecr et ar yof st at ef i ndst hat anyr egi st r ant orappl i cant f or r egi st r at i oni snol onger i nexi st enceor has ceasedt odobusi nessasabr oker - deal er or agent , or i ssubj ectt oanadj udi cat i onof ment al i ncompet enceor t ot hecont r ol of a commi t t ee, conser vat or , or guar di an, or cannot bel ocat edaf t err easonabl esear ch, t hesecr et ar yof st at emaybyor der cancelt her egi st r at i onor appl i cat i on. ( g) Wi t hdr awal f r omr egi st r at i onasabr oker - deal er oragent becomesef f ect i vet hi r t y( 30) daysaf t er r ecei pt of an appl i cat i ont owi t hdr awor wi t hi nsuchshor t er per i odof t i meas t hesecr et ar yof st at emaydet er mi ne, unl essar evocat i onorsuspensi onpr oceedi ngi spendi ngwhent heappl i cat i oni sf i l ed or apr oceedi ngt or evokeor suspendor t oi mposecondi t i ons upont hewi t hdr awal i si nst i t ut edwi t hi nt hi r t y( 30) daysaf t ert heappl i cat i oni sf i l ed. I f apr oceedi ngi spendi ngori nst i t ut ed, wi t hdr awal becomesef f ect i veat sucht i meandupon suchcondi t i onsast hesecr et ar yof st at ebyor der det er mi nes.I f nopr oceedi ngi spendi ngor i nst i t ut edandwi t hdr awalaut omat i cal l ybecomesef f ect i ve, t hesecr et ar yof st at emay never t hel essi nst i t ut ear evocat i onor suspensi onpr oceedi ng under W. S. 17- 4- 106( a) ( i i ) ( B) wi t hi none( 1) year af t erwi t hdr awal becameef f ect i veandent er ar evocat i onor suspensi on or der asof t hel ast dat eonwhi chr egi st r at i onwasef f ect i ve. ( h) Noor der maybeent er edunder anypar t of t hi ssect i on except t hef i r st sent enceof subsect i on( e) wi t hout : ( i ) Appr opr i at enot i cet ot heappl i cant or r egi st r ant( aswel l ast heempl oyer or pr ospect i veempl oyer i f t he appl i cant or r egi st r ant i sanagent ) ; ( i i ) Oppor t uni t yf or hear i ng; and ( i i i ) Wr i t t enf i ndi ngsof f act andconcl usi onsofl aw. ( j ) Anyor der i mposi ngaci vi l penal t y, assessi ngcost s,r equi r i ngr est i t ut i onor i mposi nganyot her monet ar ypenal t y shal l beent er edi naccor dancewi t ht hepr ovi si onsof W. S.17- 4- 124( f ) . Ci vi l andmonet ar ypenal t i esot her t hancost sand r est i t ut i onshal l becol l ect edandpai dt ot hest at et r easur erandcr edi t edaspr ovi dedi nW. S. 8- 1- 109. 17-4-107.Registration of securities; required; exception for exemptions. ( a) I t i sunl awf ul f or anyper sont oof f er or sel l any secur i t yi nt hi sst at eunl ess: ( i ) I t i sr egi st er edunder t hi schapt er ; ( i i ) Thesecur i t yor t r ansact i oni sexempt edunderW. S. 17- 4- 114; or ( i i i ) I t i sacover edsecur i t y. 17-4-108.Registration of securities; registration by notification. ( a) Thef ol l owi ngsecur i t i esmayber egi st er edby not i f i cat i on, whet her or not t heyar eal soel i gi bl ef orr egi st r at i onbycoor di nat i onunder W. S. 17- 4- 109: ( i ) Anysecur i t ywhosei ssuer andanypr edecessor s havebeeni ncont i nuousoper at i onf or at l east f i ve( 5) year si f( A) t her ehasbeennodef aul t dur i ngt hecur r ent f i scal year orwi t hi nt het hr ee( 3) pr ecedi ngf i scal year si nt hepayment ofpr i nci pal , i nt er est , or di vi dendsonanysecur i t yof t hei ssuer( or anypr edecessor ) wi t haf i xedmat ur i t yor af i xedi nt er estor di vi dendpr ovi si on, and( B) t hei ssuer andanypr edecessor s dur i ngt hepast t hr ee( 3) f i scal year shavehadaver agenetear ni ngs, det er mi nedi naccor dancewi t hgener al l yaccept ed account i ngpr act i ces, ( I ) whi char eappl i cabl et oal l secur i t i es wi t hout af i xedmat ur i t yor af i xedi nt er est or di vi dend pr ovi si onout st andi ngat t hedat et her egi st r at i onst at ement i s f i l edandequal at l east f i veper cent ( 5%) of t heamount of such out st andi ngsecur i t i es( asmeasur edbyt hemaxi mumof f er i ng pr i ceor t hemar ket pr i ceonaday, sel ect edbyt her egi st r ant ,wi t hi nt hi r t y( 30) daysbef or et hedat eof f i l i ngt he r egi st r at i onst at ement , whi chever i shi gher , or bookval ueona day, sel ect edbyt her egi st r ant , wi t hi nni net y( 90) daysof t he dat eof f i l i ngt her egi st r at i onst at ement t ot heext ent t hatt her ei snei t her ar eadi l ydet er mi nabl emar ket pr i cenor acash of f er i ngpr i ce) , or ( I I ) whi ch, i f t hei ssuer andany pr edecessor shavenot hadanysecur i t yof t het ypespeci f i edi n cl ause( I ) out st andi ngf or t hr ee( 3) f ul l f i scal year s, equal t o at l east f i veper cent ( 5%) of t heamount ( asmeasur edi ncl ause ( I ) ) of al l secur i t i eswhi chwi l l beout st andi ngi f al l t he secur i t i esbei ngof f er edor pr oposedt obeof f er ed( whet her ornot t heyar epr oposedt ober egi st er edor of f er edi nt hi sst at e)ar ei ssued; ( i i ) Anysecur i t yr egi st er edf or noni ssuerdi st r i but i oni f ( A) anysecur i t yof t hesamecl asshasever been r egi st er edunder t hi sact or apr edecessor act , or ( B) t he secur i t ybei ngr egi st er edwasor i gi nal l yi ssuedpur suant t oan exempt i onunder t hi sact or apr edecessor act . ( b) Ar egi st r at i onst at ement under t hi ssect i onshal lcont ai nt hef ol l owi ngi nf or mat i onandbeaccompani edbyt he f ol l owi ngdocument si naddi t i ont ot hei nf or mat i onspeci f i edi n W. S. 17- 4- 111( c) andt heconsent t oser vi ceof pr ocessr equi r ed byW. S. 17- 4- 126( g) : ( i ) Ast at ement demonst r at i ngel i gi bi l i t yf orr egi st r at i onbynot i f i cat i on; ( i i ) Wi t hr espect t ot hei ssuer andanysi gni f i cantsubsi di ar y: i t sname, addr ess, andf or mof or gani zat i on; t he st at e( or f or ei gnj ur i sdi ct i on) andt hedat eof i t s or gani zat i on; andt hegener al char act er andl ocat i onof i t s busi ness; ( i i i ) Wi t hr espect t oanyper sononwhosebehal f any par t of t heof f er i ngi st obemadei nanoni ssuer di st r i but i on:hi snameandaddr ess; t heamount of secur i t i esof t hei ssuerhel dbyhi masof t hedat eof t hef i l i ngof t her egi st r at i on st at ement ; andast at ement of hi sr easonsf or maki ngt he of f er i ng; ( i v) Adescr i pt i onof t hesecur i t ybei ngr egi st er ed; ( v) Thei nf or mat i onanddocument sspeci f i edi nW. S.17- 4- 110( b) ( vi i i ) , ( x) and( xi i ) ; and ( vi ) I nt hecaseof anyr egi st r at i onunder W. S.17- 4- 108( a) ( i i ) whi chdoesnot al sosat i sf yt hecondi t i onsofW. S. 17- 4- 108( a) ( i ) abal ancesheet of t hei ssuer asof adat e wi t hi nf our ( 4) mont hspr i or t ot hef i l i ngof t her egi st r at i on st at ement , andasummar yof ear ni ngsf or eachof t het wo( 2)f i scal year spr ecedi ngt hedat eof t hebal ancesheet andf or any per i odbet weent hecl oseof t hel ast f i scal year andt hedat eoft hebal ancesheet , or f or t heper i odof t hei ssuer ' sandany pr edecessor s' exi st encei f l esst hant wo( 2) year s. ( c) I f nost opor der i si nef f ect andnopr oceedi ngi s pendi ngunder W. S. 17- 4- 112, ar egi st r at i onst at ement under t hi s sect i onaut omat i cal l ybecomesef f ect i veat oneo' cl ockst andar d t i mei nt heaf t er noonof t hesecondf ul l busi nessdayaf t er t he f i l i ngof t her egi st r at i onst at ement or t hel ast amendment , orat suchear l i er t i meast hesecr et ar yof st at edet er mi nes. 17-4-109.Registration of securities; registration by coordination. ( a) Anysecur i t yf or whi char egi st r at i onst at ement has beenf i l edunder t heSecur i t i esAct of 1933, or f or whi cha f i l i nghasbeenmadepur suant t osect i on3( b) or 3( c) of t hatact , i nconnect i onwi t ht hesameof f er i ngmayber egi st er edby coor di nat i on. ( b) Ar egi st r at i onst at ement under t hi ssect i onshal lcont ai nt hef ol l owi ngi nf or mat i onandbeaccompani edbyt he f ol l owi ngdocument si naddi t i ont ot hei nf or mat i onspeci f i edi n W. S. 17- 4- 111( c) andt heconsent t oser vi ceof pr ocessr equi r ed byW. S. 17- 4- 126; ( i ) Two( 2) copi esof t hel at est f or mof pr ospect us f i l edunder t heSecur i t i esAct of 1933; ( i i ) I f t hesecr et ar yof st at ebyr ul eor ot her wi se r equi r es, acopyof t hear t i cl esof i ncor por at i onandbyl aws( ort hei r subst ant i al equi val ent ) cur r ent l yi nef f ect , acopyof any agr eement swi t hor amongunder wr i t er s, acopyof anyi ndent ur e or ot her i nst r ument gover ni ngt hei ssuanceof t hesecur i t yt obe r egi st er ed, andaspeci menor copyof t hesecur i t y; ( i i i ) I f t hesecr et ar yof st at er equest s, anyot heri nf or mat i on, or copi esof anyot her document s, f i l edunder t he Secur i t i esAct of 1933; and ( i v) Anunder t aki ngt of or war dal l amendment st ot he f eder al pr ospect us, ot her t hananamendment whi chmer el ydel ays t heef f ect i vedat eof t her egi st r at i onst at ement , pr ompt l yand i nanyevent not l at er t hant hef i r st busi nessdayaf t er t heday t heyar ef or war dedt oor f i l edwi t ht hesecur i t i esandexchange commi ssi on, whi chever f i r st occur s. ( c) Ar egi st r at i onst at ement under t hi ssect i on aut omat i cal l ybecomesef f ect i veat t hemoment t hef eder alr egi st r at i onst at ement becomesef f ect i vei f al l t hef ol l owi ng condi t i onsar esat i sf i ed: ( i ) Nost opor der i si nef f ect andnopr oceedi ngi s pendi ngunder W. S. 17- 4- 112; ( i i ) Ther egi st r at i onst at ement hasbeenonf i l ewi t h t hesecr et ar yof st at ef or at l east t en( 10) days; and ( i i i ) Ast at ement of t hemaxi mumandmi ni mumpr oposed of f er i ngpr i cesandt hemaxi mumunder wr i t i ngdi scount sand commi ssi onshasbeenonf i l ef or t wo( 2) f ul l busi nessdaysorsuchshor t er per i odsast hesecr et ar yof st at eper mi t sbyr ul e or ot her wi seandt heof f er i ngi smadewi t hi nt hosel i mi t at i ons. ( d) Ther egi st r ant shal l pr ompt l ynot i f yt hesecr et ar yofst at ebyt el ephoneor t el egr amof t hedat eandt i mewhent he f eder al r egi st r at i onst at ement becameef f ect i veandt hecont entof t hepr i ceamendment , i f any, andshal l pr ompt l yf i l eapostef f ect i veamendment cont ai ni ngt hei nf or mat i onanddocument si n t hepr i ceamendment . " Pr i ceamendment " meanst hef i nal f eder alamendment whi chi ncl udesast at ement of t heof f er i ngpr i ce,under wr i t i ngandsel l i ngdi scount sor commi ssi ons, amount ofpr oceeds, conver si onr at es, cal l pr i ces, andot her mat t er s dependent upont heof f er i ngpr i ce. Uponf ai l ur et or ecei vet he r equi r ednot i f i cat i onandpost ef f ect i veamendment wi t hr espectt ot hepr i ceamendment , t hesecr et ar yof st at emayent er ast op or der , wi t hout not i ceor hear i ng, r et r oact i vel ydenyi ng ef f ect i venesst ot her egi st r at i onst at ement or suspendi ngi t s ef f ect i venessunt i l compl i ancewi t ht hi ssubsect i on, i f he pr ompt l ynot i f i est her egi st r ant byt el ephoneor t el egr am( and pr ompt l yconf i r msbyl et t er or t el egr aphwhenhenot i f i esby t el ephone) of t hei ssuanceof t heor der . I f t her egi st r antpr ovescompl i ancewi t ht her equi r ement sof t hi ssubsect i onast o not i ceandpost ef f ect i veamendment , t hest opor der i svoi das of t het i meof i t sent r y. Thesecr et ar yof st at emaybyr ul eorot her wi sewai veei t her or bot hof t hecondi t i onsspeci f i edi n par agr aphs( c) ( i i ) and( i i i ) of t hi ssect i on. I f t hef eder alr egi st r at i onst at ement becomesef f ect i vebef or eal l t he condi t i onsi nt hi ssubsect i onar esat i sf i edandt heyar enotwai ved, t her egi st r at i onst at ement aut omat i cal l ybecomes ef f ect i veassoonasal l t hecondi t i onsar esat i sf i ed. I f t he r egi st r ant advi sest hesecr et ar yof st at eof t hedat ewhent he f eder al r egi st r at i onst at ement i sexpect edt obecomeef f ect i ve,t hesecr et ar yof st at eshal l pr ompt l yadvi set her egi st r ant by t el ephoneor t el egr am, at t her egi st r ant ' sexpense, whet her al lt hecondi t i onsar esat i sf i edandwhet her het hencont empl at es t hei nst i t ut i onof apr oceedi ngunder W. S. 17- 4- 112; but t hi s advi cebyt hesecr et ar yof st at edoesnot pr ecl udet he i nst i t ut i onof suchapr oceedi ngat anyt i me. 17-4-110.Registration of securities; registration by qualification. ( a) Anysecur i t ymayber egi st er edbyqual i f i cat i on. ( b) Ar egi st r at i onst at ement under t hi ssect i onshal lcont ai nt hef ol l owi ngi nf or mat i onandbeaccompani edbyt he f ol l owi ngdocument si naddi t i ont ot hei nf or mat i onspeci f i edi n W. S. 17- 4- 111( c) andt heconsent t oser vi ceof pr ocessr equi r ed byW. S. 17- 4- 126( g) : ( i ) Wi t hr espect t ot hei ssuer andanysi gni f i cantsubsi di ar y: i t sname, addr ess, andf or mof or gani zat i on; t he st at eor f or ei gnj ur i sdi ct i onanddat eof i t sor gani zat i on; t he gener al char act er andl ocat i onof i t sbusi ness; adescr i pt i onofi t sphysi cal pr oper t i esandequi pment ; andast at ement of t he gener al compet i t i vecondi t i onsi nt hei ndust r yor busi nessi n whi chi t i sor wi l l beengaged; ( i i ) Wi t hr espect t oever ydi r ect or andof f i cer oft hei ssuer , or per sonoccupyi ngasi mi l ar st at usor per f or mi ng si mi l ar f unct i ons: hi sname, addr ess, andpr i nci pal occupat i on f or t hepast f i ve( 5) year s; t heamount of secur i t i esof t he i ssuer hel dbyhi masof aspeci f i eddat ewi t hi nt hi r t y( 30)daysof t hef i l i ngof t her egi st r at i onst at ement ; t heamount oft hesecur i t i escover edbyt her egi st r at i onst at ement t owhi chhe hasi ndi cat edhi si nt ent i ont osubscr i be; andadescr i pt i onofanymat er i al i nt er est i nanymat er i al t r ansact i onwi t ht he i ssuer or anysi gni f i cant subsi di ar yef f ect edwi t hi nt hepastt hr ee( 3) year sor pr oposedt obeef f ect ed; ( i i i ) Wi t hr espect t oper sonscover edbypar agr aph ( b) ( i i ) of t hi ssect i on: t her emuner at i onpai ddur i ngt hepastt wel ve( 12) mont hsandest i mat edt obepai ddur i ngt henextt wel ve( 12) mont hs, di r ect l yor i ndi r ect l y, byt hei ssuer( t oget her wi t hal l pr edecessor s, par ent s, subsi di ar i es, and af f i l i at es) t oal l t hoseper sonsi nt heaggr egat e; ( i v) Wi t hr espect t oanyper sonowni ngof r ecor d, orbenef i ci al l yi f known, t enper cent ( 10%) or mor eof t he out st andi ngshar esof anycl assof equi t ysecur i t yof t he i ssuer : t hei nf or mat i onspeci f i edi npar agr aph( b) ( i i ) of t hi s sect i onot her t hanhi soccupat i on; ( v) Wi t hr espect t oever ypr omot er i f t hei ssuer was or gani zedwi t hi nt hepast t hr ee( 3) year s: t hei nf or mat i on speci f i edi npar agr aph( b) ( i i ) of t hi ssect i on, anyamount pai d t ohi mwi t hi nt hat per i odor i nt endedt obepai dt ohi m, andt he consi der at i onf or anysuchpayment ; ( vi ) Wi t hr espect t oanyper sononwhosebehal f any par t of t heof f er i ngi st obemadei nanoni ssuer di st r i but i on:hi snameandaddr ess; t heamount of secur i t i esof t hei ssuerhel dbyhi masof t hedat eof t hef i l i ngof t her egi st r at i on st at ement ; adescr i pt i onof anymat er i al i nt er est i nany mat er i al t r ansact i onwi t ht hei ssuer or anysi gni f i cantsubsi di ar yef f ect edwi t hi nt hepast t hr ee( 3) year sof pr oposed t obeef f ect ed; andast at ement of hi sr easonsf or maki ngt he of f er i ng; ( vi i ) Thecapi t al i zat i onandl ong- t er mdebt ( onbot h acur r ent andpr of or mabasi s) of t hei ssuer andanysi gni f i cantsubsi di ar y, i ncl udi ngadescr i pt i onof eachsecur i t yout st andi ng or bei ngr egi st er edor ot her wi seof f er ed, andast at ement of t he amount andki ndof consi der at i on( whet her i nt hef or mof cash,physi cal asset s, ser vi ces, pat ent s, goodwi l l , or anyt hi ngel se)f or whi cht hei ssuer or anysubsi di ar yhasi ssuedanyof i t s secur i t i eswi t hi nt hepast t wo( 2) year sor i sobl i gat edt o i ssueanyof i t ssecur i t i es; ( vi i i ) Theki ndandamount of secur i t i est obe of f er ed; t hepr oposedof f er i ngpr i ceor t hemet hodbywhi chi ti st obecomput ed; anyvar i at i ont her ef r omat whi chanypor t i on of t heof f er i ngi st obemadet oanyper sonor cl assof per sons ot her t hant heunder wr i t er s, wi t haspeci f i cat i onof anysuch per sonor cl ass; t hebasi suponwhi cht heof f er i ngi st obemade i f ot her wi set hanf or cash; t heest i mat edaggr egat eunder wr i t i ng andsel l i ngdi scount sor commi ssi onsandf i nder s' f ees ( i ncl udi ngsepar at el ycash, secur i t i es, cont r act s, or anyt hi ng el seof val uet oaccr uet ot heunder wr i t er sor f i nder si n connect i onwi t ht heof f er i ng) or , i f t hesel l i ngdi scount sorcommi ssi onsar evar i abl e, t hebasi sof det er mi ni ngt hemand t hei r maxi mumandmi ni mumamount s; t heest i mat edamount sofot her sel l i ngexpenses, i ncl udi ngl egal , engi neer i ng, and account i ngchar ges; t henameandaddr essof ever yunder wr i t erandever yr eci pi ent of af i nder ' sf ee; acopyof any under wr i t i ngor sel l i nggr oupagr eement pur suant t owhi cht he di st r i but i oni st obemade, or t hepr oposedf or mof anysuch agr eement whoset er mshavenot yet beendet er mi ned; anda descr i pt i onof t hepl anof di st r i but i onof anysecur i t i eswhi ch ar et obeof f er edot her wi set hant hr oughanunder wr i t er ; ( i x) Theest i mat edcashpr oceedst ober ecei vedby t hei ssuer f r omt heof f er i ng; t hepur posesf or whi cht he pr oceedsar et obeusedbyt hei ssuer ; t heamount t obeusedf oreachpur pose; t heor der or pr i or i t yi nwhi cht hepr oceedswi l lbeusedf or t hepur posesst at ed; t heamount sof anyf undst obe r ai sedf r omot her sour cest oachi evet hepur posesst at ed; t he sour cesof anysuchf unds; and, i f anypar t of t hepr oceedsi s t obeusedt oacqui r eanypr oper t y( i ncl udi nggoodwi l l )ot her wi set hani nt heor di nar ycour seof busi ness, t henamesand addr essesof t hevendor s, t hepur chasepr i ce, t henamesof any per sonswhohaver ecei vedcommi ssi onsi nconnect i onwi t ht he acqui si t i on, andt heamount sof anysuchcommi ssi onsandany ot her expensei nconnect i onwi t ht heacqui si t i on( i ncl udi ngt he cost of bor r owi ngmoneyt of i nancet heacqui si t i on) ; ( x) Adescr i pt i onof anyst ockopt i onsor ot hersecur i t yopt i onsout st andi ng, or t obecr eat edi nconnect i on wi t ht heof f er i ng, t oget her wi t ht heamount of anysuchopt i ons hel dor t obehel dbyever yper sonr equi r edt obenamedi n par agr aph( b) ( i i ) , ( i v) , ( v) , ( vi ) , or ( vi i i ) of t hi ssect i on andbyanyper sonwhohol dsor wi l l hol dt enper cent ( 10%) ormor ei nt heaggr egat eof anysuchopt i ons; ( xi ) Thedat esof , par t i est o, andgener al ef f ectconci sel yst at edof , ever ymanagement or ot her mat er i al cont r actmadeor t obemadeot her wi set hani nt heor di nar ycour seofbusi nessi f i t i st obeper f or medi nwhol eor i npar t at oraf t er t hef i l i ngof t her egi st r at i onst at ement or wasmade wi t hi nt hepast t wo( 2) year s, t oget her wi t hacopyof ever y suchcont r act ; andadescr i pt i onof anypendi ngl i t i gat i onorpr oceedi ngt owhi cht hei ssuer i sapar t yandwhi chmat er i al l y af f ect si t sbusi nessor asset s( i ncl udi nganysuchl i t i gat i onorpr oceedi ngknownt obecont empl at edbygover nment alaut hor i t i es) ; ( xi i ) Acopyof anypr ospect us, pamphl et , ci r cul ar ,f or ml et t er , adver t i sement , or ot her sal esl i t er at ur ei nt ended asof t heef f ect i vedat et obeusedi nconnect i onwi t ht he of f er i ng; ( xi i i ) Aspeci menor copyof t hesecur i t ybei ng r egi st er ed; acopyof t hei ssuer ' sar t i cl esof i ncor por at i onand byl aws, or t hei r subst ant i al equi val ent s, ascur r ent l yi n ef f ect ; andacopyof anyi ndent ur eor ot her i nst r ument cover i ng t hesecur i t yt ober egi st er ed; ( xi v) Asi gnedor conf or medcopyof anopi ni onofcounsel ast ot hel egal i t yof t hesecur i t ybei ngr egi st er ed ( wi t hanEngl i sht r ansl at i oni f i t i si naf or ei gnl anguage) ,whi chshal l st at ewhet her t hesecur i t ywhensol dwi l l bel egal l y i ssued, f ul l ypai d, andnonassessabl e, and, i f adebt secur i t y,abi ndi ngobl i gat i onof t hei ssuer ; ( xv) Thewr i t t enconsent of anyaccount ant , engi neer ,appr ai ser , or ot her per sonwhosepr of essi ongi vesaut hor i t yt oa st at ement madebyhi m, i f anysuchper soni snamedashavi ng pr epar edor cer t i f i edar epor t or val uat i on( ot her t hanapubl i c andof f i ci al document or st at ement ) whi chi susedi nconnect i on wi t ht her egi st r at i onst at ement ; ( xvi ) Abal ancesheet of t hei ssuer asof adat e wi t hi nf our ( 4) mont hspr i or t ot hef i l i ngof t her egi st r at i on st at ement ; apr of i t andl ossst at ement andanal ysi sof sur pl us f or eachof t het hr ee( 3) f i scal year spr ecedi ngt hedat eof t he bal ancesheet andf or anyper i odbet weent hecl oseof t hel astf i scal year andt hedat eof t hebal ancesheet , or f or t heper i od of t hei ssuer ' sandanypr edecessor s' exi st encei f l esst han t hr ee( 3) year s; and, i f anypar t of t hepr oceedsof t he of f er i ngi st obeappl i edt ot hepur chaseof anybusi ness, t he samef i nanci al st at ement swhi chwoul dber equi r edi f t hatbusi nesswer et her egi st r ant ; and ( xvi i ) Suchaddi t i onal i nf or mat i onast hesecr et ar y of st at er equi r esbyr ul eor or der . ( c) Ar egi st r at i onst at ement under t hi ssect i onbecomes ef f ect i vewhent hesecr et ar yof st at esoor der s. ( d) Thesecr et ar yof st at emaybyr ul eor or der r equi r eas acondi t i onof r egi st r at i onunder t hi ssect i ont hat apr ospect us cont ai ni nganydesi gnat edpar t of t hei nf or mat i onspeci f i edi n subsect i on( b) besent or gi vent oeachper sont owhomanof f eri smadebef or eor concur r ent l ywi t h: ( i ) Thef i r st wr i t t enof f er madet ohi m( ot her wi se t hanbymeansof apubl i cadver t i sement ) byor f or t heaccountof t hei ssuer or anyot her per sononwhosebehal f t heof f er i ng i sbei ngmade, or byanyunder wr i t er or br oker - deal er whoi s of f er i ngpar t of anunsol dal l ot ment or subscr i pt i ont akenby hi masapar t i ci pant i nt hedi st r i but i on; ( i i ) Theconf i r mat i onof anysal emadebyor f or t he account of anysuchper son; ( i i i ) Payment pur suant t oanysuchsal e; or ( i v) Del i ver yof t hesecur i t ypur suant t oanysuch sal e, whi chever f i r st occur s. 17-4-111.Registration of securities; registration provisions generally. ( a) Whomayf i l est at ement . - Ar egi st r at i onst at ement may bef i l edbyt hei ssuer , anyot her per sononwhosebehal f t he of f er i ngi st obemade, or ar egi st er edbr oker - deal er . ( b) Ever yper sonshal l payaf i l i ngf eeof 1/ 50of 1 per cent ( . 0002) of t het ot al dol l ar of f er i ngamount t obe of f er edi nt hi sst at e, but t hef eeshal l i nnocasebel esst han t wohundr eddol l ar s( $200. 00) nor mor et hansi xhundr eddol l ar s ( $600. 00) whenf i l i ngani ni t i al r egi st r at i onst at ement orr enewi ngapr evi ousl yf i l edr egi st r at i onst at ement . Whena r egi st r at i onst at ement i swi t hdr awnbef or et heef f ect i vedat eorapr eef f ect i vest opor der i sent er edunder W. S. 17- 4- 112t he secr et ar yof st at eshal l r et ai nonehundr eddol l ar s( $100. 00) oft hef ee. ( c) Cont ent sof st at ement . - Ever yr egi st r at i onst at ementshal l speci f y: ( i ) Theamount of secur i t i est obeof f er edi nt hi s st at e; ( i i ) Thest at esi nwhi char egi st r at i onst at ement orsi mi l ar document i nconnect i onwi t ht heof f er i nghasbeenor i s t obef i l ed; and ( i i i ) Anyadver seor der , j udgment , or decr eeent er ed i nconnect i onwi t ht heof f er i ngbyt her egul at or yaut hor i t i esi n eachst at eor byanycour t or t hesecur i t i esandexchange commi ssi on. ( d) I ncor por at i onof pr evi ousl yf i l eddocument s. - Any document f i l edunder t hi sact or apr edecessor act wi t hi nf i ve ( 5) year spr ecedi ngt hef i l i ngof ar egi st r at i onst at ement may bei ncor por at edbyr ef er encei nt her egi st r at i onst at ement t o t heext ent t hat t hedocument i scur r ent l yaccur at e. ( e) Per mi t t i ngomi ssi onsf r omst at ement . - Thesecr et ar yofst at emaybyr ul eor ot her wi seper mi t t heomi ssi onof anyi t emof i nf or mat i onor document f r omanyr egi st r at i onst at ement . ( f ) I nf or mat i onwhi chmaynot ber equi r ed. - I nt hecaseofanoni ssuer di st r i but i on, i nf or mat i onmaynot ber equi r edunderW. S. 17- 4- 110or 17- 4- 111( k) unl essi t i sknownt ot heper son f i l i ngt her egi st r at i onst at ement or t ot heper sonsonwhose behal f t hedi st r i but i oni st obemade, or canbef ur ni shedby t hemwi t hout unr easonabl eef f or t or expense. ( g) Escr owor i mpoundi ng. - Thesecr et ar yof st at emayby r ul eor or der r equi r easacondi t i onof r egi st r at i onby qual i f i cat i onor coor di nat i on( i ) t hat anysecur i t yi ssued wi t hi nt hepast t hr ee( 3) year sor t obei ssuedt oapr omot erf or aconsi der at i onsubst ant i al l ydi f f er ent f r omt hepubl i c of f er i ngpr i ceor t oanyper sonf or aconsi der at i onot her t han cash, bedeposi t edi nescr ow; and( i i ) t hat t hepr oceedsf r omt hesal eof t her egi st er edsecur i t yi nt hi sst at ebei mpounded unt i l t hei ssuer r ecei vesaspeci f i edamount f r omt hesal eoft hesecur i t yei t her i nt hi sst at eor el sewher e. Thesecr et ar yofst at emaybyr ul eor or der det er mi net hecondi t i onsof any escr owor i mpoundi ngr equi r edher eunder , but hemaynot r ej ect a deposi t or ysol el ybecauseof l ocat i oni nanot her st at e. ( h) Subscr i pt i onor sal econt r act . - Thesecr et ar yof st at e maybyr ul eor or der r equi r easacondi t i onof r egi st r at i ont hatanysecur i t yr egi st er edbyqual i f i cat i onor coor di nat i onbesol d onl yonaspeci f i edf or mof subscr i pt i onor sal econt r act , and t hat asi gnedor conf or medcopyof eachcont r act bef i l edwi t h t hesecr et ar yof st at eor pr eser vedf or anyper i odupt ot hr ee ( 3) year sspeci f i edi nt her ul eor or der . ( j ) Dur at i onof st at ement . - Ever yr egi st r at i onst at ement i s ef f ect i vef or one( 1) year f r omi t sef f ect i vedat eexcept dur i ng t het i meast opor der i si nef f ect under W. S. 17- 4- 112. A r equest f or r enewi ngar egi st r at i onst at ement f or anaddi t i onalyear shal l beaccompani edbyasal esr epor t pur suant t o subsect i on( k) of t hi ssect i onandt hepr escr i bedf i l i ngf ee.Al l out st andi ngsecur i t i esof t hesamecl assasar egi st er ed secur i t yar econsi der edt ober egi st er edf or t hepur poseof any noni ssuer t r ansact i on( i ) sol ongast her egi st r at i onst at ementi sef f ect i veand( i i ) bet weent het hi r t i et hdayaf t er t heent r y of anyst opor der suspendi ngor r evoki ngt heef f ect i venessoft her egi st r at i onst at ement under W. S. 17- 4- 112( i f t he r egi st r at i onst at ement di dnot r el at ei nwhol eor i npar t t oa noni ssuer di st r i but i on) andone( 1) year f r omt heef f ect i vedat e of t her egi st r at i onst at ement . Ar egi st r at i onst at ement maynotbewi t hdr awnf or one( 1) year f r omi t sef f ect i vedat ei f any secur i t i esof t hesamecl assar eout st andi ng. Ar egi st r at i on st at ement maybewi t hdr awnot her wi seonl yi nt hedi scr et i onoft hesecr et ar yof st at e. ( k) Repor t s. - Sol ongasar egi st r at i onst at ement i s ef f ect i ve, t hesecr et ar yof st at emaybyr ul eor or der r equi r e t heper sonwhof i l edt her egi st r at i onst at ement t of i l er epor t s,not mor eof t ent hanquar t er l y, t okeepr easonabl ycur r ent t he i nf or mat i oncont ai nedi nt her egi st r at i onst at ement andt o di scl oset hepr ogr essof t heof f er i ng. ( m) Amendment s. - Ar egi st r at i onst at ement r el at i ngt oa secur i t yi ssuedbyaf aceamount cer t i f i cat ecompanyor a r edeemabl esecur i t yi ssuedbyanopen- endmanagement companyoruni t i nvest ment t r ust , ast hoset er msar edef i nedi nt he I nvest ment CompanyAct of 1940, maybeamendedaf t er i t s ef f ect i vedat esoast oi ncr easet hesecur i t i esspeci f i edas pr oposedt obeof f er ed. Suchanamendment becomesef f ect i vewhen t hesecr et ar yof st at esoor der s. Ever yper sonf i l i ngsuchan amendment shal l payt hef i l i ngf eespeci f i edi nsubsect i on( b)of t hi ssect i on. 17-4-112.Registration of securities; denial, suspension or revocation of registration; stop orders. ( a) Thesecr et ar yof st at emayi ssueast opor der denyi ng ef f ect i venesst o, or suspendi ngor r evoki ngt heef f ect i veness of , anyr egi st r at i onst at ement i f hef i ndst hat t heor der i si n t hepubl i ci nt er est andt hat : ( i ) Ther egi st r at i onst at ement asof i t sef f ect i ve dat eor asof anyear l i er dat ei nt hecaseof anor der denyi ng ef f ect i veness, or anyamendment under W. S. 17- 4- 111( m) asof i t s ef f ect i vedat e, or anyr epor t under W. S. 17- 4- 111( k) i s i ncompl et ei nanymat er i al r espect or cont ai nsanyst at ementwhi chwas, i nt hel i ght of t heci r cumst ancesunder whi chi t was made, f al seor mi sl eadi ngwi t hr espect t oanymat er i al f act ; ( i i ) Anypr ovi si onof t hi sact or anyr ul e, or der , orcondi t i onl awf ul l yi mposedunder t hi sact hasbeenwi l l f ul l y vi ol at ed, i nconnect i onwi t ht heof f er i ng, by: ( A) Theper sonf i l i ngt her egi st r at i on st at ement ; ( B) Thei ssuer , anypar t ner , of f i cer , ordi r ect or of t hei ssuer , anyper sonoccupyi ngasi mi l ar st at usorper f or mi ngsi mi l ar f unct i ons, or anyper sondi r ect l yori ndi r ect l ycont r ol l i ngor cont r ol l edbyt hei ssuer , but onl yi ft heper sonf i l i ngt her egi st r at i onst at ement i sdi r ect l yori ndi r ect l ycont r ol l edbyor act i ngf or t hei ssuer ; or ( C) Anyunder wr i t er ; ( i i i ) Thesecur i t yr egi st er edor sought t obe r egi st er edi st hesubj ect of anadmi ni st r at i vest opor der orsi mi l ar or der or aper manent or t empor ar yi nj unct i onof any cour t of compet ent j ur i sdi ct i onent er edunder anyot her f eder alor st at eact appl i cabl et ot heof f er i ng, but : ( A) Thesecr et ar yof st at emaynot i nst i t ut ea pr oceedi ngagai nst anef f ect i ver egi st r at i onst at ement underpar agr aph( i i i ) of t hi ssubsect i onmor et hanone( 1) year f r omt hedat eof t heor der or i nj unct i onr el i edon; and ( B) Hemaynot ent er anor der under par agr aph ( i i i ) of t hi ssubsect i onont hebasi sof anor der or i nj unct i on ent er edunder anyot her st at eact unl esst hat or der ori nj unct i onwasbasedonf act swhi chwoul dcur r ent l yconst i t ut ea gr oundf or ast opor der under t hi ssect i on. ( i v) Thei ssuer ' sent er pr i seor met hodof busi ness i ncl udesor woul di ncl udeact i vi t i eswhi char ei l l egal wher e per f or med; ( v) Theof f er i nghaswor kedor t endedt owor kaf r aud uponpur chaser sor woul dsooper at e; ( vi ) Theof f er i nghasbeenor woul dbemadewi t h unr easonabl eamount sof under wr i t er s' andsel l er s' di scount s,commi ssi ons, or ot her compensat i on, or pr omot er s' pr of i t sorpar t i ci pat i on, or unr easonabl eamount sor ki ndsof opt i ons; ( vi i ) Whenasecur i t yi ssought t ober egi st er edby not i f i cat i on, i t i snot el i gi bl ef or suchr egi st r at i on; ( vi i i ) Whenasecur i t yi ssought t ober egi st er edby coor di nat i on, t her ehasbeenaf ai l ur et ocompl ywi t ht he under t aki ngr equi r edbyW. S. 17- 4- 109( b) ( i v) ; or ( i x) Theappl i cant or r egi st r ant hasf ai l edt opay t hepr oper f i l i ngf ee; but t hesecr et ar yof st at emayent er onl y adeni al or der under t hi ssubdi vi si onandheshal l vacat eany suchor der whent hedef i ci encyhasbeencor r ect ed. ( b) Thesecr et ar yof st at emaynot i nst i t ut east opor derpr oceedi ngagai nst anef f ect i ver egi st r at i onst at ement ont he basi sof af act or t r ansact i onknownt ohi mwhent he r egi st r at i onst at ement becameef f ect i veunl esst hepr oceedi ngi s i nst i t ut edwi t hi nt henext t hi r t y( 30) days. ( c) Thesecr et ar yof st at emaybyor der summar i l ypost pone or suspendt heef f ect i venessof t her egi st r at i onst at ementpendi ngf i nal det er mi nat i onof anypr oceedi ngunder t hi s sect i on. Upont heent r yof t heor der , t hesecr et ar yof st at e shal l pr ompt l ynot i f yeachper sonspeci f i edi nsubsect i on( a) oft hi ssect i ont hat i t hasbeenent er edandof t her easons t her ef or andt hat wi t hi nf i f t een( 15) daysaf t er t her ecei pt ofawr i t t enr equest t hemat t er wi l l beset downf or hear i ng. I f no hear i ngi sr equest edandnonei sor der edbyt hesecr et ar yofst at e, t heor der wi l l r emai ni nef f ect unt i l i t i smodi f i edorvacat edbyt hesecr et ar yof st at e. I f ahear i ngi sr equest edoror der ed, t hesecr et ar yof st at e, af t er not i ceof andoppor t uni t y f or hear i ngt oeachper sonspeci f i edi nsubsect i on( d) of t hi s sect i on, maymodi f yor vacat et heor der or ext endi t unt i l f i naldet er mi nat i on. ( d) Nost opor der maybeent er edunder anypar t of t hi s sect i onexcept t hef i r st sent enceof subsect i on( c) of t hi s sect i onwi t hout : ( i ) Appr opr i at enot i cet ot heappl i cant orr egi st r ant , t hei ssuer , andt heper sononwhosebehal f t he secur i t i esar et obeor havebeenof f er ed; ( i i ) Oppor t uni t yf or hear i ng; and ( i i i ) Wr i t t enf i ndi ngsof f act andconcl usi onsofl aw. ( e) Thesecr et ar yof st at emayvacat eor modi f yast op or der i f hef i ndst hat t hecondi t i onswhi chpr ompt edi t sent r y havechangedor t hat i t i sot her wi sei nt hepubl i ci nt er est t o doso. 17-4-113.Definitions. ( a) Whenusedi nt hi sact , unl esst hecont ext ot her wi se r equi r es: ( i ) " Admi ni st r at or " meanst hesecr et ar yof st at e; ( i i ) " Agent " meansanyi ndi vi dual ot her t hana br oker - deal er whor epr esent sabr oker - deal er or i ssuer i n ef f ect i ngor at t empt i ngt oef f ect pur chasesor sal esofsecur i t i es. " Agent " doesnot i ncl udeani ndi vi dual who r epr esent s( A) ani ssuer i n( I ) ef f ect i ngt r ansact i onsi na secur i t yexempt edbyW. S. 17- 4- 114( a) ( i ) , ( i i ) , ( i i i ) , ( i x) or( x) , ( I I ) ef f ect i ngt r ansact i onsexempt edbyW. S. 17- 4- 114( b) ,( I I I ) ef f ect i ngt r ansact i onsi nacover edsecur i t yasdescr i bed i nsect i on18( b) ( 3) and18( b) ( 4) ( D) of t heSecur i t i esAct of1933, or ( I V) ef f ect i ngt r ansact i onswi t hexi st i ngempl oyees,par t ner sor di r ect or sof t hei ssuer i f nocommi ssi onor ot herr emuner at i oni spai dor gi vendi r ect l yor i ndi r ect l yf orsol i ci t i nganyper soni nt hi sst at e; or ( B) abr oker - deal er i n ef f ect i ngt r ansact i onsi nt hi sst at el i mi t edt ot hose t r ansact i onsdescr i bedi nsect i on15( h) ( 2) of t heSecur i t i es ExchangeAct of 1934. Apar t ner , of f i cer , or di r ect or of a br oker - deal er or i ssuer , or aper sonoccupyi ngasi mi l ar st at us or per f or mi ngsi mi l ar f unct i ons, i sanagent onl yi f he ot her wi secomeswi t hi nt hi sdef i ni t i on; ( i i i ) " Br oker - deal er " meansanyper sonengagedi nt he busi nessof ef f ect i ngt r ansact i onsi nsecur i t i esf or t heaccountof ot her sor f or hi sownaccount . " Br oker - deal er " doesnoti ncl ude: ( A) Anagent ; ( B) Ani ssuer ; ( C) Abank, savi ngsi nst i t ut i on, or t r ustcompany, engagi ngi nsecur i t i est r ansact i onsl i mi t edt ot r ust orbanki ngf unct i onsandnot wi t ht hegener al publ i c; ( D) Aper sonwhohasnopl aceof busi nessi n t hi sst at ei f : ( I ) Heef f ect st r ansact i onsi nt hi sst at e excl usi vel ywi t hor t hr ough( 1) t hei ssuer sof t hesecur i t i es i nvol vedi nt het r ansact i ons, ( 2) ot her br oker - deal er sor ( 3)banks, savi ngsi nst i t ut i ons, t r ust compani es, i nsur ance compani es, i nvest ment compani esasdef i nedi nt heI nvest mentCompanyAct of 1940, pensi onor pr of i t - shar i ngt r ust s, or ot herf i nanci al i nst i t ut i onsor i nst i t ut i onal buyer s, whet her act i ng f or t hemsel vesor ast r ust ees; or ( I I ) Dur i nganyper i odof t wel ve( 12)consecut i vemont hshedoesnot di r ect mor et hanf i f t een( 15)of f er st osel l or buyi nt ot hi sst at ei nanymanner t oper sons ot her t hant hosespeci f i edi nsubdi vi si on( I ) of t hi s subpar agr aph, whet her or not t heof f er or or anyof t heof f er ees i st henpr esent i nt hi sst at e. ( E) Aper sonwhoi sr esi dent i nCanada, hasno of f i ceor ot her physi cal pr esencei nt hi sst at e, andcompl i es wi t ht hef ol l owi ngcondi t i ons: ( I ) I samember of asel f - r egul at or y or gani zat i onor st ockexchangei nCanada; ( I I ) Mai nt ai nshi spr ovi nci al ort er r i t or i al r egi st r at i onandhi smember shi pi nasel f - r egul at or y or gani zat i onor st ockexchangei ngoodst andi ng; ( I I I ) I snot i nvi ol at i onof W. S. 17- 4- 101;and ( I V) Onl yef f ect sor at t empt st oef f ectt r ansact i onsi nsecur i t i es: ( 1) Wi t hor f or aper sonf r omCanadawhoi st empor ar i l ypr esenti nt hi sst at e, wi t hwhomt heCanadi anper sonhadabonaf i de busi ness- cl i ent r el at i onshi pbef or et heper sonent er edt hi s st at e; or ( 2) Wi t hor f or aper sonf r omCanadawhoi spr esent i nt hi s st at e, whoset r ansact i onsar ei nasel f - di r ect edt axadvant aged r et i r ement pl ani nCanadaof whi cht heper soni st hehol der orcont r i but or . ( i v) " Fr aud" , " decei t " , and" def r aud" ar enot l i mi t ed t ocommon- l awdecei t ; ( v) " Guar ant eed" meansguar ant eedast opayment ofpr i nci pal , i nt er est , or di vi dends; ( vi ) " I ssuer " meansanyper sonwhoi ssuesor pr oposes t oi ssueanysecur i t y, except t hat wi t hr espect t ocer t i f i cat es of deposi t , vot i ngt r ust cer t i f i cat es, or col l at er al t r ustcer t i f i cat es, or wi t hr espect t ocer t i f i cat esof i nt er est orshar esi nanuni ncor por at edi nvest ment t r ust not havi ngaboar d of di r ect or sor per sonsper f or mi ngsi mi l ar f unct i onsor of t he f i xed, r est r i ct edmanagement , or uni t t ype, t het er m" i ssuer "meanst heper sonor per sonsper f or mi ngt heact sandassumi ngt he dut i esof deposi t or or manager pur suant t ot hepr ovi si onsof t he t r ust or ot her agr eement or i nst r ument under whi cht hesecur i t y i si ssued; ( vi i ) " Noni ssuer " meansnot di r ect l yor i ndi r ect l y f or t hebenef i t of t hei ssuer ; ( vi i i ) " Per son" meansani ndi vi dual , acor por at i on, a par t ner shi p, anassoci at i on, aj oi nt - st ockcompany, at r ustwher et hei nt er est sof t hebenef i ci ar i esar eevi dencedbya secur i t y, anuni ncor por at edor gani zat i on, agover nment , orpol i t i cal subdi vi si onof agover nment ; ( i x) ( A) " Sal e" or " sel l " i ncl udesever ycont r act ofsal eof , cont r act t osel l , or di sposi t i onof , asecur i t yori nt er est i nasecur i t yf or val ue; ( B) " Of f er " or " of f er t osel l " i ncl udesever y at t empt or of f er t odi sposeof , or sol i ci t at i onof anof f er t o buy, asecur i t yor i nt er est i nasecur i t yf or val ue; ( C) Anysecur i t ygi venor del i ver edwi t h, or as abonusonaccount of , anypur chaseof secur i t i esor anyot hert hi ngi sconsi der edt oconst i t ut epar t of t hesubj ect of t he pur chaseandt ohavebeenof f er edandsol df or val ue; ( D) Apur por t edgi f t of assessabl est ocki s consi der edt oi nvol veanof f er andsal e; ( E) Ever ysal eor of f er of awar r ant or r i ght t o pur chaseor subscr i bet oanot her secur i t yof t hesameor anot heri ssuer , aswel l asever ysal eor of f er of asecur i t ywhi chgi ves t hehol der apr esent or f ut ur er i ght or pr i vi l eget oconver ti nt oanot her secur i t yof t hesameor anot her i ssuer , i s consi der edt oi ncl udeanof f er of t heot her secur i t y; ( F) Thet er msdef i nedi nt hi ssubsect i ondonoti ncl ude: ( I ) Anybonaf i depl edgeor l oan; ( I I ) Anyst ockdi vi dend, whet her t he cor por at i ondi st r i but i ngt hedi vi dendi st hei ssuer of t hest ock or not , i f not hi ngof val uei sgi venbyst ockhol der sf or t he di vi dendot her t hant hesur r ender of ar i ght t oacashorpr oper t ydi vi dendwheneachst ockhol der mayel ect t ot aket he di vi dendi ncashor pr oper t yor i nst ock; ( I I I ) Anyact i nci dent t oacl assvot eby st ockhol der s, pur suant t ot hecer t i f i cat eof i ncor por at i onort heappl i cabl ecor por at i onst at ut e, onamer ger , consol i dat i on,r ecl assi f i cat i onof secur i t i es, or sal eof cor por at easset si n consi der at i onof t hei ssuanceof secur i t i esof anot hercor por at i on; or ( I V) Anyact i nci dent t oaj udi ci al l y appr ovedr eor gani zat i oni nwhi chasecur i t yi si ssuedi n exchangef or one( 1) or mor eout st andi ngsecur i t i es, cl ai ms, orpr oper t yi nt er est s, or par t l yi nsuchexchangeandpar t l yf orcash. ( x) " Secur i t i esAct of 1933" , " Secur i t i esExchange Act of 1934" , " Publ i cUt i l i t yHol di ngCompanyAct of 1935" , and " I nvest ment CompanyAct of 1940" meant hef eder al st at ut esoft hosenamesasamendedbef or eor af t er t heef f ect i vedat eoft hi sact ; ( xi ) " Secur i t y" meansanynot e; st ock; t r easur y st ock; bond; debent ur e; evi denceof i ndebt edness; cer t i f i cat eofi nt er est or par t i ci pat i oni nanypr of i t shar i ngagr eement ;col l at er al t r ust cer t i f i cat e; pr eor gani zat i oncer t i f i cat eorsubscr i pt i on; t r ansf er abl eshar e; i nvest ment cont r act ; vot i ng t r ust cer t i f i cat e; cer t i f i cat eof deposi t f or asecur i t yor , i n gener al , anyi nt er est or i nst r ument commonl yknownasa " secur i t y" , or anycer t i f i cat eof i nt er est or par t i ci pat i oni n,t empor ar yor i nt er i mcer t i f i cat ef or , r ecei pt f or , guar ant eeof ,or war r ant or r i ght t osubscr i bet oor pur chase, anyof t he f or egoi ng. " Secur i t y" doesnot i ncl udeanyi nsur anceorendowment pol i cyor annui t ycont r act under whi chani nsur ance companypr omi sest opaymoneyei t her i nal umpsumorper i odi cal l yf or l i f eor f or someot her speci f i edper i od; ( xi i ) " St at e" meansanyst at e, t er r i t or y, orpossessi onof t heUni t edSt at es, t heDi st r i ct of Col umbi aand Puer t oRi co; ( xi i i ) " Cover edsecur i t y" meansanysecur i t yt hat i s acover edsecur i t yunder sect i on18( b) of t heSecur i t i esAct of1933or r ul esor r egul at i onspr omul gat edt her eunder , except , up t hr oughOct ober 10, 1999, or suchot her dat easmaybel egal l y per mi ssi bl e, acover edsecur i t yf or whi chaf eehasnot been pai dandpr ompt l yr emedi edf ol l owi ngwr i t t ennot i f i cat i onf r omt hesecr et ar yof st at et ot hei ssuer of t henonpayment orunder payment of suchf ees, asr equi r edbyt hi schapt er , shal lnot beacover edsecur i t y. 17-4-114.Exemptions from registration and literature filing requirements. ( a) Thef ol l owi ngsecur i t i esar eexempt edf r omW. S.17- 4- 107and17- 4- 115: ( i ) Anysecur i t y( i ncl udi ngar evenueobl i gat i on)i ssuedor guar ant eedbyt heUni t edSt at es, anyst at e, any pol i t i cal subdi vi si onof ast at e, or anyagencyor cor por at eorot her i nst r ument al i t yof one( 1) or mor eof t hef or egoi ng; oranycer t i f i cat eof deposi t f or anyof t hef or egoi ng; ( i i ) Anysecur i t yi ssuedor guar ant eedbyCanada, any Canadi anpr ovi nce, anypol i t i cal subdi vi si onof anysuch pr ovi nce, anyagencyor cor por at eor ot her i nst r ument al i t yofone( 1) or mor eof t hef or egoi ng, or anyot her f or ei gn gover nment wi t hwhi cht heUni t edSt at escur r ent l ymai nt ai ns di pl omat i cr el at i ons, i f t hesecur i t yi sr ecogni zedasaval i d obl i gat i onbyt hei ssuer or guar ant or ; ( i i i ) Anysecur i t yi ssuedbyast at eor nat i onal bank aut hor i zedt odobusi nessi nt hest at e; ( i v) Anysecur i t yi ssuedbyandr epr esent i ngan i nt er est i nor adebt of , or guar ant eedby, anyf eder al savi ngs andl oanassoci at i on, or anybui l di ngandl oanor si mi l arassoci at i onor gani zedunder t hel awsof anyst at eandaut hor i zed t odobusi nessi nt hi sst at e; ( v) Anysecur i t yi ssuedor guar ant eedbyanyf eder alcr edi t uni onor anycr edi t uni on, i ndust r i al l oanassoci at i on,or si mi l ar associ at i onor gani zedandsuper vi sedunder t hel aws of t hi sst at e; ( vi ) Anysecur i t yi ssuedor guar ant eedbyany r ai l r oad, ot her commoncar r i er , publ i cut i l i t y, or hol di ng companywhi chi s: ( A) Subj ect t ot hej ur i sdi ct i onof t he i nt er st at ecommer cecommi ssi on; ( B) Ar egi st er edhol di ngcompanyunder t he Publ i cUt i l i t yHol di ngCompanyAct of 1935or asubsi di ar yofsuchacompanywi t hi nt hemeani ngof t hat act ; ( C) Regul at edi nr espect of i t sr at esand char gesbyagover nment al aut hor i t yof t heUni t edSt at esor any st at e; or ( D) Regul at edi nr espect of t hei ssuanceorguar ant eeof t hesecur i t ybyagover nment al aut hor i t yof t he Uni t edSt at es, anyst at e, Canada, or anyCanadi anpr ovi nce. ( vi i ) Anysecur i t yl i st edor appr ovedf or l i st i ng uponnot i ceof i ssuanceont heNewYor kst ockexchange, t he Amer i canst ockexchangeor t heNat i onal Associ at i onofSecur i t i esDeal er sAut omat edQuot at i onNat i onal Mar ket Syst em( NASDAQ/ NMS) , t heChi cagoboar dopt i onsexchangeor anyot herexchangeor nat i onal quot at i onsyst emt hat t hesecr et ar yofst at emaydesi gnat ebyr ul eor or der ; anyot her secur i t yof t he samei ssuer whi chi sof seni or or subst ant i al l yequal r ank; any secur i t ycal l edf or bysubscr i pt i onr i ght sor war r ant ssol i st ed or appr oved; or anywar r ant or r i ght t opur chaseor subscr i bet o anyof t hef or egoi ng; or anysecur i t ywhi chmeet sal l of t he f ol l owi ngcondi t i ons: ( A) I f t hei ssuer i snot or gani zedunder t he l awsof t heUni t edSt at esor ast at e, i t hasappoi nt edadul y aut hor i zedagent i nt heUni t edSt at esf or ser vi ceof pr ocessand hasset f or t ht henameandaddr essof suchagent i ni t s pr ospect us; ( B) Acl assof t hei ssuer ' ssecur i t i esshal l be r egi st er edunder Sect i on12of t heSecur i t i esExchangeAct of1934andhasbeensor egi st er edf or t hr ee( 3) year si mmedi at el y pr ecedi ngt heof f er i ngdat e; ( C) Nei t her t hei ssuer nor asi gni f i cantsubsi di ar yhashadamat er i al def aul t dur i ngt hel esser of t he l ast seven( 7) year sor t hei ssuer ' sexi st encei nt hepayment ofpr i nci pal , i nt er est , di vi dendor si nki ngf undi nst al l ment on pr ef er r edst ockor i ndebt ednessor r ent al sunder l easeswi t h t er msof t hr ee( 3) year sor mor e. A" mat er i al def aul t " i sa f ai l ur et opay, t heef f ect of whi chi st ocausei ndebt ednesst o becomeduepr i or t oi t sst at edmat ur i t yor t ocauset er mi nat i on or r eent r yunder al easepr i or t oi t sst at edexpi r at i on, i f t he i ndebt ednessor t her ent al obl i gat i onf or t heunexpi r edt er mexceedsf i veper cent ( 5%) of t hei ssuer ' s( andi t sconsol i dat ed subsi di ar i es) t ot al asset s, or i f t hear r ear agei nr equi r ed di vi dendpayment sonpr ef er r edst ocki snot sat i sf i edwi t hi n t hi r t y( 30) days; ( D) Thei ssuer hashadconsol i dat ednet i ncome ( bef or eext r aor di nar yi t emsandt hecumul at i veef f ect ofaccount i ngchanges) of at l east onemi l l i ondol l ar s ( $1, 000, 000. 00) i nf our ( 4) of i t sl ast f i ve( 5) f i scal year s,i ncl udi ngi t sl ast f i scal year . I nt hecaseof i nt er est - bear i ng debt secur i t i es, suchnet i ncomef or t hei ssuer ' sl ast f i scalyear bef or edepr eci at i onandt axes, shal l beoneandone- hal f ( 1 1/ 2) t i mest hei ssuer ' sannual i nt er est expense, gi vi ngef f ectt ot hepr oposedof f er i ngandt hei nt endeduseof pr oceeds. " Lastf i scal year " meanst hemost r ecent f i scal year f or whi chaudi t ed f i nanci al st at ement sar eavai l abl e, pr ovi dedt hat such st at ement scover af i scal per i odendednot mor et hanf i f t een ( 15) mont hsf r omt hecommencement of t heof f er i ng; ( E) I f t heof f er i ngi sof st ockor shar es( ot hert hanpr ef er r edst ockor shar es) , t hesecur i t i esar eowned benef i ci al l yor of r ecor d, onanydat ewi t hi nsi x( 6) mont hs pr i or t ot hecommencement of t heof f er i ng, byat l east one t housandt wohundr ed( 1, 200) per sons, andont hat dat et her ear e at l east sevenhundr edf i f t yt housand( 750, 000) of t heshar es out st andi ngwi t hanaggr egat emar ket val ue, basedont heaver age bi dpr i ce, of at l east t hr eemi l l i onsevenhundr edf i f t y t housanddol l ar s( $3, 750, 000. 00) . I ndet er mi ni ngt henumber ofper sonswhoar ebenef i ci al owner sof t hest ockor shar esof an i ssuer , t hei ssuer or br oker - deal er mayr el yi ngoodf ai t hupon wr i t t eni nf or mat i onf ur ni shedbyt her ecor downer s; ( F) I f t heof f er i ngi sof st ockor shar es( ot hert hanpr ef er r edst ockor shar es) andexcept asot her wi ser equi r ed byl aw, t hesecur i t i eshavevot i ngr i ght sat l east equal t ot he secur i t i esof eachof t hei ssuer ' sout st andi ngcl assesof st ock or shar es( ot her t hanpr ef er r edst ockor shar es) , wi t hr espectt ot henumber of vot esper shar eandt her i ght t ovot eont he samegener al cor por at edeci si ons; ( G) For goodcauseaf t er hear i ngashel di n accor dwi t hr ul esandr egul at i onsadopt edi naccor dwi t ht he Wyomi ngAdmi ni st r at i vePr ocedur eAct andW. S. 17- 4- 124t he secr et ar yof st at emaysuspendappl i cabi l i t yof anyexempt i on pr ovi dedi nt hi ssect i on. ( vi i i ) Anysecur i t yi ssuedbyanyper sonor gani zed andoper at ednot f or pr i vat epr of i t but excl usi vel yf orr el i gi ous, educat i onal , benevol ent , char i t abl e, f r at er nal ,soci al , at hl et i c, or r ef or mat or ypur poses, or asachamber ofcommer ceor t r adeor pr of essi onal associ at i on; ( i x) Anycommer ci al paper whi char i sesout of a cur r ent t r ansact i onor t hepr oceedsof whi chhavebeenor ar et o beusedf or cur r ent t r ansact i ons, andwhi chevi dencesan obl i gat i ont opaycashwi t hi nni ne( 9) mont hsof t hedat eofi ssuance, excl usi veof daysof gr ace, or anyr enewal of such paper whi chi sl i kewi sel i mi t ed, or anyguar ant eeof suchpaperor of anysuchr enewal ; ( x) Anyi nvest ment cont r act i ssuedi nconnect i onwi t h anempl oyeest ockpur chase, savi ngs, pensi on, pr of i t shar i ng, orsi mi l ar benef i t pl ani f t headmi ni st r at or i snot i f i edi nwr i t i ng t hi r t y( 30) daysbef or et hei ncept i onof t hepl anor wi t h r espect t opl answhi char ei nef f ect ont heef f ect i vedat eoft hi sact , wi t hi nsi xt y( 60) dayst her eaf t er ( or wi t hi nt hi r t y ( 30) daysbef or et heyar er eopenedi f t heyar ecl osedont he ef f ect i vedat eof t hi sact ) ; ( xi ) Anysecur i t yof ani nvest ment companyr egi st er ed under t heI nvest ment CompanyAct of 1940( 15U. S. C. 80a- 1 t hr ough80a- 64) pr ovi ded: ( A) Thei ssuer of anopen- endmanagement company t hat of f er sor sel l sshar esi nWyomi ngf i l esanot i cet ocl ai mt hi sexempt i onandpaysanannual f eeof onehundr eddol l ar s ( $100. 00) wi t hi nsi xt y( 60) daysof t hecompany' sf i scal yearend; ( B) Thesponsor of auni t i nvest ment t r ust t hatsponsor sauni t i nvest ment t r ust t hat of f er sor sel l sshar esi n Wyomi ngf i l esanot i cet ocl ai mt hi sexempt i onandpaysaf eeofonehundr eddol l ar s( $100. 00) . ( xi i ) Anysecur i t yof anycooper at i vei ncor por at edoror gani zedunder l awof t hi sor anot her st at eandqual i f i edwi t h t hesecr et ar yof st at et odobusi nessi nt hi sst at e, subj ect t o t hef ol l owi ng: ( A) Nocommi ssi onor ot her r emuner at i oni spai d or gi vendi r ect l yor i ndi r ect l yf or sol i ci t i nganypr ospect i ve buyer i nt hi sst at e; and ( B) Thesecur i t yi snecessar yor i nci dent al t o est abl i shi ngmember shi pi nt hecooper at i veassoci at i on; and ( C) Thesecur i t yi snont r ansf er abl e; or ( D) Theadmi ni st r at or i snot i f i edi nwr i t i ngatl east t hi r t y( 30) daysbef or et hesecur i t yi sof f er edf or sal e.Not i ceunder t hi ssubpar agr aphshal l cont ai nt hef or mofdi scl osur eor pr ospect usandot her sal esl i t er at ur et obeused i nt hesecur i t yof f er i ngt oget her wi t hf i nanci al st at ement si na f or mr equi r edbyt headmi ni st r at or . ( b) Thef ol l owi ngt r ansact i onsar eexempt edf r omW. S.17- 4- 107and17- 4- 115: ( i ) Anyi sol at ednoni ssuer t r ansact i on, whet heref f ect edt hr oughabr oker - deal er or not ; ( i i ) Anynoni ssuer di st r i but i onof anout st andi ng secur i t yi f : ( A) Ar ecogni zedsecur i t i esmanual cont ai nst he namesof t hei ssuer ' sof f i cer sanddi r ect or s, abal ancesheet oft hei ssuer asof adat ewi t hi nei ght een( 18) mont hs, anda pr of i t andl ossst at ement f or ei t her t hef i scal year pr ecedi ng t hat dat eor t hemost r ecent year of oper at i ons; or ( B) Thesecur i t yhasaf i xedmat ur i t yor af i xed i nt er est or di vi dendpr ovi si onandt her ehasbeennodef aul tdur i ngt hecur r ent f i scal year or wi t hi nt het hr ee( 3) pr ecedi ng f i scal year s, or dur i ngt heexi st enceof t hei ssuer andany pr edecessor si f l esst hant hr ee( 3) year s, i nt hepayment ofpr i nci pal , i nt er est , or di vi dendsont hesecur i t y. ( i i i ) Anynoni ssuer t r ansact i onef f ect edbyort hr oughar egi st er edbr oker - deal er pur suant t oanunsol i ci t ed or der or of f er t obuy; but t hesecr et ar yof st at emaybyr ul e r equi r et hat t hecust omer acknowl edgeuponaspeci f i edf or mt hatt hesal ewasunsol i ci t ed, andt hat asi gnedcopyof eachsuch f or mbepr eser vedbyt hebr oker - deal er f or aspeci f i edper i od; ( i v) Anyt r ansact i onbet weent hei ssuer or ot herper sononwhosebehal f t heof f er i ngi smadeandanunder wr i t er ,or amongunder wr i t er s; ( v) Anyt r ansact i oni nabondor ot her evi denceofi ndebt ednesssecur edbyar eal or chat t el mor t gageor deedoft r ust , or byanagr eement f or t hesal eof r eal est at eorchat t el s, i f t heent i r emor t gage, deedof t r ust , or agr eement ,t oget her wi t hal l t hebondsor ot her evi dencesof i ndebt edness secur edt her eby, i sof f er edandsol dasauni t ; ( vi ) Anyt r ansact i onbyanexecut or , admi ni st r at or ,sher i f f , mar shal , r ecei ver , t r ust eei nbankr upt cy, guar di an, orconser vat or ; ( vi i ) Anyt r ansact i onexecut edbyabonaf i depl edgee wi t hout anypur poseof evadi ngt hi sact ; ( vi i i ) Anyof f er or sal et oabank, savi ngs i nst i t ut i on, t r ust company, i nsur ancecompany, i nvest mentcompanyasdef i nedi nt heI nvest ment CompanyAct of 1940,pensi onor pr of i t shar i ngt r ust , or ot her f i nanci al i nst i t ut i on or i nst i t ut i onal buyer , or t oabr oker - deal er , whet her t he pur chaser i sact i ngf or i t sel f or i nsomef i duci ar ycapaci t y; ( i x) Anyt r ansact i onpur suant t oanof f er di r ect edby t heof f er or t onot mor et hanf i f t een( 15) per sons( ot her t han t hosedesi gnat edi npar agr aph( vi i i ) of t hi ssubsect i on) i nt hi s st at edur i nganyper i odof t wel ve( 12) consecut i vemont hs,whet her or not t heof f er or or anyof t heof f er eesi st hen pr esent i nt hi sst at e, i f ( A) t hesel l er r easonabl ybel i eves t hat al l t hebuyer si nt hi sst at e( ot her t hant hosedesi gnat ed i npar agr aph( vi i i ) of t hi ssubsect i on) ar epur chasi ngf ori nvest ment and( B) nocommi ssi onor ot her r emuner at i oni spai d or gi vendi r ect l yor i ndi r ect l yf or sol i ci t i nganypr ospect i ve buyer i nt hi sst at e( ot her t hant hosedesi gnat edi npar agr aph ( vi i i ) of t hi ssubsect i on) ; but , uponappl i cat i onof t heof f er orandpayment of af i l i ngf eeof t wohundr eddol l ar s( $200. 00) ,t hesecr et ar yof st at emaybyr ul eor or der , ast oanysecur i t y or t r ansact i onor anyt ypeof secur i t yor t r ansact i on, wi t hdr aw or f ur t her condi t i ont hi sexempt i on, or i ncr easeor decr easet he number of of f er eesper mi t t ed, or wai vet hecondi t i onsi ncl auses ( A) and( B) wi t hor wi t hout t hesubst i t ut i onof al i mi t at i onon r emuner at i on; ( x) Anyof f er or sal eof apr eor gani zat i on cer t i f i cat eor subscr i pt i oni f ( A) nocommi ssi onor ot herr emuner at i oni spai dor gi vendi r ect l yor i ndi r ect l yf orsol i ci t i nganypr ospect i vesubscr i ber , ( B) t henumber ofsubscr i ber sdoesnot exceedf i f t een( 15) and( C) nopayment i s madebyanysubscr i ber ; ( xi ) Anyt r ansact i onpur suant t oanof f er t oexi st i ng secur i t yhol der sof t hei ssuer , i ncl udi ngper sonswhoat t he t i meof t het r ansact i onar ehol der sof conver t i bl esecur i t i es,nont r ansf er abl ewar r ant s, or t r ansf er abl ewar r ant sexer ci sabl e wi t hi nnot mor et hanni net y( 90) daysof t hei r i ssuance, i f ( A)nocommi ssi onor ot her r emuner at i on( ot her t hanast andby commi ssi on) i spai dor gi vendi r ect l yor i ndi r ect l yf orsol i ci t i nganysecur i t yhol der i nt hi sst at e, or ( B) t hei ssuerf i r st f i l esanot i cespeci f yi ngt het er msof t heof f er andt he secr et ar yof st at edoesnot byor der di sal l owt heexempt i on wi t hi nt henext f i ve( 5) f ul l busi nessdays; ( xi i ) Anyof f er ( but not asal e) of asecur i t yf orwhi chr egi st r at i onst at ement shavebeenf i l edunder bot ht hi s act andt heSecur i t i esAct of 1933i f nost opor der or r ef usali si nef f ect andnopubl i cpr oceedi ngor exami nat i onl ooki ng t owar dsuchanor der i spendi ngunder ei t her act ; ( xi i i ) Anyof f er ( but not asal e) of asecur i t ymade byor onbehal f of ani ssuer f or t hesol epur poseof sol i ci t i ng ani ndi cat i onof i nt er est i nr ecei vi ngapr ospect usor i t s equi val ent f or t hesecur i t ypur suant t or ul espr omul gat edbyt he secr et ar yof st at e; or ( xi v) Anyof f er ( but not asal e) of asecur i t ymade onor t hr ought heI nt er net , t heWor l dWi deWebor asi mi l arpr opr i et ar yor commoncar r i er el ect r oni csyst em, pr ovi ded: ( A) Theof f er i ndi cat es, di r ect l yor i ndi r ect l y,t hat t hesecur i t yi snot bei ngof f er edt or esi dent sof Wyomi ng; ( B) Theof f er i snot speci f i cal l ydi r ect edt o anyper soni nWyomi ngby, or onbehal f of , t hei ssuer of t he secur i t y; and ( C) Nosal esof t hei ssuer ' ssecur i t yar emade i nWyomi ngasar esul t of t heof f er unt i l sucht i meast he secur i t ybei ngof f er edhasbeenr egi st er edunder t hi schapt erandaf i nal pr ospect usor f or mU- 7i sdel i ver edt ot heof f er ee pr i or t osuchsal e. ( xv) Anof f er or sal eof asecur i t yef f ect edbya per sonexcl udedf r omt hedef i ni t i onof br oker - deal er under W. S.17- 4- 113( a) ( i i i ) ( E) . ( c) Thesecr et ar yof st at emaybyor der denyor r evokeany exempt i onspeci f i edi npar agr aph( i x) or ( x) of subsect i on( a)or i nsubsect i on( b) of t hi ssect i onwi t hr espect t oaspeci f i c secur i t yor t r ansact i on. Nosuchor der maybeent er edwi t houtappr opr i at epr i or not i cet oal l i nt er est edpar t i es, oppor t uni t y f or hear i ng, andwr i t t enf i ndi ngsof f act andconcl usi onsofl aw, except t hat t hesecr et ar yof st at emaybyor der summar i l y denyor r evokeanyof t hespeci f i edexempt i onspendi ngf i naldet er mi nat i onof anypr oceedi ngunder t hi ssubsect i on. Upont he ent r yof asummar yor der , t hesecr et ar yof st at eshal l pr ompt l y not i f yal l i nt er est edpar t i est hat i t hasbeenent er edandoft her easonst her ef or andt hat wi t hi nf i f t een( 15) daysof t he r ecei pt of awr i t t enr equest t hemat t er wi l l beset downf orhear i ng. I f nohear i ngi sr equest edandnonei sor der edbyt he admi ni st r at or , t heor der wi l l r emai ni nef f ect unt i l i t i s modi f i edor vacat edbyt hesecr et ar yof st at e. I f ahear i ngi s r equest edor or der ed, t hesecr et ar yof st at eaf t er not i ceof and oppor t uni t yf or hear i ngt oal l i nt er est edper sonsmaymodi f yorvacat et heor der or ext endi t unt i l f i nal det er mi nat i on. No or der under t hi ssubsect i onmayoper at er et r oact i vel y. Noper son maybeconsi der edt ohavevi ol at edW. S. 17- 4- 107or 17- 4- 115by r easonof anyof f er or sal eef f ect edaf t er t heent r yof anor derunder t hi ssubsect i oni f hesust ai nst hebur denof pr oof t hat he di dnot know, andi nt heexer ci seof r easonabl ecar ecoul dnothaveknown, of t heor der . ( d) I nanypr oceedi ngunder t hi sact , t hebur denofpr ovi nganexempt i onor anexcept i onf r omadef i ni t i oni supon t heper soncl ai mi ngi t . 17-4-115.Filing of sales and advertising literature. Thesecr et ar yof st at emaybyr ul eor or der r equi r et hef i l i ng of anypr ospect us, pamphl et , ci r cul ar , f or ml et t er ,adver t i sement , or ot her sal esl i t er at ur eor adver t i si ng communi cat i onaddr essedor i nt endedf or di st r i but i ont o pr ospect i vei nvest or s, unl esst hesecur i t yor t r ansact i oni s exempt edbyW. S. 17- 4- 114or i sacover edsecur i t y. 17-4-116.False statements in documents or proceedings. I t i sunl awf ul f or anyper sont omakeor causet obemade, i n anydocument f i l edwi t ht hesecr et ar yof st at eor i nany pr oceedi ngunder t hi sact , anyst at ement whi chi s, at t het i me andi nt hel i ght of t heci r cumst ancesunder whi chi t i smade,f al seor mi sl eadi ngi nanymat er i al r espect . 17-4-117.Unlawful representations concerning approval of registration or exemption. ( a) Nei t her t hef act t hat anappl i cat i onf or r egi st r at i on under W. S. 17- 4- 103t hr ough17- 4- 106or ar egi st r at i onst at ementunder W. S. 17- 4- 107t hr ough17- 4- 112hasbeenf i l ednor t hef actt hat aper sonor secur i t yi sef f ect i vel yr egi st er edconst i t ut es af i ndi ngbyt hesecr et ar yof st at et hat anydocument f i l ed under t hi sact i st r ue, compl et e, andnot mi sl eadi ng. Nei t heranysuchf act nor t hef act t hat anexempt i onor except i oni s avai l abl ef or asecur i t yor at r ansact i onmeanst hat t he secr et ar yof st at ehaspassedi nanywayupont hemer i t sorqual i f i cat i onsof , or r ecommendedor gi venappr oval t o, any per son, secur i t y, or t r ansact i on. ( b) I t i sunl awf ul t omake, or causet obemade, t oany pr ospect i vepur chaser , cust omer , or cl i ent anyr epr esent at i on i nconsi st ent wi t hsubsect i on( a) of t hi ssect i on. 17-4-118.Administration of provisions; use or disclosure of information by secretary of state or employees. ( a) Thi sact shal l beadmi ni st er edbyt hesecr et ar yofst at e. ( b) I t i sunl awf ul f or t hesecr et ar yof st at eor anyofhi sof f i cer sor empl oyeest ousef or per sonal benef i t any i nf or mat i onwhi chi sf i l edwi t hor obt ai nedbyt hesecr et ar yofst at eandwhi chi snot madepubl i c. Nopr ovi si onof t hi sactaut hor i zest hesecr et ar yof st at eor anyof hi sof f i cer sorempl oyeest odi scl oseanysuchi nf or mat i onexcept among t hemsel vesor whennecessar yor appr opr i at ei napr oceedi ngori nvest i gat i onunder t hi sact . Nopr ovi si onof t hi sact ei t hercr eat esor der ogat esf r omanypr i vi l egewhi chexi st sat common l awor ot her wi sewhendocument ar yor ot her evi dencei ssoughtunder asubpoenadi r ect edt ot headmi ni st r at or or anyof hi s of f i cer sor empl oyees. 17-4-119.Investigations; subpoenaing witnesses; production of documents. ( a) Thesecr et ar yof st at ei nhi sdi scr et i on: ( i ) Maymakesuchpubl i cor pr i vat ei nvest i gat i ons wi t hi nor out si deof t hi sst at eashedeemsnecessar yt o det er mi newhet her anyper sonhasvi ol at edor i sabout t ovi ol at e anypr ovi si onof t hi sact or anyr ul eor or der her eunder , or t o ai di nt heenf or cement of t hi sact or i nt hepr escr i bi ngofr ul esandf or msher eunder ; ( i i ) Mayr equi r eor per mi t anyper sont of i l ea st at ement i nwr i t i ng, under oat hor ot her wi seast hesecr et ar y of st at edet er mi nes, ast oal l t hef act sandci r cumst ances concer ni ngt hemat t er t obei nvest i gat ed; and ( i i i ) Maypubl i shi nf or mat i onconcer ni ngany vi ol at i onof t hi sact or anyr ul eor or der her eunder . ( b) For t hepur poseof anyi nvest i gat i onor pr oceedi ng under t hi sact , t hesecr et ar yof st at eor anyof f i cer desi gnat ed byhi mmayadmi ni st er oat hsandaf f i r mat i ons, subpoena wi t nesses, compel t hei r at t endance, t akeevi dence, andr equi r e t hepr oduct i onof anybooks, paper s, cor r espondence, memor anda,agr eement s, or ot her document sor r ecor dswhi cht hesecr et ar yofst at edeemsr el evant or mat er i al t ot hei nqui r y. ( c) I ncaseof cont umacyby, or r ef usal t oobeyasubpoena i ssuedt o, anyper son, t heWyomi ngdi st r i ct cour t , upon appl i cat i onbyt hesecr et ar yof st at e, mayi ssuet ot heper son anor der r equi r i nghi mt oappear bef or et hesecr et ar yof st at e or t heof f i cer desi gnat edbyhi m, t her et opr oducedocument ar y evi dencei f soor der edor t ogi veevi dencet ouchi ngt hemat t erunder i nvest i gat i onor i nquest i on. Fai l ur et oobeyt heor der oft hecour t maybepuni shedbyt hecour t asacont empt of cour t . ( d) Noper soni sexcusedf r omat t endi ngandt est i f yi ngorf r ompr oduci nganydocument or r ecor dbef or et hesecr et ar yofst at e, or i nobedi encet ot hesubpoenaof t hesecr et ar yof st at e or anyof f i cer desi gnat edbyhi m, or i nanypr oceedi ng i nst i t ut edbyt hesecr et ar yof st at e, ont hegr oundt hat t he t est i monyor evi dence( document ar yor ot her wi se) r equi r edof hi mmayt end