§71-623. Additional exemptions.

266 words·~1 min read·/ok/title-71-securities/71-623

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The following transactions are exempt from Section 621 of this Code:

1. Offer or disposition of subdivided lands located within the State of Oklahoma;

2. Offer or disposition by a purchaser of subdivided lands for his own account in a single or isolated transaction;

3. Offer or disposition of subdivided lands if not more than ten lots are offered in any period of twelve

(12)consecutive months;

4. Offer or disposition of lots to persons who are engaged in the business of construction of buildings for resale, or to persons who acquire an interest in subdivided lands for the purpose of engaging, and do engage in, the business of construction of buildings for resale;

5. Offer or disposition pursuant to an order of a court of competent jurisdiction;

6. Offer or disposition of lots, each of which will be sold for less than One Hundred Dollars ($100.00), including closing costs, provided that the purchaser will not be required to purchase more than one lot;

7. Such leases of lots which the Administrator by rule or order exempts which are for periods not in excess of five

(5)years, provided the terms of the lease do not obligate the lessee to renew;

8. Offer or disposition of subdivided lands if each lot within the subdivision exceeds ten

(10)acres in size;

9. Sales of securities issued by a real estate investment trust; and

10. Any other transaction as to which the Administrator by rule or order finds that registration is not necessary or appropriate for the protection of purchasers. Added by Laws 1977, c. 95, § 623.