§ 240.16b-5. Bona fide gifts and inheritance.
42 words·~1 min read·
/us/cfr/t17/s§ 240.16b-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Both the acquisition and the disposition of equity securities shall be exempt from the operation of section 16(b) of the Act if they are:
(a)Bona fide gifts; or
(b)transfers of securities by will or the laws of descent and distribution.