SA Section 3(a)(4) Exemption: Charitable Organizations

Overview

Securities Act Section 3(a)(4) exempts from registration any security issued by a person organized and operated exclusively for religious, educational, benevolent, fraternal, charitable, or reformatory purposes and not for pecuniary profit, and no part of the net earnings of which inures to the benefit of any person, private stockholder, or individual, or any security of a fund that is excluded from the definition of an investment company under ICA Section 3(c)(10)(B) of the Investment Company Act of 1940.

See also the topic page on Registered Investment Company Exclusions for Charitable Organizations sand Church Plans.

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Securities Act

  • SA Section 3 (Classes of securities under this subchapter)
  • SA Section 3(a)(4) (Securities issues by a person organized for charitable purposes, not for pecuniary profit)

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