TRANSACTIONAL EXEMPTIONS FOR COOPERATIVE ASSOCIATIONS

(1) A cooperative association organized under another state's laws that are substantially the same as the provisions of Title 35, chapter 15, MCA, is entitled to a transactional exemption from the registration requirements of the Securities Act of Montana, provided that the association has furnished the commissioner with a general written description of the security to be offered or sold in Montana. For the purposes of 33-10-105 , MCA, the commissioner has determined that the following states' laws authorizing the organization of the corresponding types of cooperative organizations are substantially the same as the provisions of Title 35, chapter 15, MCA: Alabama | Incorporated Marketing Associations Alaska | Cooperative Corporations Arkansas | Agricultural Cooperative Associations Marketing Associations California | Non-profit Cooperative Associations Colorado | Cooperative Associations Cooperative Marketing Associations Connecticut | Cooperative Marketing Associations Florida | Agricultural Cooperative Marketing Associations Georgia | Cooperative Marketing Associations Hawaii | Agricultural Cooperative Associations Idaho | Cooperative Marketing Associations Illinois | Co-operative Corporations Indiana | Agricultural Cooperatives Iowa | Co-operative Associations Kansas | Cooperative Associations Kentucky | Cooperative Corporations Louisiana | Agricultural Co-operative Associations Maine | Cooperative Associations Massachusetts | Cooperative Agricultural, Dairy or Mercantile Associations Michigan | Cooperative Associations Minnesota | Cooperatives Mississippi | Cooperative Marketing Associations Aquatic Products Marketing Associations Missouri | Cooperative Marketing Associations Commodity Associations Nebraska | Cooperative Companies Nevada | Cooperative Associations New Jersey | Agricultural Cooperatives New Mexico | Cooperative Associations New York | Cooperative Corporations (ab) | North Carolina | Cooperative Associations (ac) | North Dakota | Cooperative Associations (ad) | Oklahoma | Cooperative Corporations Agricultural Marketing Associations (ae) | Oregon | Cooperative Corporations (af) | Ohio | Cooperative Corporations (ag) | Pennsylvania | Cooperative Corporations (ah) | Rhode Island | Producers' Cooperatives (ai) | South Carolina | Cooperative Associations (aj) | South Dakota | Cooperatives (ak) | Tennessee | Cooperative Marketing Associations (al) | Texas | Cooperative Corporations (am) | Utah | Co-operative Associations (an) | Vermont | Cooperative Associations (ao) | Virginia | Cooperative Associations Agricultural Cooperatives Associations (ap) | Washington | Cooperative Associations (aq) | West Virginia | Cooperative Associations (ar) | Wisconsin | Cooperative Associations Agricultural Associations (as) | Wyoming | Cooperative Marketing Associations (2) For the purposes of 30-10-105 , MCA, a "general written description" must include: (a) citation of the state law under which the cooperative is organized; (b) the type of industry of business in which the cooperative is engaged; (c) a general description of the offering, including type of security, price, restrictions, if any, on security ownership, and the number of shares to be issued; (d) the purpose of the security offering; and (e) a list of states in which the offering will be conducted. Authorizing statute(s): 30-10-105 , 30-10-107 , MCA Implementing statute(s): 30-10-105 , MCA History: NEW, 1997 MAR p. 1990, Eff. 11/4/97; TRANS, from 6.10.134 , 2008 MAR p. 2046, Eff. 9/26/08; AMD, 2020 MAR p. 1874, Eff. 10/24/20.