[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR228.509]

[Page 339]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 228--INTEGRATED DISCLOSURE SYSTEM FOR SMALL BUSINESS ISSUERS--Table of Contents
 
                        Subpart A--Regulation S-B
 
Sec. 228.509  (Item 509) Interest of Named Experts and Counsel.

    If an ``expert'' or ``counsel'' was hired on a contingent basis, 
will receive a direct or indirect interest in the small business issuer 
or was a promoter, underwriter, voting trustee, director, officer, or 
employee, of the small business issuer, describe the contingent basis, 
interest, or connection.
    (a) Expert--is a person who is named as preparing or certifying all 
or part of the small business issuer's registration statement or a 
report or valuation for use in connection with the registration 
statement.
    (b) Counsel--is counsel named in the prospectus as having given an 
opinion on the validity of the securities being registered or upon other 
legal matters concerning the registration or offering of the securities.

Instruction to Item 509: 1. The small business issuer does not need to 
disclose the interest of an expert (other than an accountant) or counsel 
if their interest (including the fair market value of all securities of 
the small business issuer received and to be received, or subject to 
options, warrants or rights received or to be received) does not exceed 
$50,000.