[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: 17CFR230.152a]

[Page 485-486]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
 PART 229--STANDARD INSTRUCTIONS FOR FILING FORMS UNDER SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934 AND ENERGY POLICY AND CONSERVATION ACT OF 1975--REGULATION S-K--Table of Contents
 
       Subpart 229.1000--Mergers and Acquisitions (Regulation M-A)
 
Sec. 230.152a  Offer or sale of certain fractional interests.

    Any offer or sale of a security, evidenced by a scrip certificate, 
order form or similar document which represents a fractional interest in 
a share of stock or similar security shall be deemed a transaction by a 
person other than an issuer, underwriter or dealer, within the meaning 
of section 4(1) of the act, if the fractional interest (a) resulted from 
a stock dividend, stock split, reverse stock split, conversion, merger 
or similar transaction, and (b)

[[Page 486]]

is offered or sold pursuant to arrangements for the purchase and sale of 
fractional interests among the person entitled to such fractional 
interests for the purpose of combining such interests into whole shares, 
and for the sale of such number of whole shares as may be necessary to 
compensate security holders for any remaining fractional interests not 
so combined, notwithstanding that the issuer or an affiliate of the 
issuer may act on behalf of or as agent for the security holders in 
effecting such transactions.

(Sec. 4, 48 Stat. 77; 15 U.S.C. 77d)

[30 FR 2657, Mar. 2, 1965]