[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR230.152a]

[Page 499]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 230--GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933--Table of Contents
 
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) 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]