Reference is to the bill as introduced.
Amend the bill, as and if amended, by Section 12-6-1520, SECTION 1, page 2, after line 39, by adding a new item to read:
/ (4) 'Qualified purchaser' is a purchaser with specialized skill, experience, or knowledge, as described in Section 18(b)(4)(D)(ii) of the Securities Act of 1933, 15 U.S.C., Section 77r, which includes any person to whom securities are offered or sold in a Tier 2 offering or any person or entity that qualifies as an accredited investor under Regulation D Rule 501. An issuer may rely on an investor's representation that the investment represents no more than ten percent of the greater of the investor's net worth or annual income, unless the issuer has knowledge that such representation is untrue. /
Amend further, Section 35-1-205, SECTION 3, page 5, after line 6, by adding a new lettered subsection to read:
/ (E) A qualified investor, who is not an
accredited investor as defined in Rule 501(a) of Regulation D,
may not purchase more than a total annual investment in
qualified companies of:
(1)
ten percent of the greater of annual income or net worth
for natural persons; or
(2)
ten percent of the greater of annual revenue or net assets
at the end of the fiscal year for nonnatural persons. /
Renumber items and reletter subsections to conform.
Renumber sections to conform.
Amend title to conform.