It is unlawful for any person to offer or sell any security in this state unless:

1. (1) It is registered under this article;
2. (2) The security is exempt from registration under Section 8-6-10; or
3. (3) The transaction is exempt under Section 8-6-11.

(Acts 1959, No. 542, p. 1318, §3; Acts 1990, No. 90-527, p. 772, §1.)