Any acquisition or disposition of an equity security involved in the deposit of the security under, or the withdrawal of the security from, a voting trust or deposit agreement, and the acquisition or disposition in connection therewith of the certificate representing the security, is exempt from the operation of section 5283 of the act if substantially all of the assets held under the voting trust or deposit agreement immediately after the deposit or immediately prior to the withdrawal, consisted of equity securities of the same class as the security deposited or withdrawn. This rule shall not apply to the extent that there have been either (a) a purchase of an equity security of the class deposited and a sale of any certificate representing an equity security of that class, or (b) a sale of an equity security of the class deposited and purchase of any certificate representing an equity security of that class, otherwise than in a transaction involved in the deposit or withdrawal or in a transaction exempted by any other provision of R 500.521 to R 500.531, within a period of less than 6 months which includes the date of the deposit or withdrawal.

History: 1979 AC.