(1) Any acquisition of securities shall be exempt from Section 1 where
- (a) The person effecting the acquisition does not within six months thereafter effect any disposition, otherwise than by way of gift, of securities of the same class, and
- (b) The person effecting such acquisition does not participate in acquisitions or in dispositions of securities of the same class having a total market value in excess of $3,000 for any six months’ period during which the acquisition occurs. OF EQUITY SECURITIES OF A DOMESTIC STOCK INSURANCE COMPANY
- (2) Any acquisition or disposition of securities by way of gift, where the total amount of such gifts does not exceed $3,000 in market value for any six months’ period, shall be exempt from T.C.A. § 56-3-702 and may be excluded from the computations prescribed in subparagraph (b) of paragraph (1).
- (3) Any person exempted by paragraph (1) or (2) or this section shall include in the first report filed by him after a transaction within the exemption a statement showing his acquisitions and dispositions for each six months’ period or portion thereof which has elapsed since his last filing.
Authority: T.C.A. §56-3-708 to implement T.C.A. §56-3-702. Administrative History: Original rule certified June 10, 1974.