As Amended
SEC. 49-20-9. Application of chapter.
This chapter does not apply to any acquisition of voting securities of a river timberlands company by any person who, on January 1, 1991, was the owner of twenty-five percent (25%) of such voting securities or who, on or after January 1, 1991, becomes the owner of twenty-five percent (25%) of such voting securities with the approval of the Secretary of State pursuant to this chapter, nor does it apply to any acquisition of any voting security by a natural person or persons or by a trust solely for natural persons under the will of a natural person or by the operation of the laws of descent and distribution (of this state or otherwise) with respect to a natural person, nor to any transfer by a natural person (or a trust solely for the benefit of natural persons) to a natural person or persons who are the spouse of the transferor or are descended from the transferor or the transferor's spouse (or from the mother or father of the transferor or of the transferor's spouse), or to a trust solely for such spouse or descendants, or, in the case of a transfer by a trust solely for the benefit of natural persons, to the beneficiaries of such trust, or to their descendants; nor does this chapter apply to any acquisition of any voting security registered under Section 12 of the Federal Securities Exchange Act of 1934, as amended, or any voting security issued by a "closed-end investment company" registered under the Federal Investment Company Act of 1940, as amended, or any voting security of an insurance company which would have been required to be registered under Section 12 of the Federal Securities Exchange Act of 1934, as amended, except for the exemption contained in Section 12(g)(2)(G) of such act.
SOURCES: Laws, 1991, ch. 326 Sec. 5, eff from and after passage (approved March 15, 1991).