Reorganizations Approved Judicially
Statute: § 551.202(22)(2), Wis. Stats.
Used for: (b) Transactions incident to a judicially approved reorganization in which a security is issued in exchange for one or more outstanding securities, claims, or property interests.
Filing requirement: Self-Executing. No filing or Consent to Service of Process is necessary in order to claim this exemption.
Administrative Code references: None
Frequently asked questions:
Q: Is this exemption self-executing?
A: Yes. No filing or Consent to Service of process is required.
Q: May a non-corporate entity claim this exemption?
A: Yes. The exemption language does not limit the type of business organization of the issuer seeking to claim the exemption.
History: Predecessor statute 551.23(13), Wis Stats., adopted January 1, 1970. Renumbered effective January 1, 2009.