EXEMPTION FOR SMALL TRANSACTIONS

Subpart 1. Six-month period. Any acquisition of securities shall be exempt from clause (1) of the act 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-month period during which the acquisition occurs. Subp. 2. Gift. 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-month period, shall be exempt from clause (1) of the act and may be excluded from the computations prescribed in subpart 1, item B. Subp. 3. Subsequent reports. Any person exempted by subpart 1 or 2 shall include in the first report filed after a transaction within the exemption a statement showing acquisitions and dispositions for each six-month period or portion thereof that has elapsed since that person's last filing.