United States:
Division Of Corporation Finance Agrees Stock In Water Company Not A Security
02 November 2018
Cadwalader, Wickersham & Taft LLP
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The SEC Division of Corporation Finance agreed that common stock issued by a mutual
water company organized pursuant to the California General
Corporation Law is not a "security" for purposes of the
Securities Act. As a result, shares issued by the company may be
sold without registration under the Securities Act.
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