§ 1-408. Prohibited transactions involving nonprofit organizations
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 70 P.S. Securities
70 P.S. § 1-408
§ 1-408. Prohibited transactions involving nonprofit organizations
It is unlawful for any person to purchase or sell or induce or attempt to induce the purchase or sale of any security in this Commonwealth by means of any manipulative, deceptive or other fraudulent scheme, device or contrivance, or in violation of this act or any regulation or order hereunder, in a transaction involving an organization formed exclusively for educational, benevolent, fraternal, religious, charitable, social, athletic, reformatory or cultural purposes and not for pecuniary profit or other charitable organization as defined under section 3 of the act of December 19, 1990 (P.L. 1200, No. 202),1 known as the “Solicitation of Funds for Charitable Purposes Act,” in which the purchase or sale of the security is a condition for receipt by the organization of a gift, grant, donation or similar contribution or of a promise therefor.
Credits
1972, Dec. 5, P.L. 1280, No. 284, § 408, added 1996, June 19, P.L. 340, No. 54, § 1, imd. effective.
Footnotes
10 P.S. § 162.3.
70 P.S. § 1-408, PA ST 70 P.S. § 1-408
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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