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(1) A cooperative association organized under another state's laws that are substantially the same as the provisions of Title 35, chapter 15, MCA, is entitled to a transactional exemption from the registration requirements of the Securities Act of Montana, provided that the association has furnished the commissioner with a general written description of the security to be offered or sold in Montana. For the purposes of 33-10-105, MCA, the commissioner has determined that the following states' laws authorizing the organization of the corresponding types of cooperative organizations are substantially the same as the provisions of Title 35, chapter 15, MCA:


Alabama  Incorporated Marketing Associations


Alaska Cooperative Corporations


Arkansas Agricultural Cooperative Associations
Marketing Associations


California Non-profit Cooperative Associations


Colorado Cooperative Associations
Cooperative Marketing Associations


Connecticut Cooperative Marketing Associations


Florida Agricultural Cooperative Marketing Associations


Georgia Cooperative Marketing Associations


Hawaii Agricultural Cooperative Associations


Idaho Cooperative Marketing Associations


Illinois Co-operative Corporations


Indiana Agricultural Cooperatives


Iowa Co-operative Associations


Kansas Cooperative Associations


Kentucky Cooperative Corporations


Louisiana Agricultural Co-operative Associations


Maine Cooperative Associations


Massachusetts Cooperative Agricultural, Dairy or
Mercantile Associations


Michigan Cooperative Associations


Minnesota Cooperatives


Mississippi Cooperative Marketing Associations
Aquatic Products Marketing Associations


Missouri Cooperative Marketing Associations
Commodity Associations


Nebraska Cooperative Companies


Nevada Cooperative Associations


New Jersey Agricultural Cooperatives


New Mexico Cooperative Associations


New York Cooperative Corporations


North Carolina Cooperative Associations


North Dakota Cooperative Associations


Oklahoma Cooperative Corporations
Agricultural Marketing Associations


Oregon Cooperative Corporations


Ohio Cooperative Corporations


Pennsylvania Cooperative Corporations


Rhode Island Producers' Cooperatives


South Carolina Cooperative Associations


South Dakota Cooperatives


Tennessee Cooperative Marketing Associations


Texas Cooperative Corporations


Utah Co-operative Associations


Vermont Cooperative Associations


Virginia Cooperative Associations
Agricultural Cooperatives Associations


Washington Cooperative Associations


West Virginia Cooperative Associations


Wisconsin Cooperative Associations
Agricultural Associations


Wyoming Cooperative Marketing Associations

(2) For the purposes of 30-10-105, MCA, a "general written description" must include:

(a) citation of the state law under which the cooperative is organized;

(b) the type of industry of business in which the cooperative is engaged;

(c) a general description of the offering, including type of security, price, restrictions, if any, on security ownership, and the number of shares to be issued;

(d) the purpose of the security offering; and

(e) a list of states in which the offering will be conducted.


History: 30-10-105, 30-10-107, MCA; IMP, 30-10-105, MCA; NEW, 1997 MAR p. 1990, Eff. 11/4/97; TRANS, from 6.10.134, 2008 MAR p. 2046, Eff. 9/26/08; AMD, 2020 MAR p. 1874, Eff. 10/24/20.

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