C.F.R. » Title 17 » CHAPTER II—SECURITIES AND EXCHANGE COMMISSION › PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934

17 C.F.R. § 240.16b-5

Bona fide gifts and inheritance

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Both the acquisition and the disposition of equity securities shall be exempt from the operation of section 16(b) of the Act if they are: (a) Bona fide gifts; or (b) transfers of securities by will or the laws of descent and distribution.

Notes of Decisions
Cited in 1 case, 1965–1965 · leading case: Marquette Cement Mfg. Co. v. Andreas, 239 F. Supp. 962 (S.D.N.Y. 1965).
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Marquette Cement Mfg. Co. v. Andreas, 239 F. Supp. 962 (S.D.N.Y. 1965). “Nor are the defendants exempt from the operation of the Act by virtue of SEC Rule X-16B-5, 17 C.F.R. ,§ 240.16b-5. Rule X-16B-5 is a special situation rule, directed at facilitating management incentive plans.”
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