§ 47C-4-107. Same; condominium securities. - North Carolina Statutes

§ 47C‑4‑107. Same; condominium securities.

(a)        If an interest in a condominium is registered with theSecurities and Exchange Commission of the United States, a declarant satisfiesthe requirements relating to the preparation of a public offering statement ofthis chapter if he delivers to the purchaser a copy of the public offeringstatement filed with the Securities and Exchange Commission to the extent suchstatement provides the information required by G.S. 47C‑4‑103, 47C‑4‑104,47C‑4‑105 and 47C‑4‑106.

(b)        The North Carolina Securities Act, Chapter 78A, shall applyto condominiums deemed to be investment contracts or to other securitiesoffered with or incident to a condominium. In the event of such applicabilityof the North Carolina Securities Act, any real estate broker or salesmanregistered under Article 1 of Chapter 93A shall not be subject to theprovisions of G.S. 78A‑36. The exemption provided by the precedingsentence shall not apply to any person who is required to register with theSecurities Exchange Commission as a broker or dealer under the Securities andExchange Act of 1934. (1985 (Reg. Sess., 1986), c. 877, s. 1.)