§4A–12A–21.    NOT IN EFFECT

    ** TAKES EFFECT OCTOBER 1, 2026 PER CHAPTERS 198 AND 199 OF 2025 **

    (a)    Any membership interest, patronage refund, per unit retain certificate, equity instrument, or evidence of membership interest issued, offered, or sold by a limited worker cooperative association is exempt from the registration requirements of Title 11 of this article.

    (b)    Any membership interest, patronage refund, per unit retain certificate, equity instrument, or evidence of membership interest may be lawfully offered and sold by the issuer or its members, representatives, or salaried employees without the necessity of being registered as a broker or dealer under Title 11 of this article.