54. No prospectus is required for the distribution of voting securities where the number of holders of voting securities after the distribution is completed is not greater than five, provided the distribution is made without advertisement.
Each undivided joint owner of one security is counted as one security holder.
However, this exemption is available only to the extent that the promoter of the transaction has not availed himself thereof in the preceding 12 months.
1982, c. 48, s. 54; 1992, c. 35, s. 3.