51. No prospectus is required for the distribution of securities without advertisement where the total cost of subscription or purchase is at least $150 000 per person, provided that each person is acting for his own account. The person making the distribution shall give the notice provided for in section 46.
This exemption is not available in the case of securities distributed to a company established solely to acquire securities under this exemption.
1982, c. 48, s. 51; 1984, c. 41, s. 17.