General Rules and Regulations
promulgated
under the
Securities Act of 1933
Rule 905 -- Resale Limitations
Equity securities of domestic issuers acquired from the issuer, a distributor,
or any of their respective affiliates in a transaction subject to the conditions
of Rule 901 or Rule 903 are
deemed to be "restricted securities" as defined in Rule
144. Resales of any of such restricted securities by the offshore purchaser must
be made in accordance with this Regulation S (Rule
901 through Rule 905, and Preliminary
Notes), the registration requirements of the Act or an exemption therefrom. Any
"restricted securities," as defined in Rule 144,
that are equity securities of a domestic issuer will continue to be deemed to be
restricted securities, notwithstanding that they were acquired in a resale transaction
made pursuant to Rule 901 or Rule
904.
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