that was filed on November 22, 2006, by Jenkens & Gilchrist, a State of Texas professional corporation, on behalf of Handy Hardware Wholesalers, Inc.; The Office determined that Handy’s conversion of Perferred Stock to Class B Common Stock is an ...

 

DEPARTMENT OF FINANCIAL SERVICES

NOTICE IS HERELBY GIVEN THAT the Office of Financial Regulation has issued an order that disposes of the petition for declaratory statement that was filed on November 22, 2006, by Jenkens & Gilchrist, a State of Texas professional corporation, on behalf of Handy Hardware Wholesalers, Inc. The petition sought the agency’s opinion as to whether the Securities and Investor Protection Act (Chapter 517, F.S.) applies to the Handy’s proposed corporate conversion to a cooperative that operates under Subchapter T of the Internal Revenue Code.

The Office determined that Handy’s conversion of Perferred Stock to Class B Common Stock is an exempt transaction under Florida security under Florida law and therefore is not required to be registered pursuant to Section 517.07, F.S.; that Handy’s issuance of patronage rebates is not considered to be a security under Florida law; and that Handy’s issuance of member withdrawal notes and patronage rebate notes is not considered to be a security under Florida law.

A copy of the order may be obtained from: Alan Jackson, Assistant General Counsel, Office of Financial Regulation, Office of General Counsel, Fletcher Building, 200 East Gaines Street, Tallahassee, FL 32399-0379.