Rules and Registration and Sale of Proprietary Rights in Golf Courses and Clubs, Resort Facilities and Similar Projects

August 18, 1975RULES AND REGISTRATION AND SALE OF PROPRIETARY RIGHTS IN GOLF COURSES AND CLUBS, RESORT FACILITIES AND SIMILAR PROJECTS *Pursuant to the provisions of Republic Act No. 1143 and the Revised Securities Act, * the following rules on the registration and sale of the proprietary rights in golf courses and clubs, resort facilities and similar projects, to the public, are hereby promulgated for the information and guidance of all concerned. cdtaiSECTION 1. ** Definition. — Contracts involving the sale of proprietary rights in golf courses and clubs, resorts facilities and similar projects, which provide for returns on the investment either in the form of money or appreciation in the value thereof, as well as enjoyment of the facilities of the issuer, are investment contracts within the meaning of Section 2 of the Revised Securities Act.SECTION 2. Registration. — No such contracts shall be sold to the public, that is, twenty (20) or more persons, unless they are first registered with, and/or licensed by, the Securities and Exchange Commission (SEC), except when exempted as provided...