                                 CODE OF VIRGINIA

UNLAWFUL OFFERS AND SALES (§ 13.1-502)

It shall be unlawful for any person in the offer or sale of any securities,
directly or indirectly,

1. To employ any device, scheme or artifice to defraud, or

2. To obtain money or property by means of any untrue statement of a material
fact or any omission to state a material fact necessary in order to make the
statements made, in the light of the circumstances under which they were made,
not misleading, or

3. To engage in any transaction, practice or course of business which operates
or would operate as a fraud or deceit upon the purchaser.

HISTORY: 1956, c. 428.