                                 CODE OF VIRGINIA

DISCLOSURES IN CONNECTION WITH SALE OF SECURITIES (§ 6.2-1536)

A. The Commission may adopt regulations prescribing required disclosures in
connection with the offer or sale of any &#8220;security,&#8221; as that term is
defined in &#xA7; 13.1-501 of the Virginia Securities Act (&#xA7; 13.1-501 et
seq.), issued by any licensee organized under the laws of the Commonwealth.

B. The disclosures prescribed by subsection A shall be printed in bold, 10-point
type and shall contain substantially the following language: &#8220;This
security or these securities are being offered in Virginia pursuant to an
exemption from the registration requirements of the Virginia Securities Act. The
State Corporation Commission does not pass upon the adequacy or accuracy of the
security or this offering circular or upon the merits of this security or this
offering. These securities are not insured or guaranteed by any state or federal
agency.&#8221;

HISTORY: Code 1950, § 6-331; 1966, c. 584, § 6.1-302; 1993, c. 366; 2010, c.
794.