EPCMS-IPA, Inc., §7; §12; no action recommended, 5/12/1994

No action recommended to require registration of shares to be issued by corporation to act as network of physicians and other health care providers where shares sold exclusively to El Paso area doctors participating in the network. Each doctor participating must purchase one and only one share. The shares were not entitled to any dividends and transfer of the shares was highly restricted. No action recommended to require registration of corporation or its officers or directors as dealers.

The link address is: /committees/securities-law-committee/no-action-letters/epcms-ipa-inc-ss7-ss12-no-action-recommended-5-12-1994.pdf/@@download/file