Green Bay Packers, Inc., §7; §12; no action, 11/10/1997

No action recommended to require registration of the offer and sale of shares of the Green Bay Packers, Inc., a Wisconsin nonprofit corporation (the “Company”), to the general public. Because of provisions in the Company’s governing documents, the shares cannot receive dividends, are not transferable (except in limited circumstances), cannot be pledged, and cannot appreciate in value. Subscribers for the shares will be required to acknowledge no expectation of any economic benefit from the shares other than having a professional football team in Green Bay. The staff also recommended no action to require registration as dealers of the Company’s officers, directors, and employees who engage in activities for the offering, because they will not receive any commission or other remuneration for their activities.

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