(1) For the purposes of this part 9, unless the context otherwise requires:
(a) The interest of a participating local government in a local government investment pool trust fund is a security, as defined by section 11-51-201 (17); and
(b) The solicitation of a local government to participate in a local government investment pool trust fund constitutes an offer to sell a security, as defined by section 11-51-201 (13)(c), by the trust fund to the local government, and the consummation of an agreement to participate in a local government investment pool trust fund constitutes a sale of a security, as defined by section 11-51-201 (13)(a), by the trust fund to the local government.
Source: L. 93: Entire part added, p. 327, � 4, effective July 1.
11-51-904. Requirement for registration of local government investment pools. (1) It is unlawful for the board of trustees of any local government investment pool trust fund to permit the investment of trust fund assets unless the trust fund is registered with the securities commissioner under this part 9.
(2) It is unlawful for a local government to participate in a local government investment pool trust fund unless the trust fund is registered with the securities commissioner under this part 9.
Source: L. 93: Entire part added, p. 328, � 4, effective July 1.