Other Filings Not Required

(a) Any time-share program in which a public offering statement has been prepared does not require registration under the following: (1) the Uniform Securities Act of Guam (Title XLI of the Government Code); or (2) any other territorial law which requires the preparation of a public offering statement or substantially similar document for distribution to purchaser. (b) Any time-share program that fails to restrict the price at which an owner may sell or exchange his time-share interval shall not by virtue of such failure cause the time-share interval to become a security under the provisions of the Uniform Securities Act nor shall an exchange agent offering such a time-share interval for exchange be construed to be offering a security under such Act.