It is unlawful for any person to sell, or offer for sale, any security in this state unless it is registered under this chapter or the security or transaction is exempt under section 10-04-05 or 10-04-06 or it is a federal covered security.
Registration of securities
N.D.C.C. § 10-04-04 — under Supervision of Issue and Sale of Securities.
N.D.C.C. § 10-04-04