Section 16-38-22 - Exemptions(a) For purposes of section 485-6(8), HRS, which provides an exemption for sales to the banks and institutions listed in that section, the term "institutional buyer" shall include any organization within the scope of section 501(c)(3) of the Code.(b) Any offer or sale of securities offered or sold in compliance with the Securities Act, Regulation D, 17 CFR sections 230.501, 230.502, 230.503, 230.505, and 230.506 as made effective in Release No. 33-6389 and complies with the conditions and limitations of this subchapter, shall be exempted under section 485-6(19), HRS.(c) This section shall not apply to any offer or sale of securities offered or sold in compliance with the Securities Act, Regulation D, 17 CFR section 230.504, made effective in Release No. 33-6389.[Eff and comp 10/12/85; am and comp 4/14/03] (Auth: HRS § 485-2) (Imp: HRS § 485-6)