SECTION 5
OF THE SECURITIES ACT OF 1933
15
U.S.C. § 77e (1988)
(a) Unless a registration statement
is in effect as to a security, it shall be unlawful for any person, directly or
indirectly-
(1) to make use of any means or instruments
of transportation or communication in interstate commerce or of the mails to
sell such security through the use or medium of any propsectus or otherwise; or
(2) to carry or cause to be carried
through the mails or in interstate commerce, by any means or instruments of
transportation, any such security for the purpose of sale or for delivery after
sale.
(b) It shall be unlawful for any
person, directly or indirectly-
(1) to make use of any means or
instruments of transportation or communication in interstate commerce or of the
mails to carry or transmit any prospectus relating to any security with respect
to which a registration statement has been filed under this title unless such
prospectus meets the requirements of section 10; or
(2) to carry or cause to be carried
through the mails or in interstate commerce any such security for the purpose
of sale or for delivery after sale, unless accompanied or preceded by a
prospectus that meets the requirements of subsection (a) of section 10.
(c) It shall be unlawful for any
person, directly or indirectly, to make use of any means or instruments of
transportation or communication in interstate commerce or of the mails to offer
to sell or offer to buy through the use or medium of any prospectus or
otherwise any security, unless a registration statement has been filed as to
such security, or while the registration statement is the subject of a refusal
order or stop order or (prior to the effective date of the registration
statement) any public proceeding or examination under section 8.