Sec. 80.4. Small offerings

In lieu of the prospectus called for by the New York Intrastate Financing Act, an issuer proposing a small offering, as defined in these regulations, may submit to the Department of Law a prospectus on form INTRASTATE-5 (Short Form Prospectus) which prospectus may be accepted for filing by the Department of Law, if, on its face, the offering is fair, just and equitable and not part of a series of offerings which in total exceed $40,000. Said small offering prospectus shall consist of form INTRASTATE-5 reproduced by photocopy or otherwise plus any additional supplemental information called for by the Department of Law.