It is unlawful for any person to offer or sell any security in this state unless:(1) It is registered under this chapter;(2) The security or transaction is exempted under § 23-42-503 or § 23-42-504; or(3) It is a covered security.Acts 1959, No. 254, § 7; A.S.A. 1947, § 67-1241; Acts 1997, No. 173, § 18.
Arkansas Legal Code