Section 23-2-3.1-8.6 - Exempt acquisitions; notice and hearing to precede order(a) The provisions of sections 2 through 7 of this chapter do not apply to the following: (1) An acquisition by an offeror, if the instant transaction and all acquisitions of equity securities of the same class during the preceding twelve (12) months by the offeror or any of its affiliates do not exceed two percent (2%) of that class.(2) An acquisition of equity securities of a target company having seventy-five (75) or fewer holders of record of equity securities at the time of the takeover offer.(3) An acquisition determined by order of the commissioner to be a takeover offer that is not made for the purpose of, and not having the effect of, changing or influencing the control of a target company.(b) An order may only be adopted under subsection (a)(3) of this section after a hearing. Not less than five (5) business days' notice of a hearing must be given to the target company, the offeror, and such other persons as the commissioner may designate.(c) The burden of establishing entitlement to any exemption is on the offeror.As added by Acts1981 , P.L. 215, SEC.7. Amended by P.L. 242-1983, SEC.7.