Possible theory for

CLAS - Sec 11A P 2.2 [important]

SECURITIES Act of 1933.. pdf = https:// venturebeat.com/wp-content/uploads/2010/05/sa33.pdf

For purposes of this paragraph, the term ‘‘outside director’’

shall have the meaning given such term by rule or regulation of

the Commission.

11A = CIVIL LIABILITIES ON ACCOUNT OF FALSE REGISTRATION STATEMENT