Section 8--113. Statute of Frauds Generally Inapplicable.

(a) Except as provided in subsection (b), a contract or modification
of a contract for the sale or purchase of a security is enforceable
whether or not there is a writing signed or record authenticated by a
party against whom enforcement is sought, even if the contract or
modification is not capable of performance within one year of its
making.

(b) A contract or modification of a contract for the sale or purchase
of a cooperative interest is void unless the contract or some note or
memorandum thereof, expressing the consideration, is in writing,
subscribed by the party to be charged, or by his lawful agency thereunto
authorized by writing.