LD 509
pg. 45
Page 44 of 183 An Act To Adopt the Maine Uniform Securities Act Page 46 of 183
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LR 441
Item 1

 
investment company under Section 3(c)(10)(B) of the federal
Investment Company Act of 1940, 15 United States Code, Section 80a-
3(c)(10)(B); except that with respect to the offer or sale of a
note, bond, debenture or other evidence of indebtedness issued by
such a person a rule may be adopted under this chapter limiting the
availability of this exemption by classifying securities, persons
and transactions and imposing different requirements for different
classes;

 
8.__Cooperatives.__A member's or owner's interest in, or a
retention certificate or like security given in lieu of a cash
patronage dividend issued by, a cooperative organized and
operated as a nonprofit membership cooperative under the
cooperative laws of a state, but not a member's or owner's
interest, retention certificate or like security sold to persons
other than bona fide members of the cooperative; and

 
9.__Equipment trust certificates.__An equipment trust
certificate with respect to equipment leased or conditionally
sold to a person, if any security issued by the person would be
exempt under this section or would be a federal covered security
under Section 18(b)(1) of the federal Securities Act of 1933, 15
United States Code, Section 77r(b)(1).

 
Rules adopted under this section are routine technical rules
as defined in Title 5, chapter 375, subchapter 2-A.

 
Official Comments

 
Prior Provisions: 1956 Act Section 402(a); RUSA Section
401(b).

 
1. Section 201(1): United States government and municipal
securities: Prior Provisions: 1956 Act Section 402(a)(1); RUSA
Section 401(b)(1). This exemption generally follows the 1956 Act
except that it adds securities "insured" by a specified
government to those "issued" or "guaranteed." RUSA, in contrast,
also addressed foreign governments, which in this Act are treated
separately in Section 201(2). Rule 131 issued under the
Securities Act of 1933 defines separate securities issued under
governmental obligations.

 
A significant minority of states have excluded from the
Section 201(1) exemption industrial revenue bonds. Interest on
these securities is solely repayable from revenues received from
a nongovernmental industrial or commercial enterprise. Typically
this exclusion will not operate if (A) the payments are made or
unconditionally guaranteed by a person whose securities are
exempt from registration under Section 18(b)(1) of the Securities
Act of 1933, or (B) in accordance with a rule under this [Act],


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