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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; |
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| | 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 |
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| | 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). |
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| | Rules adopted under this section are routine technical rules | as defined in Title 5, chapter 375, subchapter 2-A. |
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| | Prior Provisions: 1956 Act Section 402(a); RUSA Section | 401(b). |
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| | 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. |
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| | 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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