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cooperatives. Section 201(8) is not intended to be available if | securities are offered or sold to the public generally. |
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| | The 1956 Act Section 402(a)(12) had instead provided: "insert | any desired exemption for cooperatives." The Reporter for the | 1956 Act had found such sharp variation among the 18 states that | then had adopted a cooperative exemption that "no common pattern | can be found." Louis Loss, Commentary on the Uniform Securities | Act 118 (1976). |
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| | 9. Section 201(9): Equipment trust certificates: Prior | Provision: RUSA Section 401(b)(6). The Securities Act of 1933 | Section 3(a)(6) includes a narrower exemption for railroad | equipment trusts. Section 201(9) follows RUSA. The Official | Comment to RUSA Section 401(b)(6) explained: |
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| | The new paragraph (b)(6) reflects the extensive development of | equipment lease financing through leveraged leases, conditional | sales, and other devices. The underlying premise is that if the | securities of the person using such a financing device would be | exempt under some other paragraph of Section 401, the equipment | trust certificate or other security issued to acquire the | property in question also is exempt. |
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| | 1. Section 16201(3)(B): Bank holding company language was | added to this paragraph, consistent with the predecessor act. |
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| | 2. Section 16201(7): As noted in Official Comment 7, this | subsection is modeled on a similar federal provision that exempts | nonprofit securities. Like the federal provision, this | subsection refers to persons organized and operated "not for | pecuniary profit." Although the corresponding provision in the | Revised Maine Securities Act instead used the term "private" | profit, it is not intended that this difference will alter which | persons are covered under this subsection. |
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| §16202. Exempt transactions |
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| | The following transactions are exempt from the requirements of | sections 16301 to 16306 and 16504: |
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| | 1.__Isolated nonissuer transaction.__An isolated nonissuer | transaction, whether effected by or through a broker-dealer or | not; |
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| | 2.__Manual exemption.__A nonissuer transaction by or through a | broker-dealer licensed under or exempt from licensing under |
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