Page:United States Statutes at Large Volume 53 Part 2.djvu/677

 53 STAT.] 76TH CONG. , 1 ST SESS.-CH. 411-AUG. 3, 1939 "(18) The term 'Bankruptcy Act' means the Act entitled 'An Act Ac" " Bankruptcy to establish a uniform system of bankruptcy throughout the United 11u. s. c .; 1 v. States', approved July 1, 1898, as amended, whether amended prior S.c.,Supp. IV to or after the enactment of this title. " EX E M PT ED SECURITIES AND TRANSACTIONS 'SEC. 304. (a) The provisions of this title shall not apply to any anxtransacurtiones of the following securities: "(1) any security other than (A) a note, bond, debenture, Typesexempt. or evidence of indebtedness, whether or not secured, or (B) a certificate of interest or participation in any such note, bond, debenture, or evidence of indebtedness, or (C) a temporary certificate for, or guarantee of, any such note, bond, debenture, evidence of indebtedness, or certificate; "(2) any certificate of interest or participation in two or Certificates of inter- more securities having substantially different rights and privi- leges, or a temporary certificate for any such certificate; "(3) any security which, prior to or within six months after Priorsale. the enactment of this title, has been sold or disposed of by the issuer or bona fide offered to the public, but this exemption shall Nel ofering ex- not apply to any new offering of any such security by an issuer subsequent to such six months; "(4) any security exempted from the provisions of the Secu- fro reittrexetoned rities Act of 1933, as heretofore amended, by paragraph (2), der Securities Act of (3), (4), (5), (6), (7), (8), or (11) of subsection 3 (a) thereof; 1933. "(5) any security issued under a mortgage indenture as to Securityunder which a contract of insurance under the National Housing Act to which insurance is in effect; and any such security shall be deemed to be exempt under National Hous- from the provisions of the Securities Act of 1933 to the same 12 v. s . c. ch. 13; extent as though such security were specifically enumerated in Supp.V, ch.13. section 3 (a) (2) of such Act; "(6) any note, bond, debenture, or evidence of indebtedness eOiglations of or- issued or guaranteed by a foreign government or by a subdivi- subdivisions, etc. sion, department, municipality, agency, or instrumentality thereof; "(7) any guarantee of any security which is exempted by this (,uarantee of any security exemrnlptedl by subsection; this sulsection. "(8) any security which has been or is to be issued otherwise Security other than than under an indenture, but this exemption shall not be applied lin i dution. within a period of twelve consecutive months to more than $250,000 aggregate principal amount of any securities of the same issuer; or "(9) any security whicl has been or is to be issued under an lhere indenture limits total outstand- indenture which limits the aggregate principal amount of securi- ing to $1,00o.000 or ties at any time outstanding thereunder to $1,000,000 or less, but ess. this exemption shall not be applied within a period of thirty-six consecutive months to more than $1,000,000 aggregate principal amount of securities of the same issuer. In computing the aggregate principal amount of securities to which the exemptions provided by paragraphs (8) and (9) may be applied, securities to which the provisions of sections 305 and 306 would not have applied, irrespective of the provisions of those paragraphs, shall be disregarded. "(b) The provisions of sections 305 and 306 shall not apply (1) gaTd cti die- to any of the transactions exempted from the provisions of section 5 of the Securities Act of 1933 by section 4 thereof, as heretofore 15 u. s . C . 77d, amended, or (2) to any transaction which would be so exempted 48 staPP75. 77e but for the last sentence of paragraph (11) of section 2 of such 15u.s .c .77b (I). Act. 1153

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