J. MILLARD TAWES, Governor 21

or warrant or right to subscribe to or purchase, any of the fore-
going. "Security" does not include any insurance or endowment
policy or annuity contract under which an insurance company
promises to pay money either in a lump sum or periodically for life
or some other specified period.

(m) "State" means any state, territory, or possession of the United
States, the District of Columbia, and Puerto Rico.

§ 26. Exemptions.

(a) The following securities are exempted from sections 19 and 27:

(1) any security (including a revenue obligation) issued or
guaranteed by the United States, any state, any political subdivision
of a state, or any agency or corporation or other instrumentality of
one or more of the foregoing; or any certificate of deposit for any
of the foregoing;

(2) any security issued or guaranteed by Canada, any Canadian
province, any political subdivision of any such province, any agency
or corporate or other instrumentality of one or more of the fore-
going, or any other foreign government with which the United States
currently maintains diplomatic relations, if the security is recog-
nized as a valid obligation by the issuer or guarantor;

(3) any security issued by and representing an interest in or a
debt of, or guaranteed by, any bank organized under the laws of the
United States, or any bank, savings institution, or trust company or-
ganized and supervised under the laws of any state;

(4) any security issued by and representing an interest in or a
debt of, or guaranteed by, any federal savings and loan association, or
any building and loan or similar association organized AND SUPER-
VISED under the laws of any state and authorized to do business in
this state;

(5) any security issued by and representing an interest in or a debt
of, or guaranteed by, any insurance company organized under the
laws of any state and authorized to do business in this state;

(6) any security issued or guaranteed by any federal credit union
or any credit union, industrial loan association, or similar association
organized and supervised under the laws of this state;

(7) any security issued or guaranteed by any railroad, other com-
mon carrier, public utility, or holding company which is (A) subject
to the jurisdiction of the Interstate Commerce Commission; (B) a
registered holding company under the Public Utility Holding Com-
pany Act of 1935 or a subsidiary of such a company within the mean-
ing of that act; (C) regulated in respect of its rates and charges by
a governmental authority of the United States or any state; or (D)
regulated in respect of the issuance or guarantee of the security by
a governmental authority of the United States, any state, Canada, or
any Canadian province;

(8) any security listed or approved for listing upon notice of is-
suance on the New York Stock Exchange, the American Stock Ex-
change, the Midwest Stock Exchange, or the Philadelphia-Baltimore
Stock Exchange; any other security of the same issuer which is of