J. MILLARD TAWES, Governor                       107

(4)  Any security issued by and representing an interest in or a
debt of, or guaranteed by any federal sayings 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
common 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
Company Act of 1935 or a subsidiary of such a company within the
meaning 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
issuance on the New York Stock Exchange, the American Stock
Exchange, the Midwest Stock Exchange, or the Philadelphia-Balti-
more Stock Exchange; any other security of the same issuer which
is of senior or substantially equal rank; any security called for by
subscription rights or warrants so listed or approved; or any warrant
or right to purchase or subscribe to any of the foregoing;

(9)  Any security issued by any person organized and operated
not for private profit but exclusively for religious, educational,
benevolent, charitable, fraternal, social, athletic, or reformatory pur-
poses, or as a chamber of commerce, local industrial development
corporation, or trade or professional association;

(10)  Any commercial paper which arises out of a current trans-
action or the proceeds of which have been or are to be used for
current transactions, and which evidences an obligation to pay cash
within nine months of the date of issuance, exclusive of days of
grace, or any renewal of such paper which is likewise limited, or
any guarantee of such paper or of any such renewal;

(11)  Any investment contract issued after June 1, 1962 in con-
nection with an employee's stock purchase, sayings, pension, profit-
sharing, or similar benefit plan if the Commissioner is notified in
writing thirty days before the inception of the plan.

(b) Exempt transactions.—The following transactions are ex-
empted from Sections 19 and 27:

(1)  Any isolated non-issuer transaction, whether effected through
a broker-dealer or not;

(2)  Any non-issuer distribution of an outstanding security if (A)
a recognized securities manual contains the names of the issuer's
officers and directors, a balance sheet of the issuer as of a date
within eighteen months, and a profit and loss statement for either
the fiscal year preceding that date or the most recent year of opera-