MARVIN MANDEL, Governor

2005

AMERICAN STOCK EXCHANGE, THE PACIFIC COAST STOCK
EXCHANGE, THE MIDWEST STOCK EXCHANGE, THE
PHILADELPHIA-BALTIMORE-WASHINGTON STOCK EXCHANGE, OF. ANY
OTHER EXCHANGE WHICH THE COMMISSIONER CONSIDERS TO HAVE
SUBSTANTIALLY THE SAME STANDARDS FOR LISTING AS REQUIRED
BY THESE EXCHANGES;

(II)    ANY OTHER SECURITY OF THE SAME ISSUER
WHICH IS OF SENIOR OR SUBSTANTIALLY EQUAL RANK;

(III)   ANY SECURITY CALLED FOR BY SUBSCRIPTION
RIGHTS OR WARRANTS SO LISTED OR APPROVED; OR

(IV)   ANY WARRANT OR RIGHT TO PURCHASE OR
SUBSCRIBE TO ANY OF THESE;

(9)   ANY SECURITY ISSUED BY ANY PERSON ORGANIZED AND
OPERATED:

(I) NOT FOR PRIVATE PROFIT BUT EXCLUSIVELY FOR
RELIGIOUS, EDUCATIONAL, BENEVOLENT, CHARITABLE,
FRATERNAL, SOCIAL, ATHLETIC, OR REFORMATORY PURPOSES; OR

(II) AS A CHAMBER OF COMMERCE, LOCAL
INDUSTRIAL DEVELOPMENT CORPORATION, OR TRADE OR
PROFESSIONAL ASSOCIATION;

(10)    ANY COMMERCIAL PAPER WHICH ARISES OUT OF A
CURRENT TRANSACTION 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; AND

(11)    ANY INVESTMENT CONTRACT ISSUED AFTER JUNE 1,
1962, IN CONNECTION WITH AN EMPLOYEE'S STOCK PURCHASE,
SAVINGS, PENSION, PROFIT-SHARING, OR SIMILAR BENEFIT PLAN
IF THE COMMISSIONER IS NOTIFIED IN WRITING 30 DAYS BEFORE
THE INCEPTION OF THE PLAN.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §26(a).

In item (8) of this section, the present
reference to the "Philadelphia—Baltimore"
Stock Exchange has been corrected to reflect
the new name, "Philadelphia Baltimore
—Washington" Stock Exchange.

The only other changes are technical changes
in style.

11-602. EXEMPT TRANSACTIONS.