WILLIAM DONALD SCHAEFER, Governor Ch. 533

(8)  (i) Any security listed or approved for listing
on notice of issuance on the New York Stock Exchange, the
American Stock Exchange, the Philadelphia Stock Exchange, or any
other exchange which the Commissioner designates by order 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] OPERATED NOT for private profit but
exclusively for religious, educational, benevolent, charitable,
fraternal, social, athletic, or reformatory [purposes; or

(ii) As] PURPOSES, OR AS a chamber of commerce,
local industrial development corporation, or trade or
professional [association;] ASSOCIATION, IF:

(I)  SUCH SECURITY IS OFFERED AND SOLD AS PART
OF AN ISSUE HAVING AN AGGREGATE OFFERING PRICE NOT IN EXCESS OF
SUCH AMOUNT AS THE COMMISSIONER BY RULE OR ORDER MAY PRESCRIBE
AND IS OFFERED AND SOLD WITHOUT PAYMENT OF ANY COMMISSION OR
REMUNERATION FOR SOLICITING ANY PROSPECTIVE BUYER; OR

(II)  10 DAYS PRIOR TO THE FIRST SALE OF SUCH
SECURITY THERE IS FILED WITH THE SECURITIES DIVISION SUCH NOTICE
AS THE COMMISSIONER MAY BY RULE OR ORDER PRESCRIBE, NO OFFERS OR
SALES ARE MADE IN THIS STATE BY PERSONS OTHER THAN A
BROKER-DEALER OR AGENT REGISTERED IN THIS STATE, AND NO
COMMISSION OR REMUNERATION FOR SOLICITING ANY PROSPECTIVE BUYER
IS PAID EXCEPT TO A BROKER-DEALER OR AGENT REGISTERED IN THIS
STATE.

(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;

(11)  Any investment contract or other security issued
in connection with an employee's stock purchase, savings,
pension, profit-sharing, or similar benefit plan if, in the case

- 3281 -