76 Prior sale. New offering ex- eluded . Secur ities gua rante ed by United States, State, or political sub- division, etc . Post, p. 906 . Gov er nme nt corpo- ratioFns . National, etc., banks. Federal reserve bank obligations . Current transactions . Short-term paper . Religious, etc ., organ- izations. Post, p. 906. Building and loan a ssoci ation s, e tc ., where business substantially confined to members . Exc ept ion . Farmers' coopera- tives. Vol . 47, pp. 193,194. Common carriers . Vol. 41, p . 494 . U.S.C.,P. 1670. C ertif icat es in bank - ruptcy proceedings . Annuity con tract s, etc . Post, P. 906. Additional
class es permitted . 73d CONGRESS . SESS. I. CH. 38. MAY 27, 1933 . (1) Any security which, prior to or within sixty days after 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 not apply to any new offering of any such security by an issuer or underwriter subsequent to such sixty days ; (2) Any security issued or guaranteed by the United States or any Territory thereof, or by the District of Columbia, or by any State of the United States, or by any political subdivision of a State or Territory, or by any public instrumentality of one or more States or Territories exercising an essential governmental function, or by any corporation created and controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority gr anted by the Congress of t he United Stat es, or by any national bank, or by any banking institution organized under the laws of any State or Territory, the business of which is substantially con- fined to banking and is supervised by the State or territorial banking commission or similar official ; or any security issued by or repre- senting an interest in or a direct obligation of a Federal reserve bank ; (3) Any note, draft, bill of exchange, or banker's acceptance which arises out of a current transaction or the proceeds of which have been or are to be used for current transactions, and which has a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited ; (4) Any security issued by a corporation organized and operated exclusively for religious, educational, benevolent, fraternal, chari- table, or reformatory purposes and not for pecuniary profit, and no part of the net earnings of which inures to the benefit of any person, priv ate stoc khol der, or indi vidu al ; (5) Any security issued by a building and loan association, home- stead association, savings and loan association or similar institution, substantially all the business of which is conned to the making of loans to members (but the foregoing exemption shall not apply with respect to any such security where the issuer takes from the total amount paid or deposited by the purchaser, by way of any fee, cash value or other device whatsoever, either upon termination of the investment at maturity or before maturity, an aggregate amount in excess of 3 per centum of the face value of such security), or any security issued by a farmers' cooperative association as defined in paragr aphs (12), (13), and (14) of section 103 of the Revenue Act of 1932 ; (6) Any security issued by a common carrier which is subject to the provisions of section 20a of the Interstate Commerce Act, as amended ; (7) Certificates issued by a receiver or by a trustee in bankruptcy, with the approval of the court ; (8) Any insurance or endowment policy or annuity contract or optional annuity contract, issued by a corporation subject to the supervision of the insurance commissioner, bank commissioner, or any agency or officer performing like functions, of any State or Territory of the United States or the District of Columbia . (b) The Commission may from time to time by its rules and regu- lations, and subject to such terms and conditions as may be prescribed therein, add any class of securities to the securities exempted as pro- vided in this section, if it finds that the enforcement of this title with respect to such securities is not necessary in the public interest and for the protection of investors by reason of the small amount
