Securities Registration第 46 / 100 题
A church issues bonds to finance construction of a new fellowship hall and sells them to members of the congregation. Under the Uniform Securities Act, these bonds are:
a.Exempt securities, because they are issued by a nonprofit religious organization
b.Exempt transactions, because sales were limited to members
c.Required to be registered by coordination
d.Not securities at all
解析
Securities issued by nonprofit religious, educational, charitable, and fraternal organizations are enumerated exempt securities, so the exemption travels with the instrument. The buyers' membership status is not what creates the exemption, which is why this is a security-level exemption rather than a transactional one. Debt instruments sold to raise money from investors are clearly securities, and the Administrator keeps antifraud authority over the sale.
法律依据: Uniform Securities Act免费刷完整 100 道题库 — 无需注册。
同考点相关题目
- A customer telephones her broker-dealer and asks to buy shares of a specific company that is not registered in the state. The firm made no recommendation and no solicitation. The trade is:
- Under the private placement exemption in the Uniform Securities Act, an issuer may make offers to no more than a limited number of non-institutional persons in any twelve-month period. Which additional condition applies?
- Which of the following is NOT an exempt security under the Uniform Securities Act?
- Which of the following is an exempt transaction under the Uniform Securities Act?
- In an administrative proceeding, a party claims that an offering qualified for an exemption from registration. Which statement is correct?
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