COMPILED CODE - Iowa Legislature - State of Iowa

358
I 5418. INVESTMENT COMPANIES. Tit. XVII, Ch. 5.
18 by bona fide mortgage on personal property in this state ; also commer-
19 cial paper or acceptances or negotiable promissory notes.
20 4. The stock, obligations and other securities issued by any na-
21 tional bank, or of any bank, trust company or building and loan asso-
22 ciation organized under the laws of any state, subject to examination
23 and supervision of the proper authorities thereof ; and the stock and
24 obligations of any insurance company when such insurance is legally
25 authorized to transact business in this state by the insurance depart-
26 ment thereof.
27 5. Securities of any corporation organized under the laws of this
28 state whose authorized capital stock, when not sold above par, added
29 to its other outstanding securities, shall not exceed fifty thousand dol-
30 lars; but this exemption shall apply only to the securities issued by
31 such company.
32 6. Securities sold or offered for sale, at any judicial, executor's or
33 administrator's sale, or at any sale by a receiver or trustee in insol-
34 vency or bankruptcy, whether at a public or private sale; also the
35 securities of one acting in a judiciary capacity under an order of court
36 or of a trustee of a trust created by or declared in a will or judicial
37 writ, or order, decree or judgment, who lawfully disposes of securities
38 embraced within such trust.
39 7. Securities issued by any corporation organized not for pecu-
40 niary profit or organized exclusively for educational, benevolent, fra-
41 ternal, charitable or reformatory purposes.
42 8. Securities issued as a stock dividend when such issue has been
43 approved by the executive council; also securities authorized by the
44 executive council under the provisions of chapter four of this title.
45 9. Securities of corporations operating railroads, public or quasi-
46 public utilities, the issue of whose securities is regulated by the inter-
47 state commerce commission or by a railroad or public service
48 commission, board or similar body of any state or territory of the
49 United States or of any province of the dominion of Canada, and se-
50 curities of all other corporations operating public utilities in this
51 state.
52 10. Bonds, debentures, collateral trust certificates or other similar
53 instruments evidencing title to, interest in, or lien upon property,
54 issued or executed in good faith by any company where the debt se-
55 cured does not exceed sixty per cent of the value of the property
56 pledged as security.
57 11. Securities of an issuer, organized under the laws of this state.
58 where the disposal, in good faith and not for the purpose of avoiding
59 the provisions of this chapter, is made for the sole account of the
60 issuer, without commission and at a total organization therefrom, plus
61 five hundred dollars; provided, that the president and secretary, or
62 the incorporators if done before organization, of the issuer shall,
63 prior to such disposal, file with the secretary a written statement set-
64 ting forth the existence of all facts and that such issuer is formed for
65 the purpose of transacting business within the state. The secretary,
66 however, shall be given the right at any time to inquire into the affairs
67 of companies claiming such exemption, and to examine their books to
68 ascertain whether the securities named have been disposed of in the
69 manner stated. Also the securities of a syndicate unincorporated,
70 formed by residents of this state, whose members shall not exceed
71 twenty-five in number, and whose interest or units are not divided into