§ 359-f. Exemptions from certain provisions of section three hundred\nfifty-nine-e. 1. The provisions of subdivision eight of section three\nhundred and fifty-nine-e shall not apply to any transactions relating to\nthe sale or offering for sale of any of the following described\nsecurities by a dealer therein:\n (a) Any security issued, or guaranteed by the United States or any\nterritory or insular possession thereof, or by the District of Columbia,\nor by any state or political subdivision or agency thereof.\n (b) Any security issued or guaranteed by the Dominion of Canada or by\nany foreign government with which the United States is at the time of\nthe sale or offer for sale thereof maintaining diplomatic relations, or\nby any province or political subdivision thereof.\n (c) Any security issued by a national bank or by any federal land bank\nor joint-stock land bank or national farm loan association under the\nprovisions of the federal farm loan act of July seventeenth, nineteen\nhundred and sixteen, or by any corporation created or acting as an\ninstrumentality of the government of the United States pursuant to\nauthority granted by the congress of the United States.\n (d) Any securities issued or guaranteed by a public service or utility\ncorporation, including a railroad corporation, provided such corporation\nis subject to regulation or supervision either as to its rates and\ncharges or as to the issue of its own securities by a public commission,\nboard or officer of the government of the United States, or of any\nterritory, or insular possession thereof, or of any state or\nmunicipality or other political subdivision thereof, or of the Dominion\nof Canada, or any province thereof; also equipment and trust\ncertificates or equipment notes or bonds based on chattel mortgages,\nleases, or agreements for conditional sale of cars, motive power, or\nother rolling stock mortgaged, leased or sold to or furnished for the\nuse of or upon such a railroad or other public-service utility\ncorporation, or equipment trust certificates, or equipment notes or\nbonds where the ownership or title of such equipment is pledged or\nretained in accordance with the provisions of the laws of the United\nStates, or of any state, territory or insular possession thereof, or of\nthe District of Columbia, or of the Dominion of Canada, or of any\nprovince thereof, to secure the payment of such equipment trust\ncertificates, bonds or notes.\n (e) Any security issued by a corporation organized exclusively for\neducational, benevolent, fraternal, or reformatory purposes, and not for\npecuniary profit.\n (f) Any capital stock issued by a state bank, trust company or saving\ninstitution incorporated under the laws of and subject to the\nexamination, supervision and control of any state or of the United\nStates or of any insular possession thereof.\n (g) Any security which under the laws of this state is a legal\ninvestment for savings banks or trust funds, and any securities which\nare underwritten or sold by any corporation under the supervision of the\nsuperintendent of financial services of the state of New York.\n (h) Any security, other than common stock, outstanding for a period of\nnot less than five years, upon which no default exists in the payment of\nprincipal or interest and upon which no such default has occurred for a\ncontinuous immediately preceding period of five years, or in the case of\npreferred stock upon which dividends specified in the certificates of\nsuch stock have been paid for a continuous immediately preceding period\nof five years.\n (i) Negotiable promissory notes, drafts, and commercial paper provided\nthat such issue of notes, drafts and commercial paper mature in not more\nthan twelve months from date of issue and shall be issued within three\nmonths after the date of sale.\n (j) Any bond and mortgage sold or offered for sale in an undivided\nwhole.\n (k) Securities which on January first, nineteen hundred an
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