KRS 279.550: Securities act exemption.

The provisions of KRS Chapter 292 shall not apply to any note, bond or other evidence of

indebtedness issued by any cooperative or foreign corporation doing business in this state

pursuant to KRS 279.310 to 279.600 to the United States of America or any ag ency or

instrumentality thereof, or to any mortgage, deed of trust or other instrument executed to

secure the same. The provisions of said securities act shall not apply to the issuance of

membership certificates, shares of stock or any other evidence of m ember, shareholder or

patron interest by any cooperative or any such foreign corporation.