N.Y. Rural Electric Cooperative Law § 68: Exemption of securities

§ 68. Exemption of securities. The provisions of article

twenty-three-a of the general business law 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 this

chapter to United States of America or any agency or instrumentality

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

to secure the same. The provisions of said article twenty-three-a shall

not apply to the issuance of membership certificates by any cooperative

or any such foreign corporation.