As Amended
SEC. 75-71-201. Exempt securities.
The following securities are exempted from sections 75-71-113 and 75-71-401:
(1) Any security (including a revenue obligation) issued or guaranteed by the United States, any state, any political subdivision of a state, or any agency or corporate or other instrumentality of one or more of the foregoing; or any public body corporate and politic created or organized pursuant to the laws of the State of Mississippi; or any certificate of deposit for any of the foregoing;
(2) Any security issued or guaranteed by any foreign government with which the United States currently maintains diplomatic relations, unless the secretary of state orders otherwise, if the security is recognized as a valid obligation by the issuer or guarantor;
(3) Any security issued by and representing an interest in or a debt of, or guaranteed by, any bank organized under the laws of the United States, or any bank, savings institution, or trust company organized and supervised under the laws of any state;
(4) Any security issued by and representing an interest in or a debt of, or guaranteed by, any federal savings and loan association, or any building and loan or similar association organized under the laws of any state and authorized to do business in this state;
(5) Any security issued by and representing an interest in or a debt of, or guaranteed by, any insurance company organized under the laws of any state and authorized to do business in this state;
(6) Any security issued or guaranteed by any federal credit union or any credit union, industrial loan association, or similar association organized and supervised under the laws of this state;
(7) Any security issued or guaranteed by any railroad, other common carrier, public utility or holding company which is (A) subject to the jurisdiction of the interstate commerce commission; (B) a registered holding company under the Public Utility Holding Company Act of 1935 or a subsidiary of such a company within the meaning of that act; (C) regulated in respect of its rates and charges by a governmental authority of the United States or any state; or (D) regulated in respect of the issuance or guarantee of the security by a governmental authority of the United States, any state, Canada or any Canadian province;
(8) Any security listed or approved for listing upon notice of issuance on any national securities exchange registered under the Securities Exchange Act of 1934; any other security of the same issuer which is of senior or substantially equal rank, any security called for by subscription rights or warrants so listed or approved; or any warrant or right to purchase or subscribe to any of the foregoing;
(9) Any security issued by any person organized and operated not for private profit but exclusively for religious, educational, benevolent, charitable, fraternal, social, athletic or reformatory purposes, or as a chamber of commerce or trade or professional association;
(10) Any commercial paper which arises out of a current transaction or the proceeds of which have been or are to be used for current transactions, and which evidences an obligation to pay cash within nine (9) months of the date of issuance, exclusive of days of grace, or any renewal of such paper which is likewise limited, or any guarantee of such paper or of any such renewal;
(11) Any investment contract issued in connection with an employees' stock purchase, savings, pension, profit-sharing or similar benefit plan;
(12) All securities of cooperatives organized under the laws of Mississippi and operating wholly within the borders of this state and when all its stockholders are bona fide legal residents of Mississippi, and having no nonresident promoter interested therein; provided, however, the restriction and "its stockholders are bona fide legal residents of Mississippi" shall not apply where a cooperative holds a letter of determination issued by the internal revenue service finding the cooperative qualified under section 521 of the Internal Revenue Code.
(13) The sale of any oil, gas and mineral lease, working interest, mineral interest or mineral estate, royalty interest or royalty estate, overriding royalty, or an oil payment or net profit interest, regardless of how said interests may be created, provided any vested estate in any working interest shall not be less than one-two-hundredth ( 1 /200 ) of the whole working interest, and any mineral lease and royalty sales made in exchange for labor, material and machinery used in drilling an oil or gas well.
SOURCES: Laws, 1981, ch. 521, Sec. 402; 1982, ch. 377, Sec. 2, eff from and after passage (approved March 22, 1982).