New York Laws
Article 6 - General Provisions Governing Property and Affairs
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.

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