Key point 9-04. Federal and state laws regulate the offer and sale of securities for the protection of the investing public. In general, an organization that issues securities must register the securities, and the persons who will be selling the securities, with state and federal agencies. In addition, federal and state laws contain a broad prohibition on fraudulent activities in the sale of securities. Churches are exempt from some of these requirements in some states. However, they remain subject to the prohibition of securities fraud in all fifty states, and under federal law.
1. In General
Laws regulating the sale of securities have been enacted by the federal government  Securities Act of 1933, 15 U.S.C. §§ 77a-77aa. and by all 50 states.  Nearly 40 states have enacted all or significant portions of the Uniform Securities Act. The term security is defined very broadly ...
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