117. Exempt securities and transactions

any security issued by a bank except its own securities;

commercial paper, promissory notes and debentures with not more than 270 days to maturity from the date issued;

a class of securities that the Authority may by regulation determine as exempt;

the sale of securities by an issuer to fewer than 50 persons in

the sale of securities to any number of the specific classes of investors defined in section 20 and such other persons as the

at any sale by order of the Court or by an officer of the Court in respect of insolvency proceedings;