The Board of Directors of Faith Church,Inc.wants to issue securities to raise funds.Its attorney tells the Board that it does not need to file a registration document with the SEC.Is the attorney correct?
A) Yes,even though the securities themselves are not exempt,the transaction is exempt.
B) Yes,because securities can only be issued by a corporation.
C) No,securities issued by governmental bodies are exempt,securities issued by non-profit organizations are not.
D) No,because the transaction is not exempt.
E) Yes,because the securities are exempt because the issuer is a non-profit organization.
Correct Answer:
Verified
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