EXEMPTION FROM THE SECURITIES AND EXCHANGE COMMISSION.
Section 35
SEC. 35. EXEMPTION FROM THE SECURITIES AND EXCHANGE COMMISSION.— The association shall be exempt from regulation by the Securities and Exchange Commission; The provisions of the Securities Act shall not apply to any note, bond or other evidence of indebtedness issued by any association, or to any mortgage, deed or trust, indenture or other instrument executed to secure the same. The provisions of said Act shall not apply to the issuance of membership certificates by an association."