Exemption of Securities from Licensing Requirements.
Section 19
SECTION 19. Exemption of Securities from Licensing Requirements. — The securities and/or shares of stock of the Corporation and those issued by its affiliate companies where it has a controlling interest of at least fifty-one percent (51%) of the issued and outstanding capital stock, as well as the sale of and/or subscription to such securities and/or shares of stock shall be exempt from registration, licensing or other requirements imposed under the Securities Act (C.A. No. 83 as amended) any other law, decree, order or regulation.