The 1956 Act Section 402(a)(12) had instead provided: "insert any desired exemption for cooperatives." The Reporter for the 1956 Act had found such sharp variation among the 18 states that then had adopted a cooperative exemption that "no common pattern can be found." Louis Loss, Commentary on the Uniform Securities Act 118 (1976).

9. Section 201(9): Equipment trust certificates: Prior Provision: RUSA Section 401(b)(6). The Securities Act of 1933 Section 3(a)(6) includes a narrower exemption for railroad equipment trusts. Section 201(9) follows RUSA. The Official Comment to RUSA Section 401(b)(6) explained:

The new paragraph (b)(6) reflects the extensive development of equipment lease financing through leveraged leases, conditional sales, and other devices. The underlying premise is that if the securities of the person using such a financing device would be exempt under some other paragraph of Section 401, the equipment trust certificate or other security issued to acquire the property in question also is exempt.

Maine Comments

1. Section 16201(3)(B): Bank holding company language was added to this paragraph, consistent with the predecessor act.

2. Section 16201(7): As noted in Official Comment 7, this subsection is modeled on a similar federal provision that exempts nonprofit securities. Like the federal provision, this subsection refers to persons organized and operated "not for pecuniary profit." Although the corresponding provision in the Revised Maine Securities Act instead used the term "private" profit, it is not intended that this difference will alter which persons are covered under this subsection.

§16202. Exempt transactions

The following transactions are exempt from the requirements of sections 16301 to 16306 and 16504:

1.__Isolated nonissuer transaction.__An isolated nonissuer transaction, whether effected by or through a broker-dealer or not;

2.__Manual exemption.__A nonissuer transaction by or through a broker-dealer licensed under or exempt from licensing under