2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 73 - Electric Cooperative Corporations
7335 - Limited exemption from Securities Act.

     § 7335.  Limited exemption from Securities Act.
        Whenever any electric cooperative corporation subject to this
     chapter has borrowed money from any Federal agency, the
     obligations issued to secure the payment of the money shall be
     exempt from the provisions of the act of December 5, 1972
     (P.L.1280, No.284), known as the Pennsylvania Securities Act of
     1972, nor shall the provisions of that act apply to the issuance
     of membership certificates.