October 20, 1966
CBP MEMORANDUM
TO : Savings and Loan Associations No. 7-66
For the information and guidance of all concerned, it is hereby advised that shares of stock of savings and loan associations are exempt securities under Section 5(5) of the Securities Act (Commonwealth Act No. 83, as amended). cdlex
Prior permission of the Securities and Exchange Commission, therefore, need not be secured in the sale and issuance of said shares to the general public.
(SGD.) CELSO S. BATE
Director
