Securities Lawyer's Deskbook
                         published by The University of Cincinnati College of Law
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General Rules and Regulations
promulgated
under the
Securities Act of 1933





Rule 149 -- Definition of "Exchanged" in Section 3(a)(9), for Certain Transactions


The term "exchanged" in section 3(a)(9) shall be deemed to include the issuance of a security in consideration of the surrender, by the existing security holders of the issuer, of outstanding securities of the issuer, notwithstanding the fact that the surrender of the outstanding securities may be required by the terms of the plan of exchange to be accompanied by such payment in cash by the security holder as may be necessary to effect an equitable adjustment, in respect of dividends or interest paid or payable on the securities involved in the exchange, as between such security holder and other security holders of the same class accepting the offer of exchange.

Regulatory History


2 FR 1382, July 7, 1937



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