Section 37-6-29
Bonds or other indebtedness - Exemption from provisions of securities law.
The provisions of the Alabama Securities Law shall not apply to any note, bond or other evidence of indebtedness issued by any cooperative transacting business in this state pursuant to this chapter to the United States of America, or any agency or instrumentality thereof, or to any mortgage or deed of trust executed to secure the same. The provisions of said securities law shall not apply to the issuance of membership certificates by any cooperative.
(Acts 1939, No. 231, p. 371; Code 1940, T. 18, §59.)