§5-16-40. Sales of accounts.

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The sale of accounts of any association subject to the provisions of this chapter is hereby exempted from all provisions of law of this state which provide for the supervision and regulation of the sale of securities, and the sale of any such accounts shall be legal without any action or approval whatsoever on the part of any official authorized to license, regulate and supervise the sale of securities.

(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §252.)

                    
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