Business & Finance: Armour, When, As & If

Hardly a week goes by that lawyers do not discover some new and unexpected wrinkle in the Securities Act of 1933. Last week they found something which looked like bad news for stock exchanges, already in the process of being engulfed by the Securities Exchange Bill of 1934 (see above). By reading Section 2 of the 1933 Act defining an offer to sell with Section 5 forbidding delivery of unregistered securities in interstate commerce, said the lawyers, it might be illegal to trade in securities on a "when, as & if issued" basis....

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