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219.01 Commercial paper payable on demand but in any event no later than 9 months from issuance, satisfies the maturity requirement of the exemption. [Nov. 26, 2008]
219.02 Tracing of commercial paper proceeds to actual “current transactions” is not necessary under Section 3(a)(3) where the proceeds will be commingled with the issuer’s general funds and such funds will be applied in part to current transactions equal in amount to the commercial paper proceeds. [Nov. 26, 2008]

This is a work of the U.S. Government

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