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requirements of paragraph (b) of this rule as the same existed prior to this amendment.

(B) If such security was listed on an exchange at the time a temporary exemption from registration was granted to such exchange, and shall have continued to be so listed until registration of such exchange became effective, such exemption shall continue to and including April 30, 1936.

If registration pursuant to section 12 (b), (c), and (d) shall become effective as to any obligation evidenced by any such security, such exemption shall forthwith terminate as to such obligation.

(b) Any security exempted by paragraph (a) of this rule from the operation of section 12 (a) shall continue to be exempt from the operation of said section 12 (a), to the extent necessary to render lawful the effecting of transactions therein on any national securities exchange on which such security is now listed, until this rule shall be revoked or modified, if on or before the twentieth day preceeding the expiration of the exemption provided by said paragraph (a) the owner or lessee of the property securing the same shall file with such exchange, and with the Commission, a statement with respect to such security or, if such owner or lessee is personally liable upon such security, an application for the registration of such security, conforming to the following requirements. Such statement or application, as the case may be, shall be made upon the form appropriate for registration of securities of such owner or lessee, shall set forth the information required by such form, and shall contain the following additional statement with respect to such security:

(1) That temporary registration of such security expired on June 30, 1935;

(2) That such security is secured by property which is owned or leased by such owner or lessee and, if leased, a brief outline of the principal provisions of such lease, together with a copy of such lease as an exhibit;

(3) That the original issuer has either been dissolved or has no assets (other than nominal assets) except its interest, if any, in such property, and that such security has as its only means of service payments made by such owner or lessee; and

(4) Whether or not such owner or lessee is personally liable upon such securities.

If any such statement or application does not contain the additional statement and exhibit required in items (1) to (4), inclusive, such additional statement and exhibit may be supplied in an amendment, pursuant to rule X-12B-3, filed on or before such twentieth day.

Any such security may be included in any application made by such owner or lessee for the registration of its own securities, provided that it is clearly indicated that the required additional statement is made for the purposes of this rule.

If registration pursuant to sections 12 (b), (c), and (d) shall become effective as to any obligation evidenced by any such security, such exemption shall forthwith terminate as to such obligation.

(c) Rules X-7C2-1 and X-10B-1 shall be applicable to all securities exempted from the operation of section 12 (a) by paragraph (a) or (b) of this rule.

Rule X-12A-3. Temporary Exemption From Section 12 (a) of Certain Securities of Issuers in Bankruptcy or Receivership or in Process of Reorganization-Prohibition of Use of Manipulative or Deceptive Devices or Contrivances With Respect Thereto.

(a) The following securities shall be exempt from the operation of section 12 (a) for the period specified in paragraph (b) of this rule; securities as to which temporary registration expired on June 30, 1935, and which are securities of issuers which are, or at any time since June 30, 1935, were, in bankruptcy or receivership or in the process of reorganization pursuant to section 77 or 77B of the Bankruptcy Act (other than securities for which the filing of applications on form 12-A is authorized).

(b) As to any security exempted from the operation of section 12 (a) by paragraph (a) of this rule, such exemption shall continue so long as

(2) A trustee or receiver appointed in bankruptcy or receivership proceedings or proceedings for reorganization pursuant to said section 77 or 77B has title to or possession of a substantial portion of the assets of the issuer of such security, or

(i) Such issuer is in possession of a substantial portion of its assets pursuant to an order entered under subdivision (c), clause (2) of said section 77 or subdivision (c), clause (1) of said section 77B,

and thereafter until the close of business on the tenth day following the dispatch, to the exchange on which such security is listed and to such issuer, of notice of the entry of an order (to be entered after appropriate notice and opportunity for hearing to the exchange and to such issuer) finding that neither of the conditions specified in sub-paragraphs (i) and (ii) above exists: Provided, however, That such exemption shall terminate in any event when registration pursuant to section 12 (b), (c), and (d) becomes effective as to such security. The exchange on which any such security is listed shall

advise the Commission promptly after acquiring knowledge of the fact that neither of such conditions any longer exists.

(c) Rules X-7C2-1 and X-10B-1 shall be applicable to all securities exempted from the operation of section 12 (a) by paragraph (a) of this rule.

Rule X-12A-4. Exemption of Certain Warrants From Section 12 (a).

(a) When used in this rule, the following terms shall have the meaning indicated unless the context otherwise requires―

(1) The term "warrant" means any warrant or certificate evidencing a right to subscribe to or otherwise acquire another security, issued or unissued.

(2) The term "beneficiary security" means a security to the holders of which a warrant or right to subscribe to or otherwise acquire another security is granted.

(3) The term "subject security" means a security which is the subject of a warrant or right to subscribe to or otherwise acquire such security.

(4) The term "in the process of admission to dealing”, in respect of a specified security means that (i) an application has been filed pursuant to section 12 (b) and (c) of the Act for the registration of such security on a national securities exchange; or (ii) the Commission has granted an application made pursuant to section 12 (f) of the Act to continue or extend unlisted trading privileges to such security on a national securities exchange; or (iii) written notice has been filed with the Commission by a national securities exchange to the effect that such security has been approved for admission to dealing as a security exempted from the operation of section 12 (a) of the Act. (b) Any issued or unissued warrant granted to the holders of a security admitted to dealing on a national securities exchange shall be exempt from the operation of section 12 (a) of the Act to the extent necessary to render lawful the effecting of transactions therein on any national securities exchange (i) on which the beneficiary security is admitted to dealing or (ii) on which the subject security is admitted to dealing or is in the process of admission to dealing, subject to the following terms and conditions:

(1) Such warrant by its terms expires within 90 days after the issuance thereof;

(2) A registration statement under the Securities Act of 1933 is in effect as to such warrant and as to each subject security,

or the applicable terms of any exemption from such registration have been met in respect to such warrant and each subject security; and,

(3) Within 5 days after the exchange has taken official action to admit such warrant to dealing, it shall notify the Commission of such action.

(c) Notwithstanding paragraph (b) above, no exemption pursuant to this rule shall be available for transactions in any such warrant on any exchange on which the beneficiary security is admitted to dealing

unless

(1) each subject security is admitted to dealing or is in process of admission to dealing on a national securities exchange, or, (2) there is available from a registration statement and periodic reports or other data filed by the issuer of the subject security, pursuant to any act administered by the Commission, information substantially equivalent to that available with respect to a security listed and registered on a national securities exchange.

(d) Notwithstanding the foregoing, an unissued warrant shall not be exempt pursuant to this rule unless—

(1) Formal or official announcement has been made by the issuer specifying (i) the terms upon which such warrant and each subject security is to be issued, (ii) the date, if any, as of which the security holders entitled to receive such warrant will be determined, (iii) the approximate date of the issuance of such warrant, and (iv) the approximate date of the issuance of each subject security; and

(2) The members of the exchange are subject to rules which provide that the performance of the contract to purchase and sell an unissued warrant shall be conditioned upon the issuance of such warrant.

(e) The Commission may by order deny or revoke the exemption of a warrant under this rule, if, after appropriate notice and opportunity for hearing to the issuer of such warrant and to the exchange or exchanges on which such warrant is admitted to dealing as an exempted security, it finds that—

(1) Any of the terms or conditions of this rule have not been met with respect to such exemption; or

(2) At any time during the period of such exemption transactions have been effected on any such exchange in such warrant which (i) create or induce a false, misleading or artificial appearance of activity, (ii) unduly or improperly influence the market price, or (iii) make a price which does not reflect the true state of the market; or

(3) Any other facts exist which make such denial or revocation necessary or appropriate in the public interest or for the protection of investors.

(f) If it appears necessary or appropriate in the public interest or for the protection of investors, the Commission may summarily suspend the exemption of such warrant pending the determination by the Commission whether such exemption shall be denied or revoked. (g) Rule X-10B-1 shall be applicable to any warrant exempted by

this rule.

Rule X-12A-5. Temporary Exemption of Substituted or Additional Securities.

(a) Whenever by operation of law or otherwise (i) the holders of a security admitted to trading on a national securities exchange (hereinafter called the "original" security) have the right to subscribe to or otherwise acquire all or any part of a class of another security (whether of the same or another issuer) in substitution for or in addition to the original security, or (ii) the instrument evidencing the original security has come to evidence another security (whether of the same or another issuer) in substitution for or in addition to the original security, then the entire class outstanding of such other security shall be exempted from the operation of Section 12 (a) to the extent necessary to render lawful the effecting of transactions therein on any national securities exchange on which the original security is admitted to trading; provided that a registration statement is in effect under the Securities Act of 1933 as to such other security, to the extent required, or the terms of any applicable exemption from registration under such Act have been complied with, if required.

An unissued security shall be exempt from the operation of Section 12 (a) of the Act to the extent necessary to render lawful when-issued trading in such security on a national securities exchange, provided (i) transactions in the security on such exchange would upon the issuance of the security be exempt under this rule from the operation of said section, (ii) a registration statement is in effect under the Securities Act of 1933 as to such unissued security, to the extent required, or the terms of any applicable exemption from registration under such Act have been complied with, if required, (iii) the approval of stockholders of the issuance of such security has been obtained, if required, and (iv) all other necessary official action, other than the filing or recording of charter amendments or other documents with the appropriate State authorities, has been taken to authorize and assure the issuance of such security.

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