N.Y. Rural Electric Cooperative Law § 68

§ 68. Exemption of securities. The provisions of article\ntwenty-three-a of the general business law shall not apply to any note,\nbond or other evidence of indebtedness issued by any cooperative or\nforeign corporation doing business in this state pursuant to this\nchapter to United States of America or any agency or instrumentality\nthereof, or to any mortgage, deed of trust or other instrument executed\nto secure the same. The provisions of said article twenty-three-a shall\nnot apply to the issuance of membership certificates by any cooperative\nor any such foreign corporation.\n