S.A. chapter 131 shall not apply to a note, bond, or other evidence of indebtedness issued by a cooperative or foreign corporation doing business in this State pursuant to this chapter, to the United States of America or an agency or instrumentality thereof, or to a mortgage, deed of trust, or other instrument executed to secure the same. The provisions of 9 V.S.A. chapter 131 shall not apply to the issuance of membership certificates by a cooperative or such foreign corporations.
Vermont Legal Code