Increasing flexibility of supervision and control of securities business The SEC may exempt a securities company from undertaking or prescribe a securities company to undertake in a different manner from
certificates representing the rights to purchase debentures issued in accordance with Section 33 shall be valid upon delivery of such securities with the endorsement of transfer by a person having his name as
rights to purchase debentures issued in accordance with Section 33 shall be valid upon delivery of such securities with the endorsement of transfer by a person having his name as the owner or by the last