Items 1 and 2 are based on the following facts:
Sandy Corporation is considering the following issuances:
- I. Notes with maturities of three months to be used for commercial purposes and having a total aggregate value of $500,000.
- II. Notes with maturities of two years to be used for investment purposes and having a total aggregate value of $300,000.
- III. Notes with maturities of two years to be used for commercial purposes and having a total aggregate value of $200,000.
Which of the above notes is(are) exempt securities and need not be registered under the Securities Act of 1933?
- I only.
- II only.
- I and III only.
- I, II, and III.
Which of the above notes is(are) subject to the antifraud provisions of the Securities Act of 1933?
- I only.
- II only.
- I and III only.
- I, II, and III.