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Israel to Issue $2, 250, 000 in Stocks to Finance Tourist Enterprises

Attorney General Louis J. Lefkowitz yesterday issued an exemption from the filing requirements of the New York State Securities Law to the State of Israel for a $2, 250, 000 issue of stock of the Tourist Industry Development Corporation Limited, a firm organized and fully controlled by the State of Israel, for the purpose of financing tourist enterprises in Israel.

The General Business Law requires comprehensive documents to be filed with the Attorney General’s office prior to the issuing and offering of securities to the New York State investors. However, the Attorney General is given discretion to grant exemption from filing requirements of the State Securities Act to foreign governments with which the United States is, at the time of the offer for sale of the particular securities, maintaining diplomatic relations.