Langley Brothers, Inc., a corporation incorporated and doing business in Kansas, decides t
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Langley Brothers, Inc., a corporation incorporated and doing business in Kansas, decides to sell no par
common stock worth
$1 million to the public. The stock will be sold only within the state of Kansas.
Joseph Langley, the chairman of the board,
says the offering need not be registered with the Securities
and Exchange Commission. His brother, Harry, disagrees. Who is
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