Question 1(a)
According to section 2 (a) (1) of the Securities Act 1933, a security includes a note, stock, investment contract, certificate of interest or participation in any profit- sharing agreement, collateral trust certificate, any interest or instrument commonly known as "security", or any certificate of interest in participation in, and so on. Section 5 of the Securities Act provides for the mandatory registration of a "security" and a registration statement in effect, failure to which, it would be unlawful for any person or individual to offer the security for sale to the public. The case of Securities Exchange Commission v ...