True or False

41. A SEC Commissioner will hold office for a period of seven (7) years from the time of his or her appointment by the Chairman of the Commission.

42. A security issued or guaranteed by the government of any country with which the Philippines maintains diplomatic relations is considered an exempt security on the basis of reciprocity

43. A judicial sale, or sale by an executor, administrator, guardian or receiver or trustee in insolvency or bankruptcy is considered an exempt transaction.

44. The issuance of bonds or notes secured by mortgage upon real estate or tangible personal property, when the entire mortgage together with all the bonds or notes secured thereby are sold to multiple purchasers at a single sale is considered an exempt transaction.

45. Securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the Commission