MR. JUSTICE POWELL delivered the opinion of the Court.
The issue in these cases is whether shares of stock entitling a purchaser to lease an apartment in Co-op City, a state subsidized and supervised nonprofit housing cooperative, are "securities" within the purview of the Securities Act of 1933 and the Securities Exchange Act of 1934.
I
Co-op City is a massive housing cooperative in New York City. Built between 1965 and 1971, it presently houses...
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