QUILLIAN, Judge.
1. The principal question presented by this appeal is whether the securities in question were governed by the Georgia Securities Act. Code Ann. § 97-101 et seq. (Ga. L. 1957, p. 134). Code Ann. § 97-104 (Ga. L. 1957, pp. 134, 138; 1959, pp. 89, 91; 1960, pp. 957, 958; 1963, pp. 557, 558; 1970, p. 488) provides: "It shall be unlawful to sell or offer to sell any securities within this State, except these exempt under Section 5 (97-106) or...
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