STERNBERG, Justice.
The appellant is organized under and by the authority of KRS 291.410 through 291.990, which pertain to industrial loan corporations. From the time of its organization, June 1970, until its right to do so was challenged by appellees, March 1973, it sold certificates of investment without registering them with the Kentucky Division of Securities. The appellees now challenge appellant's authority to issue such certificates without first registering...
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