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Part II TERMS FOR OPTION CONTRACTS

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

A society agrees with a participant (whether by a single agreement or by a series of agreements) that, in consideration for the payment by one party to the agreement, to the other of specified sums of money, the payer will have the right at specified times or during a specified period to buy from or sell to the payee either a specified security or a specified amount of a specified security at a specified price.