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CHANGES MADE IN COUNCIL DRAFT 5 [i] (January 28-29, 1977)

handle is hein.ali/alifs0039 and id is 1 raw text is: HARVARD     LAW    SCHOOL
CAMBRIDGE . MASSACHUSETTS . 02138
February 8, 1977
To the members of the Council
of The American Law Institute
The substitute pages for Council Draft No. 5 of the Federal
Securities Code that are enclosed incorporate the changes (none
of them earth-shaking) made either before or as a result of
the review of that draft (in the form of Preliminary Draft
No. 22) by the American Bar Association's Committee on Federal
Regulation of Securities at its annual Code meeting in Washington
on January 28-29.
Although the ring binders used for the draft preclude
physical substitution, it should nevertheless be easier to
'follow the changes in this form than in the form of a supplement
of the kind I have prepared in the past. Your secretaries might
be instructed simply to slip these substitute pages into the
draft ahead of the pages that they are meant to replace.
I have intentionally interlineated instead of having the
substituted pages retyped, so that the changes will be readily
apparent insofar as you may already have examined the draft.
I have been careful to use what I am pleased to consider my
legible rather than personal script. And in the few instances
in which riders have been typed I have indicated that fact by
a wavy line in the left margin.
I repeat my annual apology for not giving you a fresh
draft. It would be impossible to try to schedule the ABA
committee meeting early enough to permit the preparation of a
fresh draft and its distribution to you in time to do any good.
You will be pleased to know, I hope, that Proposed Final
Draft No. 1, which contains the entire Code except for the
materials in Council Draft No. 5, has already been distributed
to the Consultants for a meeting in Washinqton on March 3-5.
I shall have something to say at our meeti j on February 24-25
with respect to the work that remains to be done.
I look forward to seeing you then. Meanwhile, happy reading!
,./,icerely
Louis Loss
LL/js
CC: Prof. Wechsler
Prof. Brudney
Prof. Contryman
Mr. wolkin

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