Choice "B" is correct. Certificates of deposit issued by a bank are not deemed to be securities. A certificate of deposit is an instrument issued by a bank noting a deposit of funds and containing a promise to repay them at a later date.
Choice "c" is incorrect. There is no exemption for investment contracts.
Choice "d" is incorrect. There is no exemption for convertible debentures.
Choice "a" is incorrect. There is no exemption for nonconvertible debentures.
