...current transaction or the proceeds of which have been or are to be used for current transactions, and which has a maturity at the time of issuance of not...days of grace, or any renewal thereof the maturity of which is likewise limited; (4) Any security issued by a corporation organised and operated exclusively...

...paper" means any note, draft, bill of exchange, or banker's acceptance payable on demand or having a maturity at the time of issuance of not exceeding...exclusive of days of grace, or any renewal thereof payable on demand or having a maturity likewise limited; and such other classes of securities, of a...