Public offering construction includes offers to any section of the public, except where offers remain domestic or restricted. References to offering shares or debentures to the public in the Act or a company's articles include offering them to any section of the public, whether selected as members, debenture holders, clients, or otherwise, subject to exceptions where the offer is not calculated to make securities available beyond recipients or is a domestic concern; company articles prohibiting public invitations do not prevent invitations to members or debenture holders falling within those exceptions, and private company provisions are to be construed accordingly.