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15 U.S.C. § 80a–4 — Classification of investment companies

submitted 86 years ago by ch. 686 to r/title-15-COMMERCE-AND-TRADE · 133 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law sorts investment companies into three classes. A face-amount certificate company issues installment-type certificates. A unit investment trust has no board and issues only redeemable, unit-interest securities; anything else is a management company.

For this law, investment companies fall into three classes: (1) "Face-amount certificate company" — an investment company that is, or plans to be, in the business of issuing installment-type face-amount certificates, or that has been in that business and still has such a certificate outstanding. (2) "Unit investment trust" — an investment company that (A) is organized under a trust indenture, custodianship, agency, or similar instrument, (B) has no board of directors, and (C) issues only redeemable securities, each representing an undivided interest in a unit of specified securities; this does not include a voting trust. (3) "Management company" — any investment company that is neither a face-amount certificate company nor a unit investment trust.
the actual law source: uscode.house.gov ↗public domain

For the purposes of this subchapter, investment companies are divided into three principal classes, defined as follows:

(1)

“Face-amount certificate company” means an investment company which is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or which has been engaged in such business and has any such certificate outstanding.

(2)

“Unit investment trust” means an investment company which (A) is organized under a trust indenture, contract of custodianship or agency, or similar instrument, (B) does not have a board of directors, and (C) issues only redeemable securities, each of which represents an undivided interest in a unit of specified securities; but does not include a voting trust.

(3)

“Management company” means any investment company other than a face-amount certificate company or a unit investment trust.

Source credit: (Aug. 22, 1940, ch. 686, title I, § 4, 54 Stat. 799.)

history & why it existsrecord from the source credit
  • 1940Enacted · Act of Aug. 22, 1940, ch. 686 · 54 Stat. 799

A history note hasn’t been published yet. The record shows enactment by ch. 686 on 1940-08-22.

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