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

FEDERAL · 15 U.S.C. · Chapter 2D

Classification of investment companies

Current through Pub. L. 119-102

Title 15 — Commerce and Trade·Ch. 2D — INVESTMENT COMPANIES AND ADVISERS·Subch. I

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 c

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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.

15 U.S.C. § 80a–4 (Classification of investment companies) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

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

Editorial Notes

Executive Documents

Transfer of Functions
For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.