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

FEDERAL · 15 U.S.C. · Chapter 2D

Classification of investment companies

15 U.S.C. § 80a–4

Chapter2D — INVESTMENT COMPANIES AND ADVISERS

SubchapterI

Current throughPub. L. 119-99

This text of 15 U.S.C. § 80a–4 (Classification of investment companies) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

15 U.S.C. § 80a–4.

Text

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.

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.

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Bluebook (online)

15 U.S.C. § 80a–4, Counsel Stack Legal Research, https://law.counselstack.com/usc/15/80a–4.