15 U.S.C. § 80a–4: Classification of…

Summary

Divides investment companies into three main types. A "face-amount certificate company" is a firm that issues or plans to issue installment-style face-amount certificates, or still has any of those certificates outstanding. A "unit investment trust" is created under a trust or similar agreement, has no board of directors, and issues only redeemable securities that each represent an undivided interest in a fixed group of securities; it does not include a voting trust. A "management company" is any investment company that is not one of the other two.

Title 15, §80a–4

Commerce and Trade, Source: USLM XML via OLRC

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.

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.

§80a–4 Classification of Investment Companies

Summary

Title 15, §80a–4

Notes & Related Subsidiaries

Executive Documents

Transfer of Functions

Transfer of Functions

Citations & Metadata