Page:United States Statutes at Large Volume 109 Part 1.djvu/698

 109 STAT. 682 PUBLIC LAW 104-62—DEC. 8, 1995 Public Law 104-62 104th Congress An Act Dec. 8, 1995 To facilitate contributions to charitable organizations by codifying certain exemptions [H.R. 2519] from the Federal securities laws, and for other purposes. Be it enacted by the Senate and House of Representatives of Philanthropy the United States of America in Congress assembled, Protection Act of 1995. SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) SHORT TITLE. — This Act may be cited as the "Philanthropy 15 USC 80a-51 note. Protection Act of 1995". (b) TABLE OF CONTENTS. — The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Amendments to the Investment Company Act of 1940. Sec. 3. Amendment to the Securities Act of 1933. Sec. 4. Amendments to the Securities Exchange Act of 1934. Sec. 5. Amendment of the Investment Advisers Act of 1940. Sec. 6. Protection of philanthropy under State law. Sec. 7. Effective dates and applicability. SEC. 2. AMENDMENTS TO THE INVESTMENT COMPANY ACT OF 1940. (a) EXEMPTION.— Section 3(c)(10) of the Investment Company Act of 1940 (15 U.S.C. 80a-3(c)(10)) is amended to read as follows: "(10)(A) Any company organized and operated exclusively for religious, educational, benevolent, fraternal, charitable, or reformatory purposes— "(i) no part of the net earnings of which inures to the benefit of any private shareholder or individual; or "(ii) which is or maintains a fund described in subparagraph (B). "(B) For the purposes of subparagraph (A)(ii), a fund is described in this subparagraph if such fund is a pooled income fund, collective trust fund, collective investment fund, or similar fund maintained by a charitable organization exclusively for the collective investment and reinvestment of one or more of the following: "(i) assets of the general endowment fund or other funds of one or more charitable organizations; "(ii) assets of a pooled income fund; "(iii) assets contributed to a charitable organization in exchange for the issuance of charitable gift annuities; "(iv) assets of a charitable remainder trust or of any other trust, the remainder interests of which are irrevocably dedicated to any charitable organization; "(v) assets of a charitable lead trust; "(vi) assets of a trust, the remainder interests of which are revocably dedicated to or for the benefit of 1 or more

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