Page:United States Statutes at Large Volume 109 Part 1.djvu/699

 PUBLIC LAW 104-62—DEC. 8, 1995 109 STAT. 683 charitable organizations, if the ability to revoke the dedication is Hmited to circumstances involving— "(I) an adverse change in the financial circumstances of a settlor or an income beneficiary of the trust; "(11) a change in the identity of the charitable organization or organizations having the remainder interest, provided that the new beneficiary is also a charitable organization; or "(III) both the changes described in subclauses (I) and (II); "(vii) assets of a trust not described in clauses (i) through (v), the remainder interests of which are revocably dedicated to a charitable organization, subject to subparagraph (C); or "(viii) such assets as the Commission may prescribe by rule, regulation, or order in accordance with section 6(c). "(C) A fund that contains assets described in clause (vii) of subparagraph (B) shall be excluded from the definition of an investment company for a period of 3 years after the date of enactment of this subparagraph, but only if— "(i) such assets were contributed before the date which is 60 days after the date of enactment of this subparagraph; and "(ii) such assets are commingled in the fund with assets described in one or more of clauses (i) through (vi) and (viii) of subparagraph (B). "(D) For purposes of this paragraph— "(i) a trust or fund is 'maintained' by a charitable organization if the organization serves as a trustee or administrator of the trust or fund or has the power to remove the trustees or administrators of the trust or fund and to designate new trustees or administrators; "(ii) the term 'pooled income fund' has the same meaning as in section 642(c)(5) of the Internal Revenue Code of 1986; "(iii) the term 'charitable organization' means an organization described in paragraphs (1) through (5) of section 170(c) or section 501(c)(3) of the Internal Revenue Code of 1986; "(iv) the term 'charitable lead trust' means a trust described in section 170(f)(2)(B), 2055(e)(2)(B), or 2522(c)(2)(B) of the Internal Revenue Code of 1986; "(v) the term 'charitable remainder trust' means a charitable remainder annuity trust or a charitable remainder unitrust, as those terms are defined in section 664(d) of the Internal Revenue Code of 1986; and "(vi) the term 'charitable gift annuity* means an annuity issued by a charitable organization that is described in section 501(m)(5) of the Internal Revenue Code of 1986.". (b) DISCLOSURE BY EXEMPT CHARITABLE ORGANIZATIONS. — Section 7 of the Investment Company Act of 1940 (15 U.S.C. 80a- 7) is amended by adding at the end the following new subsection: " (e) DISCLOSURE BY EXEMPT CHARITABLE ORGANIZATIONS. — Each fund that is excluded from the definition of an investment company under section 3(c)(10)(B) of this Act shall provide, to

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