Page:United States Statutes at Large Volume 48 Part 1.djvu/909

 73d C ONGRESS. SESS. II. CH. 404. JUNE 6, 1934. 883 system of co mmunic ation to or from the ex chang e, by ticker or otherwise, maintained by or with the consent of the exchange), and any right of the exchange to the use of any property or service . (3) The term " member " when used with respect to an exchange "Member." means any person who is permitted either to effect transactions on the exchange without the services of another person acting as broker, or to make use of the facilities of an exchange for transactions thereon without payment of a commission or fee or with the payment of a commission or fee which is less than that charged the general public, and includes any firm transacting a business as broker or dealer of which a member is a partner, and any partner of any such firm. (4) The term " broker " means any person engaged in the business "Broker." of effecting transactions in securities for the account of others, but does not inclu de a bank. (5) The term " dealer " means any person engaged in the busi- "Deal er ." ness of buying and selling securities for his own account, through a broker or otherwise, but does not include a bank, or any person Exclusions. insofar as he buys or sells securities for his own account, either indi- vidually or in some fiduciary capacity, but not as a part of a regular business. (6) The term " bank " means (A) a banking institution organized "Ba nk ." under the laws of the United States, (B) a member bank of the Federal Reserve System, (C) any other banking institution, whether incorporated or not, doing business under the laws of any State or of the United States, a substantial portion of the business of which consists of receiving deposits or exercising fiduciary powers simi- Trusteesh ips. voi'sss n.1262. lar to those permitted to national banks under section 11(k) of the u.s.c.,p. 276. Federal Reserve Act, as amended, and which is supervised and ex- amined by State or Federal authority having supervision over banks, and which is not operated for the purpose of evading the pro- visions of thi s title, and (D) a r eceiver , cons ervator , or ot her li qui- dating agent of any institution or firm included in clauses (A), (B), or (C) of this paragraph. (7) The term " director " means any director of a corporation or "Dir ecto r ." any pers on p erfo rmin g si mila r fu ncti ons with res pect to any orga ni- zation, whether incorporated or unincorporated. (8) The term "issuer" means any person who issues or proposes "issuer ." to issue any security ; except that with respect to certificates of deposit for securities, voting-trust certificates, or collateral-trust certificates, or with respect to certificates of interest or shares in an Qualifying provi. unincorporated investment trust not having a board of directors or sions* of the fixed, restricted management, or unit type, the term " issuer " means the person or persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which such securities are issued ; and except that with respect to equipment-trust certifi- cates or like securities, the term " issuer " means the person by whom the equipment or property is, or is to be, used. (9) The term "person" means an individual, a corporation, a "Person." partnership, an association, a joint-stock company, a business trust, or an unincorp orated organi zation. (10) The term " security " means any note, stock, treasury stock, " security ." bond, debenture, certificate of interest or participation in any profit- sharing agreement or in any oil, gas, or other mineral royalty or lease, any collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certif icate, certif icate o f depos it, fo r a sec urity, or in general, any instrument commonly known as a "security " ; or any certificate of