Page:United States Statutes at Large Volume 50 Part 1.djvu/856

 75TH CONGRESS, 1ST SESSION-CHS. 815, 816-AUGUST 26, 1937 "(2) With respect to a taxable year beginning before January 1, 1937, if the co rporation is with respect t o such ye ar a pers onal holding company as defined in section 351 (b) (1) before the amendment of Title IA by section 1 of the Revenue Act of 1937 . "(3) With respect to a taxable year ending after the date of the enactment of the Revenue Act of 1937, if the corporation is with respect to such year a foreign personal holding company as defined in section 331 ." SEC. 602 . MUTUAL INVESTMENT COMPANIES . (a) Section 48 (e) (1) of the Revenue Act of 1936 is amended by striking out "other than a personal holding company as defined in section 351" and inserting in lieu thereof "except as provided in paragraph (3)" . (b) Such section 48 (e) is further amended by adding at the end of such subsection a new paragraph to read as follows "(3) CoRPoRATioNs ExcEPTED .-This section shall not apply to any corporation- "(A) With respect to a taxable yea r beginning after December 31, 1936, if the corporation is with respect to such year a personal holding company as defined in section 352. "(B) With respect to a taxable year beginning before Januar y 1, 1 937, i f the corpor ation is with respe ct to such year a personal holding company as defined in section 351 (b) (1) before the amendment of Title IA by section 1 of the Revenue Act of 1937. "(C) With respect to a taxable year ending after the date of the enactment of the Revenue Act of 1937, if the corpo ration is wi th res pect t o such year a forei gn per sonal holdin g comp any as defin ed in sectio n 331 ." SEC. 603. SEP ARABILITY CLAUSE. If any provision of this Act, or the application thereof to any person or circumstances, is held invalid, the remainder of the Act, and the application of such provisions to other persons or circum- sta nces, sha ll not be affected thereby. Approved, August 26, 1937, 10 a. m. [CHAPTER 816] JO INT RESOLUTION Providing for participation by the United States in the Pan American Exposition to be held in Tampa, Florida, in the year 1 93 9 in commemoration of the four- hundredth anniversary of the landing of Hernando De Soto in Tampa Bay, and for other purposes. Resolrved by the Senate and House of Representatives of the United States o f America in Congress assembled, That the President of the United States be, and he is hereby, authorized and respectfully requested by proclamation, or in such manner as he may deem proper, to invite foreign countries to an exposition to be held in Tampa, Florida, to be known as the "Pan American Exposition", in com- memoration of the four-hundredth anniversary of the landing of Hernando De Soto in Tampa Bay, under the auspices and on the grounds of the Florida Fair and Gasparilla Association, Incorpo- rated, in the year 1939, with a request that they participate therein. SEc. 2. That there is hereby created a Federal commissioner for such Pan American Exposition, said commissioner to be appointed by the President upon the nomination of the Secretary of Commerce, who shall select for this purpose an official of his Department who has had experience in and is familiar with the preparation and man- 831 For eig n personal holding company . Mutu al inv estmen t companies. 49 Stat . 1669 . Gener al defi nition. Corp oratio ns ex- cepte d. Ante, p. 814. Separability clause. August 26, 1937 IS. J. Res. 1661 [Pub. Res., No. 72] Pan American Ex- position, Tampa, Fla ., 1939 . President requested to invite foreign coun- trie s to pa rticipat e. Fed eral commis- sioner. Appointment, qual- ifications, expenses, etc.