Page:United States Statutes at Large Volume 56 Part 1.djvu/988

 PUBLIC LAWS--CH. 619-OCT. 21, 1942 53 Stat. 200 . 26Ua.S.C. 1808(g). 53 Stat. 195, 196, 202. 26U.S.C.§1821 (b); Supp. I, §. 1801, 1802. Ante, pp. 957,958. 53 Stat. 424, 425. 26U.S.C.§3481; Supp. I, §§ 3481, 3482. Ante, p. 958; infra. Ante, p. 883. Proviso. 53 Stat. 196, 68 . 26U. S.C. 1169(a); Snpp. I, § 1802 (a). Ante, pp. 824,845 . 63 Stat. 200 . 26U .C.. 1809 (a). 53 Stat. 424 . 26U. .C.. 3481 (a); Supp. I, 13481 (a). Ante, p. 957. Ante, p. 958. Ante, p. 959. Ante, p. 959. B2 tat. 90L (e) EXEMPTIONS IN CONNECTION WITH CERTAIN ORDERS OF THE SECURITIES AND EXCHANGE COMMISSION AND IN THE CASE OF COMMON TRUST FUNDs. -Section 1808 (g) (cross reference) is amended by striking out "(g)" and inserting in lieu thereof "(h)" and by inserting immediately before such subsection the following new subsections: "(f) ORDERS OF THE SECURITIES AND EXCHANGE COMMISSION.-The provisions of sections 1801, 1802, and 1821 (b) of this chapter and the provisions of sections 3481 and 3482 of Chapter 31 shall not apply to the issuance, transfer, or exchange of securities, or making or delivery of conveyances, to make effective any order of the Securities and Exchange Commission as defined in section 373 (a) of Chapter 1: Provided, That (1) the order of the Securities and Exchange Com- mission in obedience to which such issuance, transfer, or exchange of securities, or conveyances are made recites that such issuance, transfer, or exchange, or conveyances are necessary or appropriate to effectuate the provisions of section 11 (b) of the Public Utility Holding Com- pany Act of 1935 49 Stat. 820 (U. S . C., Title 15, sec. 79k (b)), (2) such order specifies and itemizes the securities and other property which are ordered to be issued, transferred, exchanged, or conveyed, and (3) such issuance, transfer, or exchange, or conveyance is made in obedience to such order. "(g) COMMON TRUST FUNDS. -The provisions of section 1802 (a) shall not apply to the issue of shares or certificates of a common trust fund, as defined in section 169." (f) EXEMPTION OF UNrED STATES, ETC., FRoM STAMP TAx.-Section 1809 (a) (relating to persons liable for payment of stamp tax) is amended by inserting at the end thereof the following new sentence: "The United States or any agency or instrumentality thereof shall not be liable for the tax with respect to an instrument to which it is a party, and affixing of stamps thereby shall not be deemed payment for the tax, which may be collected by assessment from any other party liable therefor." (g) TRANSFER OF BONDS ON REORGANIZATION TAXABLE.-Section 3481 (a) (relating to imposition of transfer tax) is amended by striking out: "Provided further, That the tax shall not be imposed on deliveries or transfers of bonds in connection with a reorganization (as defined in section 112 of the Revenue Act of 1932, 47 Stat. 196) if any of the gain or loss from the exchange or distribution involved in the delivery or transfer is not recognized under the income tax law applicable to the year in which the delivery or transfer is made:". (h) TRANSFERS, ETC., WITH RESPECT TO WHICH AMENDMENTS APPLICABLE.- (1) The amendment of section 1801 by subsection (a) of this section shall be applicable to obligations issued after the date of the enactment of this Act. (2) Section 1802 (c) and section 3481 (b) added by subsection (b) of this section shall be applicable to deliveries and transfers on or after the thirtieth day after the date of the enactment of this Act. (3) The amendment of section 1808 (c) made by subsection (c) of this section shall be applicable to stocks and bonds issued or transferred after the date of the enactment of this Act. (4) The amendment of section 1808 (e) and (f) made by subsection (d) of this section shall be applicable to the issuance, transfer, or exchange of securities, or the making, delivery, or filing of conveyances, after December 31, 1941, in the case of the amendment of section 1808 (e), and after the date of the enactment of this Act, in the case of the amendment of section 1808 (f). Section 267 of the National Bankruptcy Act (U. S . C ., [56 STAT.

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