Page:United States Statutes at Large Volume 68 Part 1.djvu/715

 68

STAT.]

683

PUBLIC LAW 577-AUG. 10, 1954

SEC. 3. Section 12 of such Act is hereby amended by striking out "Comptroller of the Currency" and inserting in lieu thereof "Director of the Bureau of Federal Credit Unions". Approved August 10, 1954.

Public Law 577

D. C. Code 26512.

CHAPTER 6 6 7

AN ACT To amend certain provisions of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Trust Indenture Act of 1939, and the Investment Company Act of 1940.

Be it enacted by the Senate and House of Representatives United States of America in Congress assembled,

of the

August 10, 1954 [S. 2846]

Securities acts, etc. Amendments.

TITLE I—AMENDMENTS TO S E C U R I T I E S ACT O F 1933, AS AMENDED 1. Paragraph (3) of section 2 of the Securities Act of 1933 is amended to read as follows: "(3) The term 'sale" or 'sell' shall include every contract of sale or disposition of a security or interest in a security, for value. The term 'offer to sell', 'offer for sale', or 'offer' shall include every attempt or offer to dispose of, or solicitation of an offer to buy, a security or interest in a security, for value. The terms defined in this paragraph and the term 'offer to buy' as used in subsection (c) of section 5 shall not include preliminary negotiations or agreements between an issuer (or any person directly or indirectly controlling or controlled by an issuer, or under direct or indirect common control with an issuer) and any underwriter or among underwriters who are or are to be in privity of contract with an issuer (or any person directly or indirectly controlling or controlled by an issuer, or under direct or indirect common control with an issuer). Any security given or delivered with, or as a bonus on account of, any purchase of securities or any other thing, shall be conclusively presumed to constitute a part of the subject of such purchase and to have been offered and sold for value. The issue or transfer of a right or privilege, when originally issued or transferred with a security, giving the holder of such security the right to convert such security into another security of the same issuer or of another person, or giving a right to subscribe to another security of the same issuer or of another person, which right cannot be exercised until some future date, shall not be deemed to be an offer or sale of such other security; but the issue or transfer of such other security upon the exercise of such right of conversion or subscription shall be deemed a sale of such other security." SEC. 2. Paragraph (8) of section 2 of the Securities Act of 1933 is amended to read as follows: "(8) The term 'registration statement' means the statement provided for in section 6, and includes any amendment thereto and any report, document, or memorandum filed as part of such statement or incorporated therein by reference." SEC. 3. Paragraph (10) of section 2 of the Securities Act of 1933, as amended, is amended to read as follows: "(10) The term 'prospectus' means any prospectus, notice, circular, advertisement, letter, or communication, written or by radio or television, which offers any security for sale or confirms the sale of any security; except that (a) a communication sent or given after the effective date of the registration statement (other than a prospectus SECTION

48 Stat. 74. 15 USC 77b. " S a l e ", etc.

Post,

p. 685.

15 USC 77b. "R eg i s tr a t i o n statement." 15 USC 77f.

15 USC 77b. "Prospectus."

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