Page:United States Statutes at Large Volume 78.djvu/878

 836

54 Stat. 789. 15 USC 80a-51.

PUBLIC LAW 88-563-SEPT. 2, 1964

[78 STAT..

whether or not secured by a mortgage, and whether or not bearing interest; and "(ii) any interest in, or any option or similar right to acquire, a debt obligation referred to in this subparagraph, whether or not such interest, option, or right is in writing. " (B) EXCEPTIONS.—The term 'debt obligation' shall not include any obligation which— " (i) is convertible by its terms into stock of the obligor, if it is so convertible only within a period of 5 years or less from the date on which interest begins to accrue thereon; or "(ii) arises out of the divorce, separate maintenance, or support of an individual who is a United States person. "(2) STOCK.—The term 'stock' means— " (A) any stock, share, or other capital interest in a corporation; " (B) any interest of a partner in a partnership; " (C) any interest in an investment trust; " (D) any indebtedness which is convertible by its terms into stock of the dbligor, if it is so convertible only within a period of 5 years or less from the date on which interest begins to accrue thereon; and " (E) any interest in, or option or similar right to acquire, any stock described in this paragraph. "(3) FOREIGN ISSUER OR OBLIGOR.—The terms 'foreign issuer', 'foreign obligor', and 'foreign issuer or obligor' mean any issuer of stock or obligor of a debt obligation, as the case may be, which is— " (A)(i) an international organization of which the United States is not a member, "(ii) the government of a foreign country or any political subdivision thereof, or an agency or instrumentality of such a government, "(iii) a corporation, partnership, or estate or trust which is not a United States person as denned in paragraph (4); or "(iv) a nonresident alien individual; " (B) a domestic corporation which, as of July 18, 1963, was a management company registered under the Investment Company Act of 1940 if— " (i) at least 80 percent of the value of the stock and debt obligations owned by such corporation on July 18, 1963, and at least 80 percent of the value of the stock and debt obligations owned by such corporation at the end of every calendar quarter thereafter (through the quarter preceding the quarter in which the acquisition involved is made), consists of stock or debt obligations of foreign issuers or obligors and other debt obligations having an original maturity of 90 days or less; " (ii) such corporation elects to be treated as a foreign issuer or obligor for purposes of this chapter; and "(iii) such corporation does not materially increase its assets during the period from July 18, 1963, to the date on which such election is made through borrowing or through issuance or sale of its stock (other than stock issued or sold on or before September 16, 1963, as part of a public oflfering with respect to which a registration statement was first filed with the Securities and Exchange Commission on July 18, 1963, or within 90 days before that date).

�