Page:United States Statutes at Large Volume 78.djvu/881

 78 STAT. ]

PUBLIC LAW 88-563-SEPT. 2, 1964

839

considered a foreign issuer with respect to any class of its stock which is traded on one or more national securities exchanges registered with the Securities and Exchange Commission, if the trading on such national securities exchanges constituted the principal market for such class of stock during the calendar year 1962 and if, as of the latest record date before July 19, 1963, more than 50 percent of such class of stock was neld of record by United States persons. " (b) SPECIAL RULE FOR FOREIGN UNDERWRITERS.—A partnership or corporation which is not a United States person and which participates, as an underwriter in an underwriting group that includes one or more United States persons, in a public offering of stock or debt obligations of a foreign issuer or obligor shall, if such partnership or corporation so elects and subject to such terms and conditions as the Secretary or his delegate may prescribe by regulations, be treated as a United States person for purposes of this chapter with respect to its participation in such public offering. "(c)

CROSS REFERENCE.—

"For definition of 'acquisition', see section 4912. "Subchapter B—Acquisitions by Commercial Banks "Sec. 4931. Commercial bank loans. "SEC. 4931. COMMERCIAL BANK LOANS. " (a) STANDBY AUTHORITY.—The provisions of this section shall apply only if the President of the United States— "(1) determines that the acquisition of debt obligations of foreign obligors by commercial banks in making loans in the ordinary course of the commercial banking business has materially impaired the effectiveness of the tax imposed by section 4911, because such acquisitions have, directly or indirectly, replaced acquisitions by United States persons, other than commercial banks, of debt obligations of foreign obligors which are subject to the tax imposed by such section, and "(2) specifies by Executive order that the provisions of this section shall apply to acquisitions by commercial banks of debt obligations of foreign obligors, to the extent specified in such order. Such Executive order shall be effective, to the extent specified therein, with respect to acquisitions made during the period beginning on the day after the date on which the order is issued and ending on the date set forth in section 4911(d). Such Executive order may be modified from time to time (by Executive order), except that no such modification shall (A) have the effect of excluding from the application of subsection (b) or (c) a significant class of acquisitions to which such subsection applied under such Executive order or any modification thereof, or (B) subject any acquisition made on or before the date of issuance of such modification to the application of subsection (b) or (c). "(b)

DEBT OBLIGATIONS W I T H MATURITY OF 3 YEARS OR MORE,

ETC.—During the period in which an Executive order issued under subsection (a) is effective, and to the extent specified in such order (and any modifications thereof), sections 4 9 1 4 (b)(2)(A), 4914(j) (1)(A) (ii), and 4916(c)(2)(A) shall not apply. "(c)

Ante. pp. sis.

DEBT OBLIGATIONS W I T H MATURITY FROM 1 TO 3 YEARS.— ^^'*-

During the period in which an Executive order issued under subsection (a) is effective, and to the extent specified in such order (and any modifications thereof), there is hereby imposed, on each acquisition by a United States person (as defined m section 4920(a)(4)) which is 31-667 0-65—56

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