Page:United States Statutes at Large Volume 84 Part 1.djvu/1183

 84 STAT. ]

PUBLIC LAW 91-508-OCT. 26, 1970

1125

" (f)(1) I t is unlawful for any United States person, or any foreign person controlled by a United States person or acting on behalf of or in conjunction with such person, to obtain, receive, or enjoy the beneficial use of a loan or other extension of credit from any lender (without regard to whether the lender's office or place of business is in a State or the transaction occurred in whole or in part within a State) for the purpose of (A) purchasing or carrying United States securities, or (B) purchasing or carrying within the United States of any other securities, if, under this section or rules and regulations prescribed thereunder, the loan or other credit transaction is prohibited or would be prohibited if it had been made or the transaction had otherwise occured in a lender's office or other place of business in a State. " (2) For the purposes of this subsection— " (A) The term 'United States person' includes a person which "united states is organized or exists under the laws of any State or, in the case of a natural person, a citizen or resident of the United States; a domestic estate; or a trust in which one or more of the foregoing persons has a cumulative direct or indirect beneficial interest in excess of 50 per centum of the value of the trust. " (B) The term 'United States security' means a security (other se"{i!'if *?, ^*^*^^ than an exempted security) issued by a person incorporated under the laws of any State, or whose principal place of business is within a State. "(C) The term 'foreign person controlled by a United States "Foreign person person' includes any noncorporate entity in which United States unued"stlte^s ^ persons directly or indirectly have more than a 50 per centum person." beneficial interest, and any corporation in which one or more United States persons, directly or indirectly, own stock possessing more than 50 per centum of the total combined voting power of all classes of stock entitled to vote, or more than 50 per centum ^^ ^ ^ of the total value of shares of all classes of stock. "(3) The Board of Governors of the Federal Reserve System may. Exemption. in its discretion and with due regard for the purposes of this section, by rule or regulation exempt any class of United States persons or .:•». i, foreign persons controlled by a United States person from the application of this subsection." (b) The amendment made by subsection (a) of this section does not affect the continuing validity of any rule or regulation under section 7 of the Securities Exchange Act of 1934 in effect prior to the effective Ante, p. 1124. date of the amendment. TITLE IV — EFFECTIVE D A T E S §401. Effective dates (a) Except as otherwise provided in this section, titles I, II, and III of this Act and the amendments made thereby take effect on the u^^g'^rij^* ^^^'*' first day of the seventh calendar month which begins after the date of ' enactment. (b) The Secretary of the Treasury may by regulation provide that ^^^"'^"*^^"°7„J2 any provision of title I or II or any amendment made thereby shall Federal "" ""^ ^ """ Register. be effective on any date not earlier than the publication of the regulation in the Federal Register and not later than the first day of the thirteenth calendar month which begins after the date of enactment. Publication in (c) The Board of Governors of the Federal Reserve System may by Federal Register regulation provide that the amendment made by title III shall be effective on any date not earlier than the publication of the regulation in the Federal Register and not later than the first day of the thirteenth calendar month which begins after the date of enactment.

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