Page:United States Statutes at Large Volume 84 Part 2.djvu/307

 84 STAT. ]

PUBLIC LAW 9 1 ^ 9 8 - D E C. 30, 1970

1637

T A B L E OF CONTENT hi—Continued Set-. 11. Miscellaneous provisions. (a) Public inspection of reix)rts. (b) Application of Act to foreign members. (c) Liability of members of SIl'C. ( d) Liability of SIPC and Directors. (e) Advertising. (f) SIPC exempt from taxation. (g) Section 20 {a) of 1934 Act not to apply, (h) SEC study of unsafe or unsound practices. Sec. 12. Definitions. (b) SECTIOX HEADINGS.—Headings for sections and

subsections, and the table of contents, are included only for convenience, and shall be given no legal effect. SEC. 2. APPLICATION OF SECURITIES EXCHANGE ACT OF 1934. Except as otherwise provided in this Act, the provisions of the Securities Exchange Act of 1934 (15 U.S.C., sec. 78a and fol,; hereinafter referred to as the "1934 Act") apply as if this Act constituted 48 Stat. ssi. an amendment to, and was included as a section of, such Act. SEC. 3. SECURITIES INVESTOR PROTECTION CORPORATION. (a) CREATION.—There is hereby established a body corporate to be known as "Securities Investor Protection Corporation"' (hereafter in this Act referred to as " S I P C "). S I P C shall be a nonprofit corporation and shall have succession until dissolved by act of the Congress. S I P C shall— (1) not be an agency or establishment of the United States Government; (2) be a membership corporation the members of which shall be— (A) all persons registered as brokers or dealers under section 15(b) of the 1934 Act, and ^ ulc 7J0.' (B) all persons who are members of a national securities exchange, other than persons whose business as a broker or dealer consists exclusively of (i) the distribution of shares of registered open end investment companies or unit investment trusts, (ii) the sale of variable annuities, (iii) the business of insurance, or (iv) the business of rendering investment advisory services to one or more registered investment companies or insurance company separate accounts; and (3) except as otherwise provided in this Act, be subject to, and have all the powers conferred upon a nonprofit corporation by, the District of Columbia Nonprofit Corporation Act (D.C. Code, sec. 29-1001 and fol.). ^e Stat. 265. (b) POWERS.—In addition to the powers granted to S I P C elsewhere in this Act, S I P C shall have the power— (1) to sue and be sued, complain and defend, in its corporate name and through its own counsel, in any court. State, or Federal; (2) to adopt, alter, and use a corporate seal, which shall be judicially noticed; (3) subject to the provisions of this Act, to adopt, amend, and repeal, by its Board of Directors, bylaws and rules relating to the conduct of its business and the exercise of all other rights and powers granted to it by this Act; (4) to conduct its business (including the carrying on of operations and the maintenance of offices) and to exercise all other rights and powers granted to it by this Act in any State or other jurisdiction without regard to any qualification, licensing, or other statute in such State or other jurisdiction;

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