Page:United States Statutes at Large Volume 84 Part 2.djvu/310

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PUBLIC LAW 91-598-DEC. 30, 1970

[84 STAT.

(A) Cash on hand or on deposit. (B) Amounts invested in United States Government or agency securities. (C) Confirmed lines of credit. (8) CONFIRMED LINES OF CREDIT.—For purposes of this section, the amount of confirmed lines of credit as of any time is the aggregate amount which S I P C at such time has the right to borrow from banks and other financial institutions under confirmed lines of credit or other written agreements which provide that moneys so borrowed are to be repayable by S I P C not less than one year from the time of such borrowings (including, for purposes of determining when such moneys are repayable, all rights of extension, refunding, or renewal at the election of S I P C). (b) INITIAL REQUIRED BALANCE FOR FUND.—Within one hundred and twenty days from the date of enactment of this Act, the balance of the fund shall aggregate not less than $75,000,000, less any amounts expended from the fund within that period. (c) ASSESSMENTS.— (1) INITIAL ASSESSMENTS.—Each member of S I P C shall pay to

S I P C, or the collection agent for S I P C specified in section 9(a), on or before the one hundred and twentieth day following the date of enactment of this Act, an assessment equal to one-eighth of 1 per centum of the gross revenues from the securities business of such member during the calendar year 1969, or if the Commission shall determine that, for purposes of assessment pursuant to this paragraph, a lesser percentage of gross revenues from the securities business is appropriate for any class or classes of members (taking into account relevant factors, including but not limited to types of business done and nature of securities sold), such lesser percentages as the Commission, by rule or regulation, shall establish for such class or classes, but in no event less than onesixteenth of 1 per centum for any such class. I n no event shall any assessment upon a member pursuant to this paragraph be less than $150. (2) GENERAL ASSESSMENT AUTHORITY.—SIPC shall, by bylaw or rule, impose upon its members such assessments as, after consultation with self-regulatory organizations, S I P C may deem necessary and appropriate to establish and maintain the fund and to repay any borrowings by S I P C. Any assessments so made shall be in conformity with contractual obligations made by S I P C in connection with any borrowing incurred by S I P C. Subject to paragraph (3) and subsection (d)(1)(A), any such assessment upon.the members, or any one or more classes thereof, may, in whole or in part, be based upon or measured by (A) the amount of their gross revenues from the securities business, or (B) all or any of the following factors: the amount or composition of their gross revenues from the securities business, the number or dollar volume of transactions effected by them, the number of customer accounts maintained by them or the amounts of cash and securi^ * ties in such accounts, their net capital, the nature of their activi/ ties (whether in the securities business or otherwise) and the ,: consequent risks, or other relevant factors. (3) LIMITATIONS.—Notwithstanding any other provision of this . Act (other than section 3(f)) — (A) no assessment shall be made upon a member otherwise than pursuant to paragraph (1) or (*2) of this subsection, ., (B) an assessment may be made under paragraph (2) of this subsection at a rate in excess of one-half of one per centum

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