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

 1414

48 Stat. 8 8 1. 15 USC 78a.

••Member of the immediate family."

"Separate account."

••Savings and loan association,»»

54 Stat. 8 1 1.

Exemptions. 54 Stat. 797. 80 Stat. 243.

PUBLIC LAW 91-547-DEC. 14, 1970

[84 STAT.

"(iv) any person or partner or employee of any person who at any time since the beginning of the last two fiscal years of such investment company has acted as legal counsel for such investment adviser or prmcipal underwriter, "(v) any broker or dealer registered under the Securities Exchange Act of 1934 or any affiliated person of such a broker or dealer, and • •, "(vi) any natural person whom the Commission by order shall have determined to be an interested person by reason of having had at any time since the beginning of the last two fiscal years of such investment company a material business or professional relationship with such investment adviser or principal underwriter or with the i^rincipal executive officer or any controlling person of such investment adviser or principal underwriter. For the purposes of this paragraph (19), 'member of the immediate family' means any parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister, and includes step and adoptive relationships. The Commission may modify or revoke any order issued under clause (vi) of subparagraph (A) or (B) of this paragraph whenever it finds that such order is no long^er consistent with the facts. No order issued pursuant to clause (vi) of subparagraph (A) or (B) of this paragraph shall become effective until at least sixty days after the entry thereof, and no such order shall affect the status of any person for the purposes of this title or for any other purpose for any period prior to the effective date of such order.'' (4) A new paragraph is inserted immediately after redesignated paragraph (36) (formerly paragraph (35)) as follows: "(37) 'Separate account' means an account established and maintained by an insurance company pursuant to the laws of any State or territory of the United States, or of Canada or any province thereof, under which income, gains and losses, whether or not realized, from assets allocated to such account, are, in accordance with the applicable contract, credited to or charged against such account without regard to other income, gains, or losses of the insurance company." (5) A new paragraph is inserted immediately after redesignated paragraph (44) (formerly paragraph (42)) as follows: "(45) 'Savings and loan association' means a savings and loan association, building and loan association, cooperative bank, homestead association, or similar institution, which is supervised and examined by State or Federal authority having supervision over any such institution, and a receiver, conservator, or other liquidating agent of any such institution." (b) Section 13(b) of such Act (15 U.S.C. 80a-13(b)) is amended by striking out "paragraph (40)" and inserting in lieu thereof "paragraph (42)". SEC. 3. (a) The second sentence of paragraph (2) of section 3(b) of the Investment Company Act of 1940 (15 U.S.C. 80a-3 (b)(2)) is amended by inserting "in good faith" after "paragraph". (b) Section 3(c) of such Act (15 U.S.C. 80a-3(c)) is amended as follows: ^' (1) The material preceding paragraph (1) is amended to read as follows: ^ "(c) Notwithstanding subsection (a), none of the following persons IS an investment company within the meaning of this title:". (2) Strike paragraph (8); redesignate paragraphs (5) through (15) as paragraphs (4) through (13), respectively; and strike "paragraphs

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