Page:United States Statutes at Large Volume 84 Part 2.djvu/85

 84 STAT. ]

PUBLIC LAW 91-547-DEC. 14, 1970

(B), (6), and (6) " in redesignated paragraph (6) (formerly paragraph m) and insert in lieu thereof "paragraphs (8), (4), and (5)''. (8) Redesignated paragraph (6) (former!v paragraph (6)) is amended by inserting "redeemable securities, before "face-amount certificates. (4) Redesig^iated paragraph (8) (formerly paragraph (10)) is amended to read as follows: "(8) Any company subject to regulation under the Public Utility Holding Company Act of 1935." (6) Redesignated paragraph (11) (formerly paragraph (13)) is amended to read as follows: "(11) Any employees' stock bonus, pension, or profit-sharing trust which meets the requirements for qualification under section 401 of the Internal Revenue Code of 1954; or any collective trust fund maintained by a bank consisting solely of assets of such trusts; or any separate account the assets of which are derived solely from (A) contributions under pension or profit-sharing plans which meet the requirements of such section or the requirements for deduction of the employer's contribution under section 404(a)(2) of such Code, and (B) advances made by an insurance company in connection with the operation of such separate account." (c)(1) Section 8(b)(2) of such Act (15 U.S.C. 80a-8(b)(2)) is amended to read as follows: "(2) a recital of all investment policies of the registrant, not enumerated in paragraph (1), which are changeable only if authorized by shareholder vote;". (2) Paragrajjhs (3) and (4) are redesignated as paragraphs (4) and (5),respectively. (3) A new paragraph is inserted immediately after paragraph (2) to read as follows: " (3) a recital of all policies of the registrant, not enumerated in paragraphs (1) and (2), in respect of matters which the registrant deems matters of fundamental policy;". (d) Section 13(a)(3) of such Act (15 U.S.C. 80a-13(a)(3)) is amended to read as follows: "(3) deviate from its policy in respect of concentration of investments in any particular industry or group of industries as recited in its registration statement, deviate from any investment policy which is changeable only if authorized b j shareholder vote, or deviate from any policy recited in its registration statement pursuant to section 8(b)(3); ". SEC. 4. (a) That part of section 9(a) of the Investment Company Act of 1940 (15 U.S.C 80a-9(a)) which precedes paragraph (1) is amended by inserting "employee," before "officer". (b) Section 9 of such Act (15 U.S.C. 80a-9) is further amended hj redesignating subsection (b) as subsection (c) and inserting immediately after subsection (a) a new subsection to read as follows: " (b) The Commission may, after notice and opportunity for hearing, by order prohibit, conditionally or unconditionally, either permanently or for such period of time as it in its discretion shall deem appropriate in the public interest, any person from serving or acting as an employee, officer, director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a registered investment company or affiliated person of such investment adviser, depositor, or principal underwriter, if such person— "(1) has willfully made or caused to be made in any registration statement, application or rejjort filed with the Commission under this title any statement which was at the time and in the light of the circumstances under which it was made false or

1415

54 Stat. 798. 15 USC 80a-:i,

49 Stat. 838. 15 USC 79. Certain truit fundi and accounts, exclualon. 68A Stat. 134| 76 Stat. 809, 1141> 80 Stat. 1577. 26 USC 4 0 1.

26 USC 404.

Registration statement. Policy changeable only by shareholder vote. 54 Stat. 804, Fundamental policy.

Investment policy deviation, prohibition.

Supra, Ineligibility.

Certain p e r s o n s serving investment c o m p a n i e s, SEC administrative a c t i o n.

�