CITE

    15 USC Sec. 80a-4                                           01/05/2009

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
    SUBCHAPTER I - INVESTMENT COMPANIES

HEAD

    Sec. 80a-4. Classification of investment companies

STATUTE

      For the purposes of this subchapter, investment companies are
    divided into three principal classes, defined as follows:
        (1) "Face-amount certificate company" means an investment
      company which is engaged or proposes to engage in the business of
      issuing face-amount certificates of the installment type, or
      which has been engaged in such business and has any such
      certificate outstanding.
        (2) "Unit investment trust" means an investment company which
      (A) is organized under a trust indenture, contract of
      custodianship or agency, or similar instrument, (B) does not have
      a board of directors, and (C) issues only redeemable securities,
      each of which represents an undivided interest in a unit of
      specified securities; but does not include a voting trust.
        (3) "Management company" means any investment company other
      than a face-amount certificate company or a unit investment
      trust.

SOURCE

    (Aug. 22, 1940, ch. 686, title I, Sec. 4, 54 Stat. 799.)

TRANSFER OF FUNCTIONS

      For transfer of functions of Securities and Exchange Commission,
    with certain exceptions, to Chairman of such Commission, see Reorg.
    Plan No. 10 of 1950, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175,
    64 Stat. 1265, set out under section 78d of this title.