15 USC 80a-4 – Classification of investment companies
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.
Terms Used In 15 USC 80a-4
- Company: means a corporation, a partnership, an association, a joint-stock company, a trust, a fund, or any organized group of persons whether incorporated or not. See 15 USC 80a-2
- Contract: A legal written agreement that becomes binding when signed.
- Face-amount certificate: means any certificate, investment contract, or other security which represents an obligation on the part of its issuer to pay a stated or determinable sum or sums at a fixed or determinable date or dates more than twenty-four months after the date of issuance, in consideration of the payment of periodic installments of a stated or determinable amount (which security shall be known as a face-amount certificate of the "installment type"). See 15 USC 80a-2
- investment company: means any issuer which&mdash. See 15 USC 80a-3