Sec. 4. classification of investment companies

144 words·~1 min read·/statute-compilations/comps-1879/sec-4

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

## Sec. 4 classification of investment companies **[**80a–4**]** For the purposes of this title, 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.