Compilation of securities laws within the jurisdiction of the Committee on Interstate and Foreign Commerce ..


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Compilation of securities laws within the jurisdiction of the Committee on Interstate and Foreign Commerce ..
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United States
United States -- Congress. -- House. -- Committee on Interstate and Foreign Commerce
U.S. Govt. Print. Off. ( Washington )
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Table of Contents
    Front Cover
        Front Cover 1
        Front Cover 2
    Title Page
        Page i
        Page ii
    Table of Contents
        Page iii
        Page iv
    Securities Act of 1938
        Page v
        Page vi
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        Page 30
    Appendix. Provisions of Federal law relating to the Securities Act of 1933
        Page A-i
        Page A-ii
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    Securities Exchange Act of 1934
        Page 31
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        Page 134
    Public Utility Holding Company Act of 1935
        Page 135
        Page 136
        Page 137
        Page 138
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        Page 170
        Page 171
        Page 172
        Page 173
        Page 174
        Page 175
        Page 176
    Trust Indenture Act of 1939
        Page 177
        Page 178
        Page 179
        Page 180
        Page 181
        Page 182
        Page 183
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    Investment Company Act of 1940
        Page 213
        Page 214
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        Page 216
        Page 217
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        Page 219
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        Page 284
        Page 285
        Page 286
        Page 287
        Page 288
        Page 289
        Page 290
    Investment Advisers Act of 1940
        Page 291
        Page 292
        Page 293
        Page 294
        Page 295
        Page 296
        Page 297
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    Back Cover
        Back Cover 1
        Back Cover 2
Full Text


.4 IDICTION. P'1'1





APRIL 1978

Printed for the use of the
House Conunittee on In terstate and Foreign Commerce


ifrsale by the Superidfedent of Documents, U.BS. Government Printing Offlee
Washinston. D.C. 20402

... ........

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.......... .

. .. .....

.. ..... ... ... ...


Securities Act of 1988 ------------------------------------------------ 1
Appendix --------------------------------------------------------- Al
Ofturitles Exchange Act of 104 -------------------------------------- 33
Public Utility Holding Company Act of 1985 ----------------------------- 137
Trust Indenture Act of 1939 -------------------------------------------- 179
Investment Company Act of 1940 --------------------------------------- 215
Investment'Advisers Act of 1940 ---------------------------------------- 293

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.. .. .. ....... .

4 K:T

... ... ..... ... .... .. .... .... . ... .... ..
... .. .. ... P. U a

JL to INA:


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.. .. . .... ... ..

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.. ................. . .......... .

VT 'r,

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.......... .. .. ...... .... ............ .. . .......... ... .......

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Ax AcT Toprovw funand fdr dIedfMMM a es sold In
and go conanem and thron the inaft j nd to V"Vent fr&jjdg
-iike We thereof, and for other P ase&
Aa Smate and Hotiw, of BePMBOWANI*# Of the of Aim in Congrms

K 4s. 1404'MAYU.6ted asthe'"Se6tTiifies AA Of 193311.

Slob. 1 11 iiwed, 'In 8 f titIe6. inde Ule context otherwise

avmuluy S MY notf stock, tremury dock,
id,no of% ixidebbxlness, o&dficste of interest or P0.41WASIft-Agreeinentl eallateral-trust bBrtifiproo A tli, 5M t 61111rljs rahie 13111JI16M
19-brUA C extes c&tificate of deposit for
Oin voti, Oftifi
un6 d in6Wrest in oil, gag, or other mineral Jfthh 4, 3 kd eral, any interest or instrun nt commonly kno
4W IL XIWl Ur %^01-tificate of interest or partic tpafion in, twiIn for br, 12 Mlrmfim ot. or -warrant
r tto to or purchase, any of the f6re0Ingrj[u to kj)6ration,,s part
nermp, SA a jojnt4,6ck oompao a trust, any unincorporated'Org"nation, or Wgo Verninent or pohfical subdivision, theinmf.
used 'in this paragraph, th: le tarm, 99trust" At MI ineAude. a trust
*h6ft tIW interest Orinto of the b&dfitisry or beneficiaries are

(3) T% t6rilk.awe or dign indU& tontract.of imle or
7 i of every
IL security. or i0a iirk Sm4rity
to sell" (W Vlaft n6 terM
offer offer foj sile" Ot"::: "Ahan include every a P
171 of, or of an offer W buyq a sec"tY or
*&rity, for- Wue. no torms defined -in this pariigtsph
6&r to lWy." as used M stibsection (c) Of, aecticift 5 Ishiji
Imt4neJude Min _Mtiations'o- Ir entq
ary X eg between -an issuer
jAiany d*edjy-t Cit inffikealy contrqllijig, or.controlled b an
Muer, or under dirimA or Midii+d ot on c6txQ with shissuer) and under*iitets wlio are or are to bo'mi privity jASu6i-, (6r aixy pierson; -diredly 4* hidireefly con9A under direct or indirect conIMM
Any -6wtuity, givcn or doh*efed with, or as a sewri es or any otherthing!

v. Av: ti? iz-Oar.:

such pumban and to have been offered and sold for valm The IBM
Pri A
or trawfor of a riot or ivil M when mikunny issued or ttlansferred. with a security the holder of m I wh se&nity he HXht to
convert such seclljri9 into another of the same now or of
another person, or giving a naht to subscribe to another swarity of the same issuer or of 4
W*W cannot be ANIZO6not be d," to I* an offer 4 r until some ftLtqm date, of
I T x:r
ii -. rw j E i. 'A v P A
u theexercise I ti
pon DISu& of Qqav rwm Qr.
dpemed a sAle of such other WaritV.
A I-a sk.
to issue any t4Juba ifth low UM
deposit, voting-trust certificom go ral-trust certificat4w, or
f a..
with respect to certificates of ; br shares in an unincorponAed investment trust not ha i a board of directors (or persons perVT4
formig similar functions) i* j6f IM 4med, restricted leznent
or unit t4a *,u mama
th F 1.- f
ing the acts and. IMIn e or
suant to the provisions of theYU4, er or
under which such securities am immu except that Inthe cam of an U.. VfoE Ii d
liability of any or all of lilts membersor in the C&% 0 a tru# 2
Mittee,:.or 9ther legal qatity, the-trq- -. not be inffividually. I i0le, as *qpwq ot t
tr ep
rewed to eq 7w
C6issIW2?. Pe hT V40M
Inea" MM 4y, 19.0pme* orj
is to bo:wd; and arcept that WA.h reaps-'a, +A-k god-" interests in oil, lgaa .Qr other miner4l 6glits', the
the 'Owner of: any s1wh, or Of'4ft%%l" W% in,=& V"
'Wigbt intelva H& Awlour-wt
whok, or efteu
purpose, 0 oft,
f public eon&
(.6), The term ". Y I .:
IMAM -'M WT IC$= Prog, iu v-* gin-ldazds,.. And the, PORSOOpq tb t04: &4W& 4 'PI
AWCO uwowa trade Affirl nO tABIM COM 7 K
UM Wurities,"Or any or COMMP.I.
among the several States or between the Distrig*4444 "M
erri Wy of,t or
'T a United $totes s;A,, Stato 6C,
J"..Wem W, fOrW= UAUT a F
O X.' .. r qd
of C WumWa, or . . . OICQ
TbetPrM Cregisw ica xt;&te=e* -wpm
vi". fw* option AO andincludeq a
,49sum or *ff P
4y' wle A ii I j F I ot
0 .
term T fRAJ
-or W34
grap Or 4.113r aeans of Vr; phW. cQIRWJUC#iPWar
(.10 roR
A. )eq wgwPAOen
whic -p J i
offers oq;rA- -r*ty oj ,Qr gWW
wuri 0=70P th* (a) W,
efllwft". 11110q, 9: gaw
ritory" on the basis ok-P;;sidentW Pr am;= effeefive July 4. 19#4 ('11 IP.IL 7517; 60 Stat. 1352), which grated Inde PhMPPL" rdau&L

i&d6r'WU9ocfipn: (b). of
-section 10): shaR not be deemed -a prospecAus if it is, proved that prior to or at the sam6 time -with guch prw ed-m wwting therequirementsof sub8"6n, (W) of 10 at tb& time of such .ownntiniWioii was sent
hbmk '11
df, to the p*rm to W 0& Mad% and (b)
a vta&% *ircWIr i, in ros
onktts on i dof y &ail 10t*COMIW pe
Ai6tWd6eih- to b -PrOsPeans. i f it tates f voth whom 91hm"tten fetus a
As of 'seakh, 10 may be
-M iMm tbL;fLn,,, 14MOry.. t und- additiw Z
bn bd SOMM
Clio ith~ :'_ shale bjy be 4 xecu,4 and
SAW. I y
Sq& Oak& ial
ormwtibnM:'th&Oo=mi b rtfles or regnIft"116"ris& -i* the "Mia, -intereA and for &dpMteation Of I* n*bSt6vI lisid.Ab. to vu& Urrm condition,43
awtml ** prftail d th4riiA &YPermit.
11) if tA4MI.ICSVi&k*n.. ggany lwrwn;who hgspurchaseod
W4 ViIW bj, or soll1s, for-Aw issuer in wnnewoli Wih lrit .j'or pa;rtW --tes or has
pa ]CII any. par
M Aifwt tot it on,: =deftakin&
d6p" il6i,- has a ptftid ih, the direct or ii di: uh 'derwritP&
g terin shaH, ha indAdt a person
IIM-*tkd ta'v wifti lei-writer or
WNwo M ;efit J ]Ai& Ioift fmiA ali URC
r -in 4 1 046 Insdil ziAd txist n &Ty &stributors' or
SW*W '&wnmiag om AA usoa ift,:. tbi ,g'ph thi terin'"imer" i0dilde, 4ft ddki 5 Sh'' any. perAm, Under. direct or
mowtxmtrolivith the imoer.
18 lerr "W;& ho 6r
lot- P&rt?- >ul& fiM4 peram w en:gageg other f
H*6 I*. or, iiiffiixm as a btoiker, or
**A"17 Ift46,businew of o&ring-t I OYM91 selhyi& or? otherwise, agid*1W or trMing ift 'isue&byi d
Thol telm company w
]FAA* ag an ban-"M botadopirly mW&W, -ai hieh is
pMy-."whO8&:,PVU"y and -bEdominant is the'WHth4 ofinsuraD06 Of-the roini 11 of ril3ks
t y iimfto C ai
Ob OfftP9 els al 4 whidh is subjOet to superthe insursAce Oftmllsi
'rghifflar'.Officia 'one or, ag
46C& SfiiU twritc"vr the -Didri Ohlili
y rielCel"r or
or &4y liquididib r S...
Tho.., t6r6 i4 461slbha:: *01AM AnAicco")V -h
by An ink" fva(k i6p PrCt, OfffieUft of gLnjf ftte
.' f the 'Uhitod: $tj4a) 'b dt" f
"Of C Ibm W
Whkh an osses,
VM09 WbWe& to tah abdotint, are, btb to charged.
fttrd*, tw ZO or losses
i tit

f '10
qpno OMMS' t4 -th& Howing clams of
d, ov 6 the 4kvaei W
iLpply tk),

.. ... ....
my MW.1
L 4x
Ylbring of.. any SMW
S )113111111:11 W'M&
ul i0hiLV -d f, '4 1#
(9) Any a""i am A or %WWJ6 the Aitod isspowor
territory *erwf 4r by tbo of the. UuiW .1 SAakes,, or by soy
jorby;,'O" Pubno or %Q14
Uarritor*:: or by, any pars= wnUvkW or aq*rm md by, wO as an. instr Ot ".'GO*MOM$'Of the-11L*O stowj*04;
saaht A: onty, gmuted by, the.GPUF* 'VCtbt -UWW;1$tPtOO t ,Aa the fn
any" qft"esta of do aj y of
issind or, g!amteed by =y b"k; orany. Soma-MV iWoW b,*, j*M0 redebbga "', of, a FodenA Am- r" or axly, intertd. or, W46% COMN MM or
fund maintained li a b6nk.exclusi for tb6 Wbou" 0 1 '1 W
and reinvestment of: Wets contributed tbeato by w4,, be* MA I ts DAM
CaPacity 44 MOM istri"r, Qr
oeddmed 6
to IN Of thQ 1[j)QtCQr3*JEte W e of INA) 1MM into
(0. (2
Of APb* P Mgra
such Codeif res Owof' ph
of such ma 103 (e) dogs not AP I Mach Secan
Sect) to or
a 0 0 .. y 0.0%C&
or partm-pation. ijx a eirigle or cogaiye trust bank or in separate acmunt tainted by IM'.J.
wbich interest or p"c4Wion is.--ismueddu owbeOiqft witu a
stock.bonw, Pemon, or profi-Irshaxinr 131" which e4,tbe menu for qua] Uwation undwsectiow Al of th, Internal Rom* of 1954, or (B an annuity p% whir deductiesm of aftPloyW f5 couthbution -under 404(t) ''P. such Cod44 other thim any p1m dequibed in dam (A) or (1k), 6f M6,
ragraph, (i) the contribution undev: which an heId in, &,-.
trust fund, iaktaiined by a eo or in x., separstA. wooont by an J Woyer and
emle'40y"Ar w min&
an amount ixt..expees, of um einplayer's contribution is &Uaftod 4o AbP
of swaritio (other ihan-interests t)r psxtidp&t'j*Oi1t*dii' pur;hasa -4 1 '
trust or separate account itself) M y the em. I 096y4or ,QMP@JRY..dirO Omt Be
....poutrdl th: tb
.9 empi or whieb covers
sovaaqr jall 0% whom ,JL 40yew.wMig lhi3 MeamMg Qf 401 (T.) of such Co& Tb omn-d04", by, r d
r om the proy a',
Qr orda shall"aumpt fr vx n 5 It.
ia7 ; 4 orpaxticip *,W
v ny ik k
pepmon, profit- WO *4 9ov,
or ill of i&Mare employ -he i"Wr T"
Of the ]Internal Revenue Code of 1954, if 4 4(1 k
Cx mi&bqr dib& pewory or
public ii"rest and Comstent *ith th6_P,4 aion of invog a
piir Aifl ed by tb Pelfor All

816 of, .&is 'p4r*gt*phis a iwe '
not jinlude :any mtei or. ".01 T 7.'
trlusti fifad, bAiTikin6d baM
nationA ba W. oi jo
)DiAll At&

whi&-isvm*skint*Ut11Y confinedd to banking. andis supervised by the Stai4brUitiWi iabwiking commission...or smililaroffioial.; eamept th4t
d Obibloft trust, _f and or: 4 milar.,.Nmd or a c-ollective g -the ]Investment
trua hod, -the has the'same meaning as in
A.Ji .wmC6'dra*t bill of cixaange, or bauker'sacceptanm which wor pr dff'of which have been
'but 6f a currem tramae 11*
ar ize tolbe used. fo current c4 s. Y
akthe t m ef:::1 cevf niae, wootbsei;dusive of days
of giace, or iny renewal thereof the maturity of which. is likewise
Y Y. a .1 ]WO organized, and operated ex
abitivily f9f rel' bducational,,behevolent, fraterinall it or War 'a igious
no -my, purposes *A.d not Mr pecuaiary profit, a4d no pa t of the net earnings of whi inu'es to the benefit of any person, private s66cjdtoW",, of in&.*.
-by a, saving and loan association, "Agtion, cooperative. bank homestead associatjowl, b 0 4 jAsOtut i m e is superv*d andexampned *ate iW IF iq y such ipsatuti;014
&r&1,!4w4horty hAving Wrvision, avo
A4 OW f J Amll nottapply with res
"Moing exemptim PeeA to,
mnh security where the isqqer tokes from the, tot8ISMOUnt Daid .0 op-other
of depwi" hy ]h Purchaser, by spy, fft cash value
'n ;16stlnent 01 Mswh*6 er eith w the WN
-erjuppm1w iU4 of
aMOUM JA vz qss
"Btuw 91 tbB fAm va A s6cunty w (B). .yj i) a rinees
gm r -ax
on, uader, secWa 521 of the
exwpt, f m
IR-ovenuo Cbde of (iij...a., desexibed in seei:011(44t) 511ch CQ& And exen pt from-, __o;U la under section
4 6f s (Hu.: a jegirpaiittion deserii1 ,k soxtion
h W, exempt
X wb fr6A tax. under section
50 D1 do
.6 and ig organic I& the Siejusive purpose of
holding title 16 property,.. collecting income therefrom,-and turning the 1, ML
over the en to an organization, or
CoTora AM in 8aIm ( .or:
IN. W IV, eartier the msuance
-sie it Odby, in of which
MZ Vj2*,tWAft, pToysiow of seefien 214 of Axe Interstate Commerce Act, or SAiY interest, in *'raffroad eq uipment trusL For purposes of 61M trust", m.eang any
jease c6ndifionftl Westautmet,, or other L UL
04torl"d 'WO, *s=m4, guz or
for the b AAR60* f a common C a r rier taftaPm 0-- ai6quisition of willingg pow r- ;,,q
TorojL i$OUed" A&UvAee in hankruptcy,
11 1 C 1 Aract or
(8) A" hiftiith4e 5 or Ojidowme if A MIA --x
wra atift Ikubject to the
b 'k, j
io DOMPUMioner, or
A gon*, Ot,'*1 sta& or COlum
",*"r vith it 6::64. im,100* 0 a -or other rexntmeW-iPn is paid
WIqO it 4P'

.01 W ."OhAIAP i adil- fp. ICX* 'Wh" tbolums

the fairnemof such toer= st
Alt W
Apie Wt
Ina I"
stmllps or by I bYl kw A*
mother tv MIR
8kh a al
(11) Any a AR *&red and
,murity wbkh is a art of r
I 5b"
to ptalpofis iitesidant vrigbin or
Of imA ilv&lr%7&cFAM. iod'uum ot,
j3jDOr"ftt4OdbY.:.&nd doing or Teriitm7 ,
(b), The mmsy from time to do
to if*.. ANA
subjedth'V" term iW:
the. to tj*
refpr .sdd way cb m of 406"MW 4IMPROWAMW qpqwl -Ilit
"th": the 11 mm"t On
'Of tu ....
the Aim but, i*6 Wig
Shan be 4ftftpw under'" lbe
t, W iA* W090mu th* KPONO ex"d OWAM
A 112" fk"*" td. ad*
to i" tor'm- r, and
fi 9"nd jau
-68 OPOO OW ift.
it;]bere*. Od W mib i*
ri" k
the Or im if
Of 61"
t6 swk,980tuities, li
.... ... ..
4, lue mied Y
is my: Vero= ..... .4M 14
writer: or, dk*W.
12 Oungsdiom Y'va ismmi not **4Dh=i 2_Of tbo
0 40
(A) UsnasAims talllii;Wp
24 !fvvq dayw sltw" Alftupo"fi"t
L 1
W.& fi& offered to the public liy the
tiraitsmilacm in kj;A*
]11!1 '4110, P Orl


Y5 IL, c s p
ime firing whi lv' to
daliftod'tindor k8 ig: in, effect its to fli6,-securi y
ok,-W& -'shortsr P6rioalus th6- Commission may
eEi'Od ftalations or order, sad
on as liconst" he' whole
tran icti s to securities itutingt
gi Poo. of ag. inni inn t on
UnwId sdk4fi t to su npt by such
-*n Or,' bac
lifirT ?PTd" r, "'a participant Jin the distribution of- sealritie$
yvii t
IV. :ortybr.hkoit
issuir an under-vml
ith respect, to transactiomi T err, to auspJB,)k1.if securi4es of the issuer.have not previously been I pursuant to aia
M. idn' in
4 a d of, fortv 4ay dwll be ninoy daysor i A. sh6rier period T:
R the Commission m dr 'a tions or order.
lullponi or ers oin'
4 1rq Ail d'
h DOD over... 6-coibiter 'fii th A Ail" but 4ot the
i6liiDf such: 0 e
k..) TVAng'W J S iiiV61
itVD vin o ers or si of O'neor baore
eiq secul rst lien on I''
U.-In=issory wtes dii, x g parc.....
bed 11' g of"other re identical
frea te up(m w v is-,lock a dwe ir
paiticopa bn, ifito ts% i ch or, OkL aercw itruct ft akid res in su
(i) where such securities are originated by a.sav*-gs and
association, savings. ina, commercial nk, orsimilar
batiin iiistitiffi(* which is supervi examined b-v a
FMe or ld hourly .,.and are. offered and sold subject
'to theTbI164
.A g. k.:. fit) the-minimum a Tegate. sa es price per 99
shall not IiOessrthah $ 80,000;
(b). the purchaserahall pay cash either at the time of
.... &S S&It or vkhba Sixty days there d'
p4r&,a er,.ii lnll buy' for his.-. o*n acco i y; wh SOCUritka 6r
am 'inj ga
-&' ted by, a mort ee
'N 1..i
1y; of OU 'n.Developy MiAk 11 M ng and UA*
440M rsuabf tl 4dion 2W imd'211: of the NvitiiDnal HOUSinkAd"=1 at e off ere d *r sold..8tibita to tho -thkea conditions
1W ih stihpitragraph (A)'(*'). to anYinAitudoh.described
in s4w, subpa.att"h 'br:'Uy an! rinbe'com *ect
gill. Width h81jT&t1c6 L eonlmiss* '
lone any
S101i of tlki i r, ot
or O&ee 0" rmi 'like: function, of any State or
-1,ur" f.'Ah'O.vitited StaA& ok"Vib Diistriet of Columbia '
orthe, ierhl H. me-Ijoan Mortgap Corporation, the Fed
f4lM Nssociation..
A ,,Mrw= nwbetwoet any of th ent'ties a s, ibed ". gu.bAL
or (fi),'hereof: invo, vn* AQA-assignWi
or sell the fo WA 4 re & le
here the seller.p
fwo Years w f ''he f6r golngr
orArad is one q e pa,
i) wbo gm 4' te
oo, gii *
'0- sueh sec Urities U) lianf'tp is AAV Ins $11b Oagtap
y d scri&Alli, 474b a,' aph
PAP plat gr

(A) .*aA lmlor F
era, %UOM., W. or, *he tia*
Mor*w Amxiation Od W14M. j4DrWjA8- O"14titieb am 84kile to tilree Co for:
a the Wt
L fi) S): t V... .I., ..... "X T *&d by sub
_"mpraQa provi PMvMF gra
f."t na a ly to r4eft of MWjL jtje& nurION,& Z Tll
suant theretcN 4alew each of the conditious f9r
e6vaxagmphs- A) (1)* (c) are
A j
4 0 2 K I rj..K
T 190 r
Snp. 5. (a) vnlqsi -4 'is W A
A lk
;qly y t r
1) tq 406 of' inst of an
or COMIMuiikatibn in inierigia: commorm cki of the
,,such purity f0m k&:Ow 6-41um of a' or
otherwise; or
(2) t M or,4MU46 mmlhd through, tho
int6ridate commgree, by an inst ftv%+w a tMAOO#S,tion. any such security &r the pA:urpcee of sale or for deh after
f'or qfiriW.
(b) It shall be.unlawf l my IMSM, Y
(1) to, M11" use of any means or buitrumeuts of trswqmr &tion or ameation ifiterstate commerce Or pf Oz maib Ito
carry or tranmit any prospectus relating to -any security
rwpect to which. re -tration statement biw bew filed un&r this title, unl&s such prospectus, meets the reqxurements..Of Section 14D;
(2) to carry or cause tq. be IM in
interstate or the pw-pom a orv Becun If
for aelivery after sale, 6les::,s accompanied or precqded by a provectus that mesta the requi of subsectim a).. Pf 90dilDIM 10.
it sbau be urUwL for: Piv W y or'iuoi redly, o
make use of iuv means w iqdruments of transportation or, wmmunication in int*iiiate con, = erce, or of theinails, to offer to, iell or o9or to buy through the use or medium of a4y pr9spectus o;,ol harwise
.a Xegistrat statement r,
security, -uuless ion h", b eu Mod to S"
security, or *hile the. registration s ateWnt is #ip Subj a Ituft order or stop order, or (prior to, the, effwtivedW 6,rezwtr-siion sta*ment) sinv., ubl*j i6o ing or
p owwx u
4 .. ..... .....
6. (a) Any security may be -regn'stereA with t'he"Vid "Ssift: under the terms and conditions hete xf t P,r pmvicied by J, tiation siat Ahent in triplicate at least oneof whiWA LU
each iss r, its, ptin- P$al eice6util pfliqer'pt o i 6P&I
ffi "cial officer, its 'comptroller or prMe *nd
tho majorft of "its board ofdireetot-$ Or, verso$ POPO
b.* the M& ori yo me wrspns.or, po*er of 1mgnAgvn_ ept sgu r) i%-'
f6ftip, e lper7i Driai by iis ddy'aiiffi6rizZ. in

when such regi
dw IRWIDil; except, Via station statement
by w f Oreigm, vzrnm Ut or political sub,-Adwzwbwa: seami y. iamn 901
diWAWA&drVA iCneeid designed only by the underwriter of such
f -A
411 an& persons when written on the said Irdill. ilbfttm AAI AU+Ieklm ahk] be presumodIa have been so wlittenby affl MMEW.W d*:psism whom gnatupB: is.M.Affixed and %the burden
M. Ahe eventsudi authority. shall bedejaied, shalIbe upon thb PiWW.j SRMO i- ine &ffiXing -of 'anYL signatum without
thwAuthbrity of the purported signer abAR constitute a, vioUtion of this titk. :A re statement shall bw deemed effective only as
(b) At the time of a registration statement the applicant
tG *lffi C dinnusslaw si fee of o6e-fifti:eth of I Por cent of the, lfikam MIM aggregate& pkid6-'st wbieh-giuch swuTifies..' Am pr th,4)6', offered, xbut iwao CAM., shall -. .Wehfee IWIME than Obn4Miasi6vi"of-a regiAr StaW'
M 'aA *fi*ftdmci* to.. a MiftratliGn sta&ment., shall be Aeomed. t6 il "
-tjjf f but -the L
OE& Ivistration
not be deemed to., haie takenPlaice W&W: it is arA*M-!byx*.::-IftW Sftts .'.postal money iord* or, A certified bank dteekarii&Ior the 4wount of the f w..*uftvd uWarsubsection eOntaine&in orffied.. *iffi any registration. kftifkix khoU. b6; Am& svp&hIw tD the public- under such x6gulations
ini*jkwriboe emd copies thereof, photostatic or ath ,. Auffi bio ImrMshed Ao 110very applicant at such reasonable
ch may rescribe.
a P
7 *ftten -n may be, filed
"tL WA b -thin the first. forty
-this Ad;'..
A V .. . .... ..
relating to a security
'a rdy WaqdlbT, 4,fioxieW., political
government, or
tjv M'f i4Dxm#ion,, and bo accomloqUmma6 Spf P iW &hedule A and when resting 0 Xoreigugovemmentorpohticalsubdivim*on and bo accompani he
,Wl, o6ptain Q*,,:info*4atioii -A by t
speoffwd 'In, Sebod0k, x 0 1 expopt that the Coimmssion
*ao an information or
10 that. y such
or reg lation8 r 'y
'jjt(WO not' 1* ect of an cl
j4j31= xqT ass, -of! issuers
1409 if it fffid;4 "t t46 req t. of Isuoh-intormation Of
41S,14 plicableto such (Jass and 0A.Aiselpsure ful y
for -Oke prot"lon of inves is. otherww-, req-tdred to:be within the .iegis;tY*iqR statmealt, nt,
qngmee].7 or appramr, or any person Vv ose pro- 8SSI9.n, Iives
8WWrAW ka, a SWMeAt made b- ed, f4laving ed
T,,j,09, 18
or 4w'-Pqrt- fUe r4.0tr8 104,1pt'a!eM k
xred'or,,,ee a 'report, or V'.P4UC4 use MLIWA.;.
Vwx mgi4rat4on stx4mv4t wrItteii,qMsent_q.C
40 -4
ShAIIIbe h the Teg ation "staUuwnL If any -iilill
td VSV 4 or Cora4p A X:O&OA, or valuation
or staUme
ii, 4AMM lip
V_ r' TIC. I

h 10711Wprepared or-.9mima such -repoft or v*bwtWa,,,J*
.with the 144ftMent, *hq, v
qu& J*rsou shall ]*e M M, Wi*," Cbmmkk6M ;jM3 buYr
bw =due hardskip OW j Per9m.. n ORMUX fc
Any such istrmioh Cc 8014
andbe.. iiiikd kiy mfial utlw Aoeammb iW ftho

blia in o*$ortb*4WAkbM Of 1"ellOOM I
1 xcep4 a4lharoW*fter prp*Ubx Ilk
the eff*OUTO
eg* T"i0a 40taftent bik,
ofor: suck, *a*lior Aste av the ComadsOm insy
Kim 45
louilab10 the,, Pubuchlo the, f" tou'Whkb
-"-A lbeiw.
tlwm=4tks toi b tbse
tuft'4f the Uwaor r1gbU Qf top, be
"a tox the public,: Mathe vtodoh Of iu"Aox It
AV*-.Mft4, &ga i1ft A
ff u& s4kmezt, thi ""Ksti b6don"d Ite, b*" D"n
Me& was Mod,; 4111i*
with the consent of Qw Copuni" W'D lyrzW40 OM-V registrationvWUw=4 or filed -yumuna to4mApdar cd Sion, shall be treated as a put 6f
(b) If it sppear6 to tfi*..CawtmMM'oubbA
on its face incomplete or inaccurate iih 84, inission. may, after notice'by personal so *eb or Ben Of firmed teh gmphie notim na bier thaaAm dzysw*w"e the
registmflon. statement, and It, A
00 vy. forhearilig
by the ComuLission) *ithW t6h" iftir sith *MCi by
service or the sending of "A teftftpllid (to I es iskie an he ffedive date ot... ff iiehio*. Perm,
bsebme effedive untfl -it 'has 606A Anieft d1K ih. Wftv WJLILIWAVWM oi*der. When swh stateumt has been %M& 114 hil
guch ordof, th6 Cotn 'shailfw Ar
b6it0ine weetive at the fime 1proVided in su 0W
date of mch &clarafion, wbi6-,he*&'daUi9-th64
Ali aa&ndmnt filed tfter the eWve AM of thw Statement; A amendment, urn i0s -f ideo, ppetra'
mi OnI libc to:
Shall 'be&*ii6 'OR&ANi daW the
m'1*,W*0bng dim rtg! WtW terebt and tk61 1 Tim
0" at Mv fb1W4hAtth
. 44
Wnent M kid
me ** ie4 *A of VL Arial lkot' 86te an bvarea to be, theivIA 'or, me4saiOY 46
afl r pbci b
graph "44 Wft fbebq#k
tht *C6 diffi4- io"
suspending 01 9'
'114. veinm bftbe registr&UlDn

Ant bM bow amended in wordance with such stop order the 10i WMw4ion- _W 46014M, and the;eupGn the stop order shall: cease to be effectilm:
Cbwmh wim.ia b*r&Y_-:e!uiDawered to make an examinastop order should
is ,tm&f ubsectioni. (d). In- making such examination.the. Com Mission officer or officers desi ated by it shall have access
toafid laii di Q* vrodudim of any'booksund.papers o!, and
ions to issuer
hmrftr oaths and affirmali and exajnine, the
r61 -M T. of) A," matter ielevani
tibih' wr6lhe production
:V 1_b1kkftwwdhe44 it1n9__ thO issuer,
-t6:be,,4bdrti1bd,, to by public or 0MW1&&&tx6=.t&nV im 1 167 the I CM=igsion. If, tho: isgiter or
wtr to,_ dbsttuct or refu' to per0"Volttd, or shaff. Be
initr tho lnaidfiS of:k Aion, latick 406ndud shall W proper
--*Wred undoethi seciift ihall, -be sent to, or served bwtt*.: i5wet;:w in vwel of. *eign government orpolitical'sub ,ft"Oft %IV -W an th&,'nndeirwriter -Olr; ifi thi ,of a foreign
ins 0=8 represent
or 416rritoria p6rwn,, to or on its duly authorized native in
d 4a-fhe registration -, statenwnC properly phic ndU th add given in sue
a6se toftelegra ce. to a ress
r't i vi !,44 e 1*24 Ir V.0vin RIMMW OF ORDF"
an rde.,of e Commission PF893 W rl r th
it, Cou
, 2wh nl iiR the: Circu rt of Appeals
*1 in any,, circuit w1w. rein., such. Person. resideS pr4wrpal pwo Vsv) ws, or in theCoul
S _- _, :. Appeals of
C614 lug M, such'couxt ,wig4n -six;_ty. days
in -Myritte4i petition y;ay that'the.orcler bemedified or aside in wh26 Din A
ion. & "
b thec erk of
be f9mthwith tj*psmitted y C PC tho, sion shall fil e,
P.A." up h t1w O-rder. CQP jain d of was
31 kates
ffith de.
jiq jse ti6ix j v A le. U P1 ed 0
er V06 Wa 461Y be, qcTsi ered- by
40 j n., 4U bef ir the C4aeep, Urg Q.
0 fk
u h4 It rW" y
1 'On S' h,
ivp, 4 v" e court
ence, ao shafl.SUIOWTOt e satis10 it1on*1'qviqe4qe is inatoial and"thilt
Ad- 6& sue e Od oeit f1hil' to a en
t b vy bvdd, &h aJ&'
&t&be aidducM..
oz n&tl r1l's
S_ 'A' C6 -6
6 1 ew II v ich kfAup ,)H irto 3 r
if f bfthO
Uri ie4bw6

Cd. t

92.4ot o I# a

United, Ststis upon beftiorari or mftWicsfiou -iliv pruddied 10100MAWN 2W and M.of the Judieli &I Codt ag,*Omded 4itle 28, aomWA
and s47).
(b): ?no al3mtvt
....... .. ...........
.Ii kl%
MMan -M Bloom, %A" Gj:
WA *:':. .4 44 124%. Jw .. ... A* OJ

SW. 10., (.61 Ex t efwift
purmou* to this or r Vr, 40 i 0
I.L Olxuw-- to. A f SIXWAY Oth- SMAi Ilk IMOVAMI
Mued . . .
001A.Sin tw info 094tobted, iu..tbw:. C7
butit used aptiiadude.thw
grSpbs.111") itOOR),ibolum% of: I Oll 1 iu,.*A#: 14i :.:.,:.I.:. j..j ux
p OW Z;
lpyVerwMnt ar. T t?
Mf Ormoon OM *be W
not iudude the, d6mmeab 1 XA.:to
(14) of B t rill"ROWWA AW.. "O*'
t]n .1-6-Al-6- 0 AW 4,21
pr J6
Of this- WbMffx
subsection 00
nine months aftr the alffecti- d4e fedZw A rat i a n'.
the infDrmation contained there shsMbe W: bf L &U abiAmWe than sixteen months pnor to such use go: far, to SW& MfO lion
ig )Mown to the user of i* be.=- 10 1
such user without
j be omitted bbm
4) there 6f AA
may. Anyinflor=462 pired'under this, subumeewtivoA,
Miggbni Aly b Meq or rqp oms'desfgna"-as.nbt bbi *g Sary ro
or sporopride ili fu jnWest
Vublid i 7 ftl
1xi additibai: tdAb* er aitbA: of required
b.y rdlis Dk Te
nob6m in t6 public. il Of tile0_04"A
investor s rmit 66 1 M 6f 9. prospdus f6i 1 viw4* 0) (1) 'Z&tion' 5 wh t omt&m p4rt 6raumms the PrOSR" S spi eiAed iji A
r: doi W6 subap6dion shall, exeof th &a 'e* *W ....
01. no dvow I p"Tes
(I nie aM.
4#bivit or f or' the pri6teeii6iiot inVe tors iot
t I;emmt but
of h' e sta alf
s P;L '0 MOdra '04
hregistMOOO, Stit fiy uio: OM f
MMO! time ISW r --Xe
y 4py *btd ting qr
=& or
Of g6bawti
f pWA r All;
be fUed V#
I r4, 0"
jail T

tilt pl ie- ssion. sW1.
notice Ti Commi
Sn Y, for good. cause or if Mich pilb9podt1gp been, deddnamordance. with such order.
Oil v PI( -ogpoft" olia: c Dfgbain, such-ather information as the ,rdad, br -regulatiow. rNiOre &qbeMff necessary or in th O"pkAerwt or for the protectiwi oflinvestors.
lrn:tjjj -its.. ,pixwers under susbectiow (*)I. b),. or (e):
all prog Peauw R.Morling
to thdr we...or.ffie nature of t e
Sk fdffi ISM 5 W"d
=4 VA or or otherwvw.,.:,. and., by, rule Pla 0
St" OZI .4 Wp
scribe *s to each class.the form and contents whiAh it may.. appropubhc.inter A:aadthe ,Protection of fmdix: istea., with the es
-( I=Ned: be included i, The -statpmerLiiaolr,,,IKEOAutl iio w, i to. in a
"horitjr-(& subwiions (a), (b)q -4), or W9,4 haff-. 'bempl Ahe pro
Wk*w aced ina compicuous part of.,
al himpt kao otherwlse permi d b a. 4 'M
itte -or re 1wions
y rullp
:tm is; Aff that(used geme m,11y in the bocly of theumospwtus..
case whei a Prospectus oonsistis-of a xaXo or televWon
thereof shall: be filed with the.Commission under
rildi=d'regulations ft$ it shall Drescri*be. 9MO, Commm'ion may
raleo:.-andi regulatim, reqwre -the Lng with, itof forms- and P oSPOOt-go oomection,'with tht offer or sale of securities registO",:.on&r thiWfle,
registration statement, when 0) in .Q W, an part of, the effeetiV(4 CoAtained
p rt an Untrue StateMent 'of it
A** MOA f 041SW Mitw to Swe a mstQrial f ad Impired, to be stated Oe"Na or nepessary.,to 6.,: make tho statements themin xwt,
per"' "umqq.. m* swaAty it is :moved th"jut ffie
4 SU &' -amu**tw*n he'! knaw: of. su& untiruthar Ombsiovk) MAY9
lawor in.,"Oty, i3ft a ODIUt ODMpetent jurisdiction,

ievery. peirsm wbio siVed Strafion Statement
0* who w0a. a Airector OWM Pew or, -perf"InMg: Simi]" fUB Idiom). or partnw in, the imuer at the time of the 'fil Of dW'PaXt Cd the reffisb*6OR statement :Viiffi ywpwt to
4 vl A his Exbi.14 is
ij*bo hig, cousent, m, smmed.. the
Aw,,sbeiut to bee=& a divoctor, partwr
14* Ant....
M&," or App Mr.:, or
'M any persm
iaa& by. i
named jW vmff" Ift
NO eonsftt beivv ha "d or
&0- jon Ste h&vMOg
Ak y:"POA 6r *911ation lwhibhls ug6d AS!
to &e
1"ww ve"m pr6oatQorbertifioid, byhim; witwr4 zt to

A&L L A2Itsuch pawmAK ambd the."
4 Avail" to
at y
0nod of A twal
4840mekti thtimZ
Wand anv"of,
SU iball be:*(=& lip
the 96MA Y1129g
ty I I a -Min
Ii 1*
V or :thaf -1 AN=
Of law*
PKUMof tbi&
tb45 O"S
tux Kbe tba dkmAive datd:,ef the PoWei.
tion statement.. with respect to which W&
resigieck from: oriw*Aahan ab&.1mis Wwq -Pernikw,
I&*.. to reggn 1A
&y W) he: 4 4 (64"
t ."Adtmg or toLSAI AW .. . ... ...
advAnm4.1be Commbsion and be
teikei -su*soation and that he &iwt be
part Of tbw. -*-nea; br o ..
(2.) 1031A I such part of the
effective witlwmt his kmwled z o bwTonatifiniga:.
'lid he forthwith acted *and
&nee with paragraph (1), and, Mi 94diti0l! 419*0 J110smossaw public notice that such part of. the regiotMUM StSUMMMt.. hOW
become effective without his knawled4s; jor 31.
(3) that (A) as regards any part. of the OAM11149n St4tenot Am Iii
Ment g to be nAde on th6 am= exp&4
and not PulTortmg to he a *r nwtfr4in a tep"t
or 4ahmA6n of an 'ad UbtParporting to b*'ms&,OK
the: authority of a ptiblic dEcial doc"wnt or.iWmmnC kwhsd
idt4W- reswr4we L lo lkirek
AR 'Ma..
did:: believe, at the timqW fth P.Wft:: 6t. aw
became effediva :: tW tho: statentents thosin wem trzwi M4 46i there was no::oma*w*on to state material fa*vquire4t W tw*sW
t 1332" the .. ... &M*R! hot
h"n9;,&qd:i (B) as regLni% any. pazt of the,
inent Purporting, -to be madi& upon,. his rn fy_ aim emped
40W:.: a copy or ejitrvA
Val )n of r1immlf as an ex he bad, After I
inv remaienable grolaW te...13elimw-and- bolievey a ....
lAh t* (PAX.. 404..._ registration all
that the A thereiii
Omimon to: Material f 84
noce. '0 1
mwt, of the trot **W
re "his t**meAk os an ie xpo-;t or
Qri q#mo f MW J.W APOP T ......
4C) -4

of an.. e, A?11"

n6tbe we'st lhe timerguqh' of the
'belie HP
Vkt' Owme4: bebim 0.:, 4ective Ulftt, the'statements:therem Notro,'un*r* of that tber'6 was hikoiuv3sxon to -Mato, mat6iidlsd cessarV to make the
Iher6tfAtWbaIs"aittg, orfhaisiteh parCof thei rogiAr"wstatepresoAp the stiWinent of.. 11vir ettrktf from tho report 6t- *ahiik of 4he
'PWNV&. my. "rUbl. thd ir-kistrAtiow stAte- U 0 t**
4fte6*1M -Petifft i 44AO ti deb son,
tma y an official, per or
b1i o&ial Aoeuto WVy extract'h 6m, a PU ic
_f*Okd, 4 he had, tieF Wds&"lo'groutid'. ta,,beheve land did not believe,
-if"I"Jitt the*hM thel" ratioik StAment became effeetive, that the statements therein were untrue, br that there was M- -U: stated therein
matetkl f act #q red to tbie iift th n Inisleading or
r6gistratito stateuient-,did not fairly repreth.
6,4kial pers6nc ()rwas noult fair
xUd"Maila* fo tht Parpoi;dof paragraph (3) of subsection b) of tit-is gwtiqn, what const es r able investigation and -te'ec
iioi" I *T**OdfIA6rw:. boliet A*,,,stzndard, of reisoiiableness shall 1 be Umt rNuired: -of a ,prudea nlAiii m" the: inana ement..:::: of his -o-On P O werty,
Persft, btconim -underwrker with, respea to e security after the.iDart of ,flmf'tegist Aion statement wi respect to wbich his lijibilliboLIA'is asserted has become effective, then for. the P7'of Pakagr of subsection ",b bf Ihis'sbetiOxi sh& A
69618 6n
tfL At b become
Wth. I fi6fi st all sidered as having
ghch 's'of the time, when he:became
47, recover
ISWV kiithdr tihder srabo6efift fi) may De t6
resmt7th 'bo -amount
I&Oi&ges A s an re tweeih the
C bg 11 _'S 'hkh the smurity
b therea 98 'fthetime
ot OW ide Wt whi& sfich security shall
th at
toei -(R;J of bi, YEA4k- watt..- it dj e- price
_y 6f aftOt- i 6it'but before
n-.Ihe ii ges reprebAV&ri". tlft,- Siovft paid f 61-"thb" tY (not the' riqe at' W th6 i Soct W i *at; !'6ffOWMt6Ah6 pWblic) ftd! tli6 Ift 1

i AMitkelof such: Wu earMrU reapii ttd -WhichMCI
ft" or6hiiftinktd 6tate iL'M
f", ui ",to, be staW 6inecessary t6 make the statBments
there I'likidiv K14 4+ all, such d all not
und rw te ("less SIO UI*redi U'-*" 'h&'h all offi 8poftloti to fhj
fif .: 1 t f.i ''
I I q"L ally I 1 -0 0i r 'kin
".m I 4ISS iz- -mWI

a0mm ot. the total; price at, whkh the owdritka, unowwrittm y him 6fid distriWed46 tbtr pubbe wore off to Ow.0 44i i 0'
"&r ""W any, 4her wf *ift ol 416 We V*'t*ort, !Wo iji As ffiiso=
suit '11861114 lot," 'At fees, On if
OW Vmx"* P9WtYI tli 'imaioo Cod 00or A
4'in IX046d.
WOnt6I#" It"*A MAY woo Vor,
or JOW sob: hwoWn
.....Ie Ahe or the AwIlI
M O AWAM . ...... by him, tonnectiou. SM4 O"it kIV4 dslo bo tmi&" the
I" "Awl-Of "Obs in-Aho whi&
(f ) All o.isw Ow or WOM:01 the, Pe...
(jL): sh&U be.: "49y. Audi:
conbibution as4n "M Of 4fttr" 69M.I. w* ikad
separately, would hoywheen: li". to =Wm *ItZ:aaot -_pq tbe Person.. *ho has beoom UAW Ah 0
wgg : MW W. 1) ar1*", *94 94ft
of, fmudiilent representation
In na ew* &LU the amount reeoven"e: unrest this motion *xomd the Prx* at.whiah the swurity was offered to: tha Publiev vvr Pe
Sm:12w Amy person who-, ':4W
(1) off ers or sells g se" curi**IOUm'01
.(2) offers or sells a t (whe. r
provisions of section 8, oth e r D% (2
Ahereof )I bother Me. Of 4Wy! mes = pr
ti6n or 00.MUUiI*M)q4U i4tMWte.100**MM.
by means: ADf.:ap M**W
a4.: untrue: Dr..O Ag 4 40WGW
riol- fact n eta
the. dre lder!x, iWe. ROON,
(the purchaser JW '1140mth:
. . . ..... ..... ... A aL
who shal Inot sust eft of pwof, ULa; IwAid
and in, jq ioe
mach- jwtruth or
K .4.7
haU,Uab)e to t4_porpT pWchao' ;x*
A j&'W g)r' In Y aZT' 11
WOW Ost Abaroonj 11a.1he o.wount of, w tbete such awu
ader or f"
0' 4C
IT "W 0 tion el
YeA after. Ole
T 9 P
able OkT., I' A J"A "ea

it, is based. Ea,,Buw*vont
Upoh all any swh wtion be brought
to mfk" a. liability created under section 11 or section 12 (1) more.
Aft tho 's6 ..was boxii offeredod to tbepubhc, ili thrm,- yeam:zft er th le SI MAMX9 WID,
SAC. 1 ;A y madition,.-Aipulation, or provision binding any.per son. a security to waive, compel ith any
'Nuirin, g. anv I iance w, provision
hie tules and regmlatibns of the Commission shall
_W void."
who, by or through stock ownership, a _yj,
f z6. 1 6..'Every 'Person gene
0 OMIS...
10ri Or. W... ant to or in connect n with an agreement
t ho puTSU ..
1 rsb a* : one or more, other persons by or through stock
o"erslup, Venci y or otherwise controls any person liable u er
6diowm...or 12 'Aall alsobe liable jointly and severally with and. to'' ih6 same xte'f ag suc h controlled person to an- om
sn6h conti )Ilid person'18 liable unless, th" controlling pemn .4ad noknovvledg-e of or. reasonable ground to believe in the existencerof the fhlds by reagOri of which the liability of, the controlled person is

1.6.:,. The rights'And.. r1emediesprovid d b this. itle shall be in
sidditi& to., aby'and all other rights and es., that'. may exist at
-1** 0
.1. e jj 4 tW for, 4 flie 0, We
gAysmu iti sby thetius tsof transport
ra got rlu,,
t'j, 0& or, 1, juteT tq,4 n=er e, or by'the. use ot lie
I'Milal dir"i or, iadjrmotjy7,7.,.
scheme ox,artiApe to. defraud or any
(4 t Mtpw Me
6036 81 0 ny. unt itate io L m,%teri I fact
4exWloct or any a
ni Ojn ihe light of
thowitawmatanow Owix *4iqh-*I*Y wer e made, not. misle ding, or.
40 )or. cou. r .,. u, ,9 trlkuw r, AY P01 PIn Aim I se" of b
I mud. or d eit
oOerak4*or'.Wou)A opera*-as a cc _,Mpon
(b) It kshall: be un]Awhd for, any- so the of 'aiiy; meang
-per.. n, by use
Vr .1 ihstrume**Rvof AftwPortat 'i-M. communication. in interstate tomme0m...:or br the use. of the mails, tio publish, give publicity to, ment, xw.wspaper artiJcle Oomrami hichthough, not puri*aAwkmIrserYwei-or-,:: cation:-w.
PI MIting t6 over lt' wicurit, f stle d, Scribm Mck security for a considerufipn rewive4 or- to be, raceivec4 directly orvinxichreetly I 1~ 1, luWerwib6ri "or, dealer, wi Axout- fully discl(*ng 0#,.,roceipt, i d the Ot
proapretave' of.-wok-a r# gn an
P- i.
'MAOS4141 UW*P W 01
(O 'The _to
provmons of this Sectioll.

) P-f
'in'" t4tk sW
rities-comMUlWah i0e
State or Ttilitory of t1ki Unit Sfz e,
overany JC
4 A..
SW. 19. (a) The Ckwanizdw" h*Tq
to make, &mend, and rescind such rules and. relations wMAW OfO
y to carry: out the ty MUM9 MAO,
regulations governing rqpstration statements and: p USM for
vanow chases of wcarit and issueri4 and.: niftland trade terms used in d& WeAmoag etbwAhw% RAW)
Missim shall have authori- forte Of UMOW PMW
the form or forms in tion shall be se4J
th& itahwor details to be the belmm ahe*k.&q4MMjAg*At4jjr. nwat9 and the methods to be:IoRowed in the pirqparatimof aw*", I* the raisal4w v4uxtien of 4esetisand UW91itkilh in the.. of doewiation and dAetidu7, in the d Aprent mob* at .
-w- t&e di ffenntiation of investment oqdowat
income, and in the preparation, where the C down.: ib nemsary or desirable, of consofidated bakwe sheets or *wme; zeeounU pf any person directly or indirectly controlling or controlled by the V.
issuer, ran persoA under direct orindireat'amnim.coobblvitk: iiisuer. The- i@iog and regulationwS of Cloinmission shaR be 4", ,Mcation in the manner which the Commission preseribooK
uYop'rPo'visiqn of this title imposing an liabihit shall qw 1W my y I
done or omitted!in good- faM in &=ity witik anyijilk: Ork %Uktion o-f the C XMISSIOn notwit Alstafaaaaaa. MA&WW rille or may) OL sudi 4-ct orl.itkitssi&- ba residnde&6r: dMd*
mined b'V' judicia or MTVUMUAir
(b) 11foi the purpow 111warkimumf I H
V14OW41 lwv
the Commission, am necessary AW ifis
meager of th6COMMiss. *ff
this fitle7. "Y Mk 90, ww....Or- Offibm
it .
design aft, 0146wered to: idftdniator,,ft":Ahd
mb ena wita easeN takt e, i&nce, and te*re th6 . . books, pape!s other doeftafttw whi&*ke,
br:.Mia&IiRl to: the iiiquir! Stwh WAendshm1of ... .. as and
prip U. H
d 'etion of such &Cwumnta **kbMMe ny United 111 iw r.

:IXD',N I f W
Whenever -it shaII-appear.. to ikwfcommmsiow a upon complaint or otherwise, thatAbe-P of:" ,
rOV19140M fit* pr *f,
any rule IDr]M963AItI*0ft.. prestnbed::wmkr authority the-ed, hxv*Am* or are itbout to be::Ividiatedl it in, permit loich
person ba filo wkh it a Aatemmt in -writing, UbAsr-owik
or otIWrVnSe PAR,
sOject *attef qkh it belkvesA6 be- ih the public uAebm* ,W
And j
1.4 70

is vagaged Or, ShOIA to eAgOLrM any. Mts< whieh oowstiUwe, *.Win 10MS06Aa, pro**opsof this: tit*. or of
Any hak4 r 91a nder authoritythereqf, it my in its
9 ation presexibed
discretion brmg an action Iin any district court of the United States, UlAtiod States.court.l. of -any Tbrritery or the United States District Court for the District .'of Colujubia, to enjoin such acts or practices, and 4C-petilq 'Or' temporary injunction or
ea ffw-'.-without: -bond.. The Commission t sii& evidenci6 is may 1* available cozic6rning such acts
Cb$ tA) 66 r,--iVto 01dautial, who imy in hisdiscretionjopfloceedings tmder this title. Any such rA "6eeding IiMAY* brought either m the district whereinthe A= UA P1, pectus or security complained begin or iin
uchW9qwWs or &Oirity is -feceivtdi, )toY-,U1;O1aL appl.ciation Of, thtComitniMicii the dignetcourts; of the tx Ld Statas, the: United States courts of any Territory, and the SuTrajiie Ooxii.t of the Distrid'df Columbia, shall also have jurismue wri J4 of maiadamus.commandinLr any person to com61s title or:any
ons pirder of the 9 ;ion
uvstwnce the
W840 ILU'P ro6f
di po : ftObW44 IRY COXMtMolq

rv ..Tr LIT 0 t
01, "R 'be public and may be hold, before the on 6i an Ac6r or ofllcer b-f theCo on designated by it
appmpkiate recorM th reof shall b6keptw
ON A" 8-11
The AsWat --eourts of, the United Sfttesj the United
R.-WO400f rf"toory, and the United -Stfttes District Court for
OWAAAA4.400himbixsball havejuxisdiAion of agensea-and viola*w uaderAktitja 604mquder the rules.,W regulations Promulgaw. bY 0* Comudgion in resp6a thereto, andl concurrent with State and Territorial vvartik of-au ,suits,,, "nity. and actions at law brought to atforce any liability or duty creatied by this title. Any such suit or 4*0AID&Y' ba hroojiW in. the. disft j jleftjW OMidohndani. 181ound Itlat Anumatft baaiftwe briftVie diskiet where the, UPated ther6ii4 and
W&Loa rx3rV4M W SAV (Alw A -vvinleh- the
deJ(mdant.:J8::mR inib bit** er whemver the.defandant*may 1--w-16taidL J- decufts so, readwe&&&H be gubject to review ag proix Owtims 128:464-240 46f the Jil4irviial Cod%, amende4(U.S.C., I i 61364 r tiabazidhrwouot St t Jurisdiction-shallbe, removed: to.'"Y
0" court 4d "ampeten
W64: f6r dt; atojiWt
AOW in awny proqbemling. =der, Oxis tM6u.:br6;iiVht by
I -fil *%ohl,1w obey A
of t
tji m, apo%*t1thlb- "f CMirhiMOAM610 piftda. to lwva4wow at 0004-qu

Or Aunj of Us.:- 1 Ijair it till"...
docamentwyeviden(wifiesiacdomdor togr"*VWGnWt=cI*-2- AL
= itwj -UUCU
ing the matbi& in 1k; 4Mdft*a
."Minh 1 i j.,P
Cowt MayAw MORAL by,491"& th

j Ito
Sw. 28.1 Neither tl qoloct thAUO, AWOVW"W*iWOU jW4MjMM"t for. a rity has been filed or is Mi effect:-por, the 0 a Otdok e6et, with rested tbm*o 11 b dftmed a fmdLiza
-9 a.
sign that:. regist.raflon statemftt: is, 4pe "a Swurio or
that it: does not Oontaizza untrue of lid or t
material fad, or be bola to n"D that the COMMiSWOT4 hiii, 1 U.9n': the merits of, or, *I t04 VICk"Ok
U p given approve
=unlaQul to zako or: caum, to be vwda to may P
any, representstionoontrary to the foregoing of

SM.24. Any per9on.Who..WiIlfWlVVWftkW my OAe P*nMIMS of this title, or the rules and reg iAiOng-# awpw the "0
mission under authority thereof, or any person who' a
registration statement filed uAclor 41*4000 A*kffi 4 alit lanth* *Attement of a material fact or omits to'stite iii material.. ft& *qdmd to be stated therein or. necessary to make the stk mehft "I" AA misleadiw. shall U]POn conviake be fined not more L
imprisoneW not more than five years) or b" 7
Sic. 264 Nothing in: title shall permu frbw4bbmitting to the Sapervolory UnAs: of theop Govel.ont"
the United Stmes orothot AOCUO"nWAhSt at*
now or may; huvafter be required MkO
f.4 "-U : i 1 .:. I ,
C W P R 0 V Am ViNDS: TN.:
.0 :.: j
SW. .26,0:. if
any, P*Wi" ,: of thw, AeA,, or. th &KIK-liew5w
06 to Sny Petwo or ame. .16 A*
remainderr -of this Ac4 orAO Appik4iOU or zirpumst othei than thowsatowhich.: it 1W...
4notsbw affeded tbiereby. 1W I ME I.,IR

The nx Wo, -w.hich:.:tbw ,uww
(2) tbo. name 0 or oWqrOwvAre*, R or, u w,
fh pbedl,
(3 the location qf, A4 iswr a prmil '0
wuer s, a foreign or- Wrritori4 Nw
agent in, the Unite(I Stat".44ho Vep*v '4040e;.
Tg. smilw
ing:vcpi* q,h 4$$Wfj)Iq)

";'W issuer be a
6it0*1 walf iAA iwrg if the
MgU iig der
A' of tli6 md of
rs &6 1 c e, of z bfisinem I)e formled- or famed.
ift" dfAht;r'e'griqbsti fttement, I h;r eiaiid &d& 4ff it
Cho iizi i silift a4&fegs& "bf, --aILIxT96A494, if SIIY714.0imllag of
--mmif .16 'in
4ock, f thei er. or more, than 10 perc M
"M3 stocAfaf: the 1 ts -of giftto withi n- ftenty
piio 'O' of aii regiVie filing ent
Sei0mr of th is,& ex
lint it eld by any, person
N;p W (4 ofAhis Tse a
t 't", 4!! :)t t4lj thte. ftlift,
,W wen Y xl g, of tho registrAfian, stat&sib, l-"'V 6fie thimto 2ind the amount
_i is filed', to
WA es f6idylwhieh. tht)lvgi ion statement
per, *ns a *9 1 -tlhiWiiriiri tiontos dbs ,ribe
y ainsacted or
thd genml hxma*r of th-6-busmiew Actuall tr
-transaAe& b y the issue"
ttiteiiient of t dLpifiLHi4ion the'isswr, irmluding the aftiou and, the
authorized aud' 6u di nts 6f itA leapila
A 'he U np,::fhe im&b& and clames- of shares
Pajftio t vbof in
gbockAg d died, pair vul thereof 'if I h4f ft ch 6 ap I UO or it 'has
va lit -heAate4. 6 *&ignod;vulue thereof, -a. ption .,of
AL4*6've x0fing A& pv 1("nli convemon. and exchanp
g ri& Ao:. dividends, p Or,: capital of each class, with
re;ed to. each other rJass melding the retir6nent and liquidation
or vslueslhel_ 64:
(10) a oate*ellt 4 the i any, wv6ted by options outor to be created iri.064hed witli i& it be, offered;
he With lh6 nki#m Vaid"Addrbffi 'UaWpe. if any tor -be
MOM than I in p, f M& optiom
0 1*rl -R "gate
mpit41-4ftk- -6f -eitch,' classissued or inchided the s atw Pf stock f be dfferod
Of 1h/'fuiided, A Wputsbanding, mdtorU &mted A Ilf" M- thity b6, 4&red" with ,a britf description of the ditA
it, Aiiiwo, of -9u, & debt rake"of ii",i"tqvhsn, wbek of
i4la 1P theivfor:11H spr&o6w*f U4 e0diftity ie- n* -rized- sWmwnt 6f
ci under, whieh", A t"it4644iig perm
isl,"I mi siblo"W'I'tlAitn<)ti" -a- specific A#mentto that egmt;
A e' 'i i Elf"IM III "IPPMxi'mate jtmotkts
devQQ -to such purposes, so far' is determinabk : for which Pi.1''.
P*WWAo lbo, U 14k aiO if the ftndsare,
&A frvA bthtw SOUTces, 66 xvulx themf and the
Aall be)
paid or- to bi& paidl by' the'Lgmer
d ,e' inA' ea thF, PAO Te
dun* ar: nnd
gr vemus Per!V mmg shnilar f iLn fi vo xnin thmn., wherever
,,a tiftd, oth6r pe"o4) _g

eithn'aled net proceeds 'to, be' derived-froin, "the wfitity
f4R ilk,
Ali 10

W Ila,
is I Pill! 111 11
than the undaimAwa,-,
]a PM
VS 6NE(w 13 mod
Of t& MMIfitno 1) Aw.,
plow ..... t VOL
Of i0i
or indirectly, by TM-*MKM toAbe, of the saintriq bleriindiiii04 Ow
hlbetl ofi elm of Y#Im
digpossa Ofi or un With- Oft, W
in: wkkfi.. "Yji
tion -*Rh t1w sale of Both:- A
wit), th
paid in nwd M
r jor
under common control with, the imder shall paid,by the. iiamm. Where SWY such +,A
of t4 e" UndeTwriter J Q,
detail bf IMMMM; otbar tilin ..... . . . .
bi tMj97v*edu)e, incurred 9r, bome, b 6 f or
Manor wcu6t 'be
he- inconnectim vrith. the 4 16
or: PIN C&A we
vefly thereto, .40
iLn4.othpreh&rg*s,:,:,,,...,. .4" I J::..i.:? j.-i.1H ..41 1
(19) the net proceeds derived from any OWN44 001 iho
6 : . ..
durinK the two yeam -plvoWin -tho of the iqii *Ate_g #6 .6o
nmut, theo st: w" ftefi.i6ow6# Ws43
"d the:31830 W': ADf:*b&;Vt;m*ft*PIa =4wwrAov*oojo
(20) azw jime"C *4a.. withia JOAL141
thexegiAndm: stateownt ,or and the consideration for an pal
('21 the Of talo.
nLmes ani
MW, smairq4 bl ,#A;q
440GRIM 10
in the or-dina -_R4L 4
ry is Ww 40 qd,
01 any, 4 I%*O"** W44
"Ah" wiffi
W, vim lee: CQ*XOA $*0OW*A
Uis "f: *0*" to
fmanve -szich !IIMD'qu Antioft4. Kiw k. 4.1 FIO
And fe~ of thellotfl any a
holder holding iKan 10 per centum
more kiqWeAny,
moralhak Mompmtuis iRv" 4&.Mgmp(aa qf QM
PX'JFWj7ILI' ]"=mug Wb tam'. Cqq
(if therA
Jobe A. At N
(23) t1w -Mot
1 *Ity of
and partim nn&ig : f is
st" Of eve" material CODM
of business, which con-tract is to be executed in whole or in part at

Vetir. tile Inv (4 e*atkmt&' &- which coAtrAd
t* befoie"'uch Ming. AO
--w s 6r
X "LA. I
*M4 I lknk b.7 iriffi -a public
i, W. kvg or
br/Qg Vjai 9 -ract
(if Aueft (ObiA
MAT .i *61ve-A Oak TsAy thereto at a rate in;,6xcesw- f
W OO par; jed,=, eis 4
shek, 69-bt& dAWIWtu*re thin nifiety dayroqYrior to the date of the filming of, the registration- stateinea#exhowing. I 6f
the i8kiet' C& gi-Aft", kW eat: thereof,.. wh6neover"deterJ
lit 4)M.,
items d) including any'loan, M
fibe, (wiith intaagiblo. S( 91fite
!xOt!$200WA& .... W.&O or, stockholder or person
isawr or
Aor .,tonti*olleil-,Avb -the 4
*MW 6ider draft r or, indirect, t&Aixi6n: contr ol .: ith the issuer; All fm,14bilid& bf bhW ISS"r iwso&.4tail: and, sa& fwnias the, ComgWt.. p r'ek rvItu of, the issuer showing how
'.1pisal cribe, inclad'
M& a. arplys" was:'created,. a1l., ts *f a, daW not r &eMing.vt -the r tx"ioll
V$ vew, -to, StA6
64* U not ceftwo".., 1b lmidepwdmt ubl
ark t zheet required to
"de r thi1v whedt& 'h simH Wiled balaAce sheet
s o 614* an independent.
flitiewof 1byzin,
(Wvt*4 m taati 44 datena nwm than prior
s4danent, slxitll be subjtittk OT Aa,
of thel:- lmueir showmg -earnings ;t-wibaji4 t6*" tUOW.1. .6e land die: expenses and
charz'es *Wmwhi 1 41111 an& 4awk, torm raii thiCemmission..'sho be! f4ithelatest-fik4year for. sudh: Astement is. avAUsuch.

aftev Unedow.10 tba kallyw wstateluent'.66M such
date tetliejatestpracdraWe date, Wait", "11 sh(fw
Of,.(he iss V 111e, 'yeaxs -or
T v:.dividWs of 6ther: made' aga'sk its various. o.4zjAus accotht N.. and to
ondepletion, and maintenance. c4rM detail and
Commi'slio.4 shall i I
-ribv and if stock dividends... or kv re i thi
e n c ted to in o ropa the iale of rights bm Vn
*ith upon w ich
shill also difffer'enuite 0 Wrilik i&'6mv slid (tet-W66ti, ,ttny
'Sii* s jitem6t*,sih certilfi6d
proceeds or wq -part of the pt664& y
I WA fr myp mi# btly tw, t chase
44A I a


Ms ot
.. .. ..... . ., P q P
i ye"ti
9f a d*loa, Asia
bf the i4ra "o G+ kl"t' 7W
ii,1110111:il" Y

a 40PY, 9144YA91.
ments are: iiied, the forms. -Y
of tbis "SCWUIO; Ti
(a) *-'OQPY of. the 0PIMOU 'r, coqww 40
1.411ity of theil"UN Witb 4 'W& 00=104,
sary, into: the
(80) a, A Fy of all *iktc=U%* referred to in
.f this i&edwe'but uo: be t"uilwd 0
Portiob of any smeh centreA1f, .*e
re of-muh vort* would bapair the.:T"4U8 of Aa o!ofttr$A 4nd.would.:. he ry for tbo 46f tbft
pro.. registered thiSIRD
OfAhis to And, .:Up to-ASUI a 000Y :-55, of
Mcorpomt rM all &me thereof iiii"
or iGA dine*,
CUr"I)OU --,. t rctoj whataver thot M. if
on.; if"
bea corporsti (by covy f all rujue I
decdliijn i& t1w V*VRW is trUA; (C) i. ed", t&, of Partnership, or and mA othw PGRW
to cMPMY4 br any dkki*."rw 0
(82) -9 COPY of the. ing
kuy'stock, b6fideor debeihtur s o" or to bo ftred. ar f.
M, case;. Of -antificatke Of 4deposit, voting tmid- catu 77
trust bertificotes, certificates of intere4 or, simim-in a b TOM 4 x
i]WV trtIA caftffiesteev Werim IW Vdw
rweij& for: 081tifia01,51N. "a I*A:,
estibfi* rQw and reguMom fVqUU'7:XUK on a
tiOn Of L MWAOSCW IAPIhUCW-6 tD, tM& Wffill --ffier othw infdrmati(m. a* it maky Awm- xp- pr ia and j*Kmw&4,
r, rxdez; fmamial tor.otherwLIS, of ae be" b
Securities and/or the peown FWMrM*. WU and
duties of depositor or Jji
jl .. ... ....
411. Ai, 10.
Name of borrqvmg, government or wbdi v- mon AWPW
,qDeejfic mrpmw in detAil 'and tke 41
4,4o *uch wToses, so &r,**
-ai ty W'be -,offered -is to'S"ply 1W A
raif in part M the am
tber )f, "'Ibe
(a) the amoimt of thp Iiwdp A0b dw,*Ki%%4d ,4njoo
Oro A
x t

-9k such -debt, rate of interest character Orfi, M 'P.
of am 60A t if any, therefor. If subrovidopwo AWPecurity,
sdtuaft :,,Of any, jo ity jo, i ible a statement of thel eondibions
WM& 'inch. sitWatution is permitted. If mibstitution is permissibk,*ith a0fiCOIA-SPOCIO ft. EWOUMttothat effect;
(4) whether or not the muer or its Predecessor has, within a period. (ift twenty% YIBRMIM W.
to the of the registration statement, deftWted,-W ib ]prmcxpal. or. intereA- of any external mcurity excluding
221, - careUmint - men debt and, if so, the date, mount, and i I Awees OfOR& default, and the terms of the. succeeding arrangement,
tbemceipts, classified by source, and the expenditures, clwsified by purpose in such. detail and, form- as the C shall prescribe
for the-. hft4-,,f=a1 year for, which such'information is available and
Priwdixg, yftm 7ear bV year;
(04& namaosv addrmmsaf thelunderwri
the nuie sM addrew of its authorized agent, if any, in the )64to
(s), -the- es"" *et Iwoooe& to be derived: frun,,-the sale in the 'Wted i8tite : C&Ahe seel"y tot. bwoiffeaied;
the; 'rvi*A'Whi&iti9 propc sedlhst the securityshall be offered t6 the iqiib i or the method by -which such price is 6tfit A 'Snatiot In PrWWM be pr- to the date of the
Sy I Oposed prior
Cior#rin Of WcU 06mmisiiaft shall immediately
9 the, thy' ut Cie
be -Aai&aof9ueh aviationn
A10Y)LIft C6 or. JVPaid,- or indiratlyby
to, tlht6 un lex i 'M toaved:.of the &&.athesecurity to be Jdn& Ol cash' or
Q61h in.
MAYOW1W 4 of *i(% Kto be pet M de, -of. or understandW" i Ahw6l;ft bf a Y other oft-wm in which the imderconnediom. with the salelof such security. rim Idd, Ahe whount of such.cominismon
e 9 ojint:or $Lm6tpftjiWtdzed m: re asonable de,
C)f it Otuir OftminiWon specified in paragnuh
("11 Of, I 'khedule., incurred' 'or borne by or for the accomit : of the j&"f4t < 6h betjffl With the SMILe *f the KjUrjtV offered'or Propitiejudi* legal' cation, and
fig'V th& nam" and- kiddies Sim". of eouns6l who have passed upon the
of ae im
a (OM 6f ini jtoek or AJ Mmqlft made with XUV underiolinilvtjl wj of tho"... the United Stiteg; and
*Mir Ur it within
(141 aw' 'it of. OPM10n
inant of tho ip*W to furni h a copy tho
or opmiotd ('of eonnsel, in rw"'I e9s offim 1S6Wvith:A
14: t"*jj46ft ageWt bilt in Ain al lsws Aeerooo ordinances, Oto : odpft nda 00 -%,kwdt*duent tmder wmch' t1* iSM46 4f Su Setlirity:. IIW:::bem

P" 5 40f p mted mik WIM
460 jb o...Jjolder.5. of fopeign:wcuinties in: AdMit,

thin. WN"s d*MftdI W &PURA Of Foreign Sechrity
OdIC6 of, UM
1%6 a 'M--- put",
Of "4umbis, but Sidi* ]*h*a eftabbobst vl bAUS&
in cit citift, of th 81,44-0 J& A OV&
Sm W2.. The, lftU:and:.I 1~-IWJ%4iUIwIwi V
be vested iweibuP&A six: Mko bey
ho)d ofAce ift t;hs:::foHowiI*M2ftRDW::AsJwft *i date tJ*:: Act Iskwlyffei* tk- Pedermi.. J M after in this title called 'Tommimim") dian 14WOlnt
awn% MM&WL 16 dw
4nd iWI i iindi a 4i&
their the d.irtdm Chiba"
dWr2ftan a We to -be A* chairman shala be eleded:%by., the Iw"-teU iwf.- Of
directors first a Oil k bivAb Arma""d of*"
vmrs, two for slezu ofloury irom the date of A D &e ODMIMSAM at
be&D ted b for tottt of *XAbe: of expirsth*Na the t6rw
M Oak, AWA&V
Prwr the t(b
term of smy. pmieeemr. Wo-Pumwab-M bo as a dixedar.,whal
'my% JAL
bank V r awe... whichAwwsolkor oft"
SecurifieL PXU or"W., of, 'A difecter I V dirw6m ah&U at, a -Opw
rwautioa "poxod byi w 1=1101,
member wh(im it is pr po ed *,+), 9eO to him of snob medibg4md il
W& 716 a to
moration. ka" ,power,,
Ulm. IV, .. rW isesl ; to :imske:: to low +
= .be j Ior the tr of its busia w -i ,
to, Pomplain and to defend,.." wurt 9f, C*OMPOOAU +t
diction, State or Fedeml; to reow'"re tru4eel MVA03k or dealm.; in fore'. swaritieff. ln*W On. I W, 03 or present hol&rs of foreign securities an as auty be required and1o Ww:j;ubpewLsf4aor9fPw, the
function. of any.fismL and.. nf&. Gf fm ..
PSYM9. w Liky
defs".....1 t borrow money for the Yurposes of this U" d Ple4p
for such loaw any. obmritieq:depooited, wZ i tioul by md'with
the t6oli*WBOM to 80146d 014,+ and Ax compomitoo of AWRY
diredtom O-conmittw, emplayew, lowmero"4+14
t.1w ration, w without regard th the provisions of allw&applicable io the eifipIoymentaiiCM*VOw&ti9nof officersor OMPI 77 ew of theVnited StRtes to define their suthorit-v and iei, 6 lxmds of thtna"and ft *the p#n d6wfh t tl
4ftch otekors; exYipl6y#esj vaorhog', and


...,d bfthi Ifido'f direbtors, bylaws, tls n et
---the ihinbrt ini whidh it generatlBusiness may be
-acted,and tepowers grsntedp% itb a ay, beeecien vi 6 hef ith Proiiotis for'sixth committeesadthfue
f s te Voard'of dillector may deem necessary for
figitsbusnbs'titerthis title. The board of dAirectors of thd
sie lhall'&detemine and prescribe the manner in which its
on salfl 1eicurred anda its expenses allowed and. paid.
00k TI~e bestid of dietosmYande necins of hodrf reign securities.
nvie te epoitand undertake the custody of foreign securiichhae deuledi h paym ent either of Principal or interbitihie eexts r crtiicaesin the place of securities so
A'ppiit c6rh'ttees from th directors of the: vroratinad
.t other pesistorersn odrs of anyj clas or classes of
nqeg seuritiep which have defaulted in the payment either of prinor interest an*determin ad create the functions of such
tides. h c aira andvice chairman of the board of direcAnIl be eocochimnnd viechairman of each. amittral .)Negrotiate: and car'ry out, or apsist in negotiating and carryin g ragenetsIo the resexpto payments due orin arrears
t o ay fregn.seuriief i default or for rearrangin h
sn wh c securities mayi in future beo held or for convertadexchanging the saine for new securities or:for any other object lapn thereto; and..under this parAgraph any plan. or agreement
threpet o uch securitie shlebning upon depositors.,
4dg.&hatthe consent of holders reident in the United States of
an of the ~~~secuxities: deposited with teCroain hl
Iaidqrtake, sperintend, ortake pgin, the collection and ap.Oof hmnAdeiivled from, foreign securities which come into
psession of or under the control or management of the Corporaap eepl-Ish circulate, and render available in
aenes l fom,,- when. deeag essential or necessary, d.ocutigks reports, and.ifrmto of all kinds in respect o
conies inludig-prtiuarly records of foreign. external
4 .defultau4.Pecords, ,of the progress, made toward the
a] ases-si ay .deem expedient, with the view of
pe .,XPo.Of 01Wa and siml fo rms of foreign- securities
pricipesin, the gonditions and termsteef
ac nthe 'am .and .onbehalf of the holders of
uritithe: care or representation of whose intersts may to the CoA rpor-atkin; ,conserve And Protect the..iht and Wshers of foreign security ised, od or,.owe in the
4 p; Adopt speasures for the protection, vindication,: and
.oPyservaton If the rightsI and inteqestsohlds of
enrtie ether.o .a]Ry dflt in or on, breach or contemt the cdionowchsuh foreg securities may send rohew;otior r 6 suhholders such legal

and other asitneand adm as the 4 p4, die". eism ii and: do all aW te hng s aiea
to the atanetof theaboon obj*cts,: A
Sa.205.''eor ofaconto
all. mattrs i-elatiniz to ca. connected "with treaac ness- of therporatio. and cause am 4W accOaku
sheet of the Corporation to be mad out Meach yes; a allI;
accounts to be Audited by one okr 'ore6 editors *ho mak th same and re port ther on to t he board of dictors.115
Satc. 20. The. Corporation Shall mk.-int, and ii 1% an
annual report orf its operations during eryear,"n a co --reof together wit h a copy or the account a nceee : to'
report, to the''Commissi a and to both HoTses of Co4. n pro vide one ed~py of such report but not more t On on onbto Of any person and on receipt of a sum noteceiN:%ridd That the board 'of dr r nisdsro a d bu copie
S&c. 207. The Cr.aion may in it discretion e Chags
assessed on a pro rate ai nteE r of for: wunitie
deposited with it: Pro SWc. 20. The C&oror ion may receive scriptions any Vprson, foundation wit a public purpos or agency Of te mke States Government, and suceh subscriptions may, mn t a dniof the board of directors, be treated as loar epayable whe mi as the board of directors shall determine.
Sac. 209. The Reconstraction Finance Co= ration. it -yathr
ized to loan out of its funds not to exceed 5,000 for thxa of te
See 210. INotwithstanding the f orege g provision thi IS e
it shall be unlawful fcr, and nothing wi this title sto b-tifken -or construed as permitting or authorizing, th Corporstio.i thid, title heated, or any committee of said Co.ration, or sareson o persons acting for or representing or pu ting to reif it--,.
(a) to claim Or art or pretend to be acting -o rtarrepresent the Department of State or the inited'Statesoe:=imenty,
(b). to make an statements or representaions -f 9 ind to
any foreign goveidment 'er its offis orthe ofi& f any
pit ical subdivish of any freig- movement asdCorportato 'Or any .mmittee thereo r any mindu ir i"li
viduals connected thefewith were leaking or for the
said Department of State or the Unied States Goveit'f or.
(c) to do zay sa irectly or indifetly which lidi*fth
with or obstrdet or hinder or nwhi might, be 6O AR to
obstut hinder: or interfere with th policyo fh
Said Department of State or the G-vernment Ithee


of the United States or said Department of State and any for
eign government or any political subdivision thereof.
Sw. 211. This title shall not take effect until the President finds
-that its taking effect is in the public interest and by proclamation '.00 declares.
Sw. 212. This title may be cited as the "Corporation of Foreign
Act 1933."
[Title 111, the Trust ]Indenture Act of 1939, is set forth beginning
page 179.1

J: No

....... ....
14 V


.. Ki



... ..... ... .... .. ... .


.... ... ...

MAPPIR!-NDMP : Pro-visi(ow of, Ye)(Joml LaIv to the Secunities Act of 1933

lln i d dWqn D f*d i0his 3 md 4 of the S6cu ri#ei'Aq of 1933; the
Act (11, U 9.C. 664):
'the Bwnkrupt y
"Sk. ?4K Tho pro isiolli E ecfi6n 5 of th' S curities Act of
.1933 sliAllot'aippIll tJD-'
se6mr#* VWUMI by the receiTer trustee or debtor in
qq Ip
= Ant to paftkraph (2) of section 116:1 of this
(2) an Airmort ,Jipn any curity issued pursuant to a plan ir Iii:'W Ea-" the deW r
Of or au or partly
inexchm swu fts a Ind
SU& 6 f br 69sh and/or p ro A issued
%OA embrCioe of any x4olt to subscribe. of con insion, jivilege so
ekc4t (a) trapsaktions issuer. or an un. erwriter in
pm 'on M a to ihe plan,
distr$' otherwise than
Wi Ution p
aTnid x as, to securit- instituting the
ons by d6ilt les
of an tion by such
Wli or a PAA unsoto ont to
distribution of,
dkder at. ei 'Sec-11
su cities by the
Re dth, m- than pursuant to Muer or by: or ffir6ugh. au un,'dervm r em
tPVP69 "Bedurity,
used inWos'edion, t& underwritP-r7
11011d 'de ve the ed
%AMR in Section Tof the
IL y Aet proymes that the Act'ilmnsstake effeiet and be in force on
and after thi ei months from the date of Its auproval.91 1 276. with
remedy tD Peading proceedings uBder sem 77 and 7TP.qfthe.eiAkO9Xc "AI4n.ows fee 11of-geetions 77A'and 7A Of A&Pter Vm. as amended.: of the Act
entitle ft'-M t A U9111orm Of bankm Oroughout tho United *aml
approveA awli 1. lftg;- shen coi ftue Zm for Zk" *Ith respect -to proemdings pending under those sections upon the effective* Vtte of ithisdJo6ndatory Act.m63ept that"( fts ip&Wr to the
I PeOlUe U = r*ceedbm= "19 3VPrbVed r
of this az*nd ry, -Aet tIm I provisSohm f pp in their
en re VOoeeedl and
Ch proceedtfts wax Approved 'm9ire three.. months before ha er shan JIPPIY to such
the effet4vo dato Or 3ha
Avt,"Ibe OmvWtonsa this
proceed'Lrs to tbm txte4t Um&"e e
Judge shall dmm.their &uRItexti0ILVractIcab, and 2PAM '(2yofee- 11161or A Ot 'amenW June c. 575,--J 1, 52
POO the awrovia"Or a add CtIon,
re Vegg upon
min an# tjae court-T- X
'"(2) autherble a notiewsm the judge
Ek" pre6"%e ftA&uPbn'=" 'trm'rgpgtat7t*n drb= tg'for cash, property.
orloth4w -CA-4& aim apprevW by'the )Wgo, upm mxb termsfmd conditions and with 7;;i;rit3t In PaMent over existing obligations, secured or unseeureiL as In tk*

.. . .. ........

1988,tie Approve 198Mandtetr Scrte c f1 salb
thee proisionsto se cton eeoor rhrafe ."
Nilton: Seof aid secion iscnandicatrXoh
Subdivision (c) class t
aedafry msct i f~ I B, re

poer elhe a this a
mayviiiiii o aus hown wiiiiii .......

trtees if appfone to ie ut

ori othe cosierationa a g =
h-ipuroses6, cande up)on alssd1n "l f r
iiiisuch seurtyan sui r

obligations,, seue orr
paricula a se *d *h *.*.v
he exet of~ secio 28d
isdisonse in theo fold
th Crl~og od sess.}, at 40
Setion 2f41 d etired
th is vision (Co regita 3reiid tActio 1938is rqread sfloi
sc rt ho e riiiiiii or editiiii

chN forn thei old seem
iiiiiiiiiii iiiiiiiiiiig ..... $

soldo by thteognieo
rieitereauner te S~ etna iz oth 'ndco u
Poemp es~eraM etion for the -issuanc
creditors cuders ai t the detsn iWo
writer; fo any ed suc reisseritaesfrcs for public closreo aofe law
isue This need, for regisis

recunie"b the-Scui i iiiiiiiiiiiiiiiiiiiiii ii
iiiiiiiiiiiiiiiiiiiiiiiiiiii iii2i

iiiiiiiiiii. .... rO a t r C .
iiiiiiiiiiiiiiiiiiii iiiiiiiiiii
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiw is s u #
iii iiiiiiiiiiiiiiii
register undr tiiSeuritesictijstiaianyiiiii:'eW:ii:'
suso etrtei re ha- pciejvsosmybv

maeiainoiiiae" ia~~omte
iin vliiiiiiii6iiiiiif!iiiiiiii tQ 410

6tseemovWB (h) but the revisionon designated, to, remo e:,alldoubt aS tO th8

-IN n:v*3 O-f1he %fik b
rup cyl
zl%4 698.4L.Thepravisions, of section 5 of the Securities-Act of 1933
shall Uot M
ity: issued by a r (*ivertruste6, or debtor
(1),: in post to qmtioy
S11 t.H4 of this 'Act; or-ity isisu d pursu
any rrsj dion in any secui ant to wi armput, in ex 4apge for.. ebi= st *e debtor or partly. in
A] 2&t fqr Cas- an or pTo Y.,,. or W
pFcise'of -an' 1 i IN orv" Fslou PMT!, so issue
on S, %* mique -nneer or aA, m4 rw
pe, tr h in co
a di:!Mb t intto the. a
tftnsao fi 6W Y (lealor, q_ a. W. les fitting
the 4n. A1116tn*k Ostription by the
lCiP94 In a I securl
as distr4b 10. ties b the
or, ugj ,,An tiidAeirv dt"' 'than p4rsuamt
$W "ion, Swurity un r
Ai 6; to ter
t 1 , I I de'
'd or' &411 have, ...up, raesningri, rolvioed -in:-sectign 2 of
bf 19 Act of j.933 Ahall
-It*s xeV6 33. and) M tervA '? ,cu#
to r amen
'if NOM 3934s; taiw)d irl, JL ofthe amendgfg:. 6f the ptey?'Act (11 U.1R.C.:418
411te P of smtion 5 of the Securities Aet of 1083
sbAll not appix 0SOCAMt isfied:-.&y a trusb e:.or. in possemon
rsuuftt se 4 or
pift to eti6ri 446 of thig Act;
'on in any security issued pursuant. to an WtWood or CISIMSagain 40 OW-134 WWI A the
ftu M40for, or ly M, anp. ana,, partly fw eAsh aAd/pr
to or coneioept (a) transactions In an Mier
in,,cormection with a distributimi otherwise
ArtangeigAM, zad (b) traiafto6tions by a dealer -as to wuntwitm the whole (W a ft of Wd unsold idlotment to or.
$44 Otiba hy 14 a &-stribution of
Z *T sii h-deqler aS i i)aiticipgnt M
'iRak -b -the' iii or &P
wMau Y Muqx vx'by ... ffit'660h, underwriter
pursuant to-the Arftn W t 'in .3"..
to ly reaft as follows
ftr uE the ve R.", of if"Proteeffing for an armnOment, of after & conOt W"MM_"U 'Wbete UM edurt hao refttued jUT1vdIcffou,_ the court way d* *ftt4v*r or, U-Wwi, t, debtor ln'pomesslonAo Inoue d"atfon 40prbved tW the murt, OrtaTIO in payment over
1WO0 WE& Ti VA C 8416, v*jq# a4 roilows at A '00460-diuS f q* W -H i-zehimt -0 -of t B re e mbftt h*4' t0nedf JOApOctlon, 41W c6urt may, ti ih or ebtw ta #i0qWtoV*ve eerffSm1ft W6 tg td'Uir Me coavt- u*ki:vstieb te
eat ovtx ft1nt1j*';eob1Ig"ns.a.8...

.. .. ... ...

in, a& :Sietbm the I Ud
"bt As Nused 4s
writer, sAd td"Iei sh&U Inve -the a tw" ht ftedkft 2 Of
@4wftyn' :. 0 ..
the Securities Act of 193k and the:, :Z=M
be deemed to "hr"4ueh A4jLs hm"Rftj*b *Nl
N seetal6h Sig is -ectitainod in daptwi zbfthlil.
ded Act entitled "Real Property Arrafigemmfigby Pe
Ons. 9 other tbw r rnz
D. Exowpt frolik. 111111i 6 17 04 *tbe krit, *Ct, q
205 (fl)
0 TU Prov Mons of iftle I and w W(m 5, of fi*
Act of 10889," Sham not to IbB liou d& exan of the AM wbich"
,i, tT 0 Owing W'd Seeu&im AA, Jw as
tiowi Oftil", forthopUrposwof
I Won Spe eifl(%Hy Mentigji-iiii d in,"seipfiltm, 9: uA 4 at J)iO)wid
Sbeurities Ar k.L), Ail wenrit is Ubight
plan Of 111110VOILPIOLZIM umd *by the jud le inici VU the
prOVMOW 6", Mbedm *(12 r ?&
Oan for the PU kiloilwr for WoO'pn
PurPOSM of such pha; (8) neurifies uswo bji' 466'
ihb 'trustee, or:tru&ew Varsumt ta: I habdin, Wn W $ da*
86ctiolw; 11: (4) Of depoolt MP w6uiltle* G Ot
dMins: akiiiist the aebtor -Vnith,& ex"Ptift 0.. OU& co" At"
deposit:" are: i4kmd by &mmiftws n6f SUPj to oil
herBof. The.. A 6f subdi 4 60,
curities Exchguige Act of ION al" not low Otdie";witl reatieet to
any action armatter which is mrid4n the prqywlmvt-sr beoetioa (p)
hereof. .
5 SubdivimMwa (e), dxm (Up as ameaW OeL 2#j on, 11
U'L(('*) lrer(ako;;: =rr1111UOAt1M,, t": W
-7 4 4
. ... .....
44(a upon not im than MOM
old, I The judo my, dr"00iouing" Itu"
such ne*ftwpers an the IMIge am In his 1r:
-2-terolned shall be suMelens ft eause Obown, sad with the apbmval of tht, Mmodedon ETnterstate commiorce Commission,, in, acamrdance with mmttoxi 20 (40 of Abo Igterstate Commerce Act, an now or hOnmdter aumaded, autbortxe the'trustee or trustees to lospe cert1ficates for. caW property, or other consideration :TtVnrM"d by for spob I*Wftl purposes and Up" such terms and eondittons and k et gem ty suchirti rity In D"Ments'over exi0ing obHgatim& wmred::. iw unsecured, or might be In an equity m4xAvenht be lawful,. 'Wbm Rich r0ficaUm are am .....
provide funds to the ae vt.siaky
foq tion, assembly or =ilp
related Irelm or r the purpose of relv*ursing the trupteeor r
Wd'e;Vexpended, the judge may direct (without limitation of hU direction In the absence of Ms ProvIdon) that the nertMeates shaU bP1k=T a,1ib an the
the debtor and shag be entltleO to on* PtUrity ta Payments ovVt'OVating
secured or auseciired, and receivership charges od debts or taxes or other In favor of'or payable to any
agency or instrumentality i f ind Interist allies, and to anch peAty witli all
or any portion or the other costs or expen of=istratlon or operation WIWM-p&ticular elm the judAe m*y And equitable at theUmme, 4f autbaristag the lssban6e at *Jeh eerdfixwtes, re6sidli *,of, whether meh ebllgatlons, charges., amft, or, expMuwo. titles.
or UppW conoWuteor we wured by liens on sh*11'ba"
= e twTAW or after the of fM4&
6 Subsection W stfegrvil to In, Oe exeerpt, Mpg"-,as jOjj0"Mj--4P) it VEM tkW
be iWa*ft1-,Tw *3W persort. during -tbi pmdeucrof
or of recAvergdp pro""14M against raltro*d cagporstio* lu any TWO Mt
m=W tW ,,e of his. name to $aWft, F Crftntoio -' r Akrecourt, (a) to solicit, arrperud from A*
holder of- say SpIlroad 'by 4W against Whom AM* W it I UV *eon
Instituted, *4Y pxww or autbartmoon to XOPMOMt *UY Wh, am su,4 praceedium,or in any inattc to A *oft ;Orhiviawiz

y such
any instrument evidencing the same, under any agreement authorizing anyone other than (continued)


Setters(sy4)6f the' Securities Adt exernptsfrom the registra-I. itt Act
see strity Which is an industrial development bond, (as defined
tion' 408 (cJ (2). [Now. 108 (h) (2) Jof the Internal Revenue

-uh depositor to represent such depositor In such proceedings or In any matters relating tsuch proceedings,, including any. matters relating-to the deposited security or claim; or tt suchr -abhT or interest or to consent to or reject any. 4eh plaw of reorganization o(d) -to use#' employ, or set under or pursuant to ay 'such agreement *fth such depositor wheh has been selietted.or obtained prior to the institution of such proceedings; unless an until, upon proper application by any person proposing to make such solicitation or to useasplyor =e oudr or pursuapLt -to such proxies, authorlation, or deposit elements,
lith n t te terms ad. conditions (Intcludihat prbirleitsgovein'g the copensational expenses to be received by the- applicant, its agents and attorneys, for t ef ekvida) Apoa Which it. s proposed to. make sitch 'sellettitdn or tk: use,, employ, or i# uner,qor pusant to such -protles, authorisations, or deposit agreements, the Comeqthd;: Pro ed hoest W Pa nothing contained In this
ffona t .o of construed to prohibit -any person, when not part of an
-rgaized e~or4 from, acting- In his avti interest, and 'not for the interest- of any other, through a representative or otherwise, or from authorizing a representative to act for him Iany-%of thedu-fragaing matters,'r to. probilit groups ot"not more than 'twenty-five bona fieholders at securities. or clatams or ,gop f mutual Institutions from, acting together thei ow intresli ad nt fo etbdi I r i p kiretttives or otherwise or from

dertios" abou at ebeVh Itatttnbaw use, employment, or action ts proposed are reasonab x, an, Inthe pA g laterqph -pad conform to such, rules and regulations. as the taibn %ft fighth'e. Ahd Comisn *hall have the oiwbr to make such rules and
-= S ps e44blctgeue ypyet or action. and with respect to the
a ah tln of bueb pioxits, aufthorizations, Rad epst'agreemenits, and with
Whi t&nd~e Ath 0= -nma liib I vnelAs etiwA illn asth hamntit0asmb of this- swluedtff It 4
8ms necessary or desirable to Droimote the public interest, and to Insure proper practices
-n he representation of creditors and stockholders through the use of such proxies, author-**; or depokly agreeent an-intesolcttation thereof. It shall be unlawful for any .44- to solicit any such' ppx' authori Ization, or the deposit of any such claim or Interest
iN ~ ~ d buieahy eAt smat orpisat to any scpr, antthorization, or deposit
t~w,)elsRap eII r obtaJned prior to the. institution of such proceedings
'To i onof t&e I Antre& ~fons so presciribed.
--yAtatesfr uge sbllb mgl i sc form and contain such matters as
Coek::m ais o~nmayprescrilxi. EverY suhaplication shall be made-u'der oath, signed by, aro behalf of, the, applicant by a ddly authorized agent havn knowledge of the -matters
-set torth. T4t@ dOW any8 IS#[Orderuthorizi" such solicitation, use,
Jxet rsto by'a spolemeni r,' but, no such modiffention shall invalidate
--W,,peawauy takeu or rights or ol atmWhich bave DreViously arisen, in conformity e Comision' pr Oler or rders authorizing suc solicitation, ue, eploymet, or action.
Com adesea tyla. t diseretin, make such investigtionts as It deems necessary to etermine whether 40y Derse: 'has violated or I's about to violate any provision of this
_i~tbs*W (p Y or *tb*Mle or regulation* theettder, Ad may requIre Or, permit any person
*tofle with It a 'statement in writing, under oath,,or otherwise, as. the Commission shall dtrmine, as to all the facts and elrcuimstances concerning the mtter to be Investigated. TAeCa*Os4alatintacpftded; In Its discretion; -to pshl~sh Information concerning any such
-i61tibas, shd tO inveostae any such facts, conditions, practices, or matters as it may mew ieear or #opehr to aid in the enfteement ofMth provisions of this subsection (p), ithe prescribing of rules and -regulations thereunder, or In securin~g information to serve asa basis for recommending further legislation concerning thefi matters to which this
suscion relates.
"Any person who Willfully violates any provision of this subsection, or any rule or jaioaae therevader the viqiation o f, which is. mado unlawful,, or -any person who
u it 'knowiiglY'make. ar 4Agrise t be made any sftatement: In any Application. por ,49enan required to be Wle heendro une ny rule or regulation authorized

.nmnt inth dseytin f te our; utno enlsabai e sbjctto mpisnment r~~~~~~~~~~~~~ thi seto fo .h .f an r.eo ellto i epoehth had no iggei snley rifle or.'* =
Ak ubaeta (P) 0l4llRat, bea pliattle toF an esn or committee Ase nt, olitain, or' use* proxies, authoriztions, or deposit agreements --~~-dt *Uhrbikti inhldtfjr A"t Up chabeettosp with turoceedings under ths e'tion as in force prior to seeh eirectivyj4,44Iq xetetrers proceedings against a 5 t pen in y eat 67Fedeft ialegs@ de per664t ior committee
it onaW reVee authority to wat as did this subsection
-1 in a 648of this snub soaU abe applble osc
pesnor co*IA hkmi V 4 u0 uponterms whids eat alInvalidate
an (4nt ta 4ghtsbr ti 4 qht ba~ve'ightetof ore Arisen
batcotait~tees st shffec to this subsection (p the
(ftitt s or esotisions of any deposit agree487 cred##or or otorkliooper acting under
-se 4 ded1- 'wacr*btfi'th.1ms wen-ai~ .9*aisw of any
Powe wbeh h fids t beunfir o no conistnt wth ublc poicy Incudig thiiiiie tio ofunrasnabe aouns or ompnsaio an exenss.

Cod&.9 tho mt i ia awdud" fmmrvr in.. ...... 0 W WIU
.. . ...
corns simaou .108 (1) of sach Code, 'by,, x"wi"
Ap ..ot par's m Ih M or (6). of $04*4 log (4).
-of C Wl isk W IM,
and (7) were not incIuded in sedion 1 C) 108(b) Ir Tanh 18 "2tl t
(1) of such section 103(c) [Now b). does noi; ap to"'Suib
smu#ty;' .
5 66A as
4r bnoir
A k . . ..... .. .....
VMQUOW% A16 0 Al
ltmzr ,Grom moom dom'imA ind
1) the of a state A TaTito", oq l F" UU UL
9L" pOaMQ Imbdivm' *,Of
th& dr sm, of Aw*tovl
9.0.129f W *lka TIvatrid 07 AMR& 16.
A mooft 'ALL
km IT
In this "Alan my ind Iv bmd413all
ftwled mu ob j *Amczfb d ih
rti t6 t"
obl4M#047A(A) whicnls mmed wpimrt 6f. Uwe:: sit, *a MMW
Ion promms of ;v Sri W bk' lisa direav of
IndlitiviiE dly M:: Any ttlii .,or hnAn '6ikAt o;x,
who is not an e2m pa, the
g. M )v and::. 2, 4 wf I' H.: K..c
t W K W-M
aIr or
rangement) WiA*hble or in: In I*
11, 8, TWO
in _1396a or TO M
luz In a us& Or,: Or In in
such propertyor
to biderived'hon, psymen# i ve"Ted of rimy, ur borrowed money, used or to be. imedlUAtk*A& or

"(4) Cmr 4 1 V
Pply to'any obb mfion which is im*dSs PgA of sm b*
dim& all 40 tl e'Orocee& of which% an to be u*14 10 pr V!410 . .....
real p. pperty. for family, vni",
(0) C fivihtibii 'Or tm& diow vo ve is, 4,
(D) airPmO ocim i d wli
r r,* Ilk,
iLiy of it;'be f '9
"M di lsmdfitiepot
Olid vaste 40sal gy
(F)'air q

fi ,af r4c( PAux -Pkrigrap4 (1) shall not applyto any
rM b b issu I ga of anisia g-hbsfantially: all of the pro4 wh:A am, OKbi u", !W
the requisition or development
,IajRd tho, 460, f-" r a purposes of the
pot pmen o lond' includes the
tenee, Owtem, Mevelo Visi *1 r. ilities, or of
ro onl-,q Mvster,: s6waoe 4bainage or sinn i fac
itAti4jh pitmer, OrIC461MIMiCation, facilities which are inri paA, but, except with f4iele W t6 uwof thd Aite'as a# idust W
5. MCh.,f4@Wtk9,: does not: include the provision of struefirivgfbr bufldiii
FM li A M SlItALL 19WES.
h (1 &ilYh6t apply to any
(A) Ix GENVA&U-ir sftgftp %
ps OfUnIssViteAho jig be authorized gTe Of
bfilAi6 -f $1 660 or less AM substantially all of the proceeds of which are tobb-us6d (i) -&r the acquisition, t rul on orimprovemient bf land or propij!" IC&a allowance for: depreciation,
-gubj&*t-txY the
ot (ii) to rtede.6m part or all. 6fj t pribr. i9sue *hich was issued &kiib d or this, Ciduse.
rB N.IP'Ea6ft loe tift imt6"ACCOUNT.------1fbligations he pie eog of t*o: br '44 ..4 W4.
11ji'll"C'bf 114*11N of th6h such i8iue is-the same) re, or- A 'W With mspect, to facilities loffie 11!!!11111 ,e: eorporat6d, ihtinidpility or located in incorporated
me ality)
,'n.0 :1 UJ ipa user 61P swh facilities is or will be
..V C. A. A.S l Oh"WIJI&SOn or twd or ihore: related '&sons and
0ii) &A f(W thLqszi ph., sutplaragraph (A)
W Mott
mr f t a6ph. (A) in determining the
AkhoitnCo any i th shall be taken fift geeaftt,66 f 166 M1=06 01*. mued under all
V164 $Ue -iligues afid'oiitoWading-at the thne of such later isI ca
ding Ift W&itandin an_y obligation which is to w, IM 0,
'M lit
6f this paragraph
For, Se'd'
t"d ph at
Is person to another

the relatioii bet*ten su, Persons o rei I ..
OAtita- Am11o*un6e'... der ketion 267 or 707
hsut &mns ard: same controlled
f Cop 6stions (ai, defined -seAion'1563(a), excej th#,'more ihan, Wpercent'Aall be sirbstituted
for lit 16ba 80 pereetit" eg6 PlAc6 it appears therein).
51000 000 im&rr t' 4t AiM th6 elmdon
'of thl such Wanner as the
Uguelij rA& at gueh tiji ''a nd in
e tr '_ 0" 14y te 'nflad6ns piewAbe with P 'h Ahall b6 A
j angrap
90stitfifing, 000000 5000, in
(A) and
aif.v.m A

U m deto Awmptv Motu* of siA
iswiN a"nat, not ml tb oot &
MOM but, OU ftAmur"
With ro #P es
SMORdt Cd Mp to An#
ps= 4A OU M Paid tMAM i"d.
-4 ibe&
2suoh Usue ..eWiug,.ALye4rR after suck land
mmeed Othemm out A We 10woods
issims. to..,whi&. nWMP4 I (A,)., vphed)
unt of such caFkjtQj CAMitu 1ace amount of 4''Prio tAhdf issue
dewribod in subparegraph (IR) Aft] M IWW
U.T.. Awijb
.. ... ... .... .
n the: i W )ahty or
E*w WporpPrOo4 An'...
in th6 sa;ne, oqw ty.-:(bt i ALRqworitted
Muniollp I
"'In"), the principA -uper of which iw"WW-I;e the ame
perkewor twg or wvm,;eIa
I&IM 0) of whether or
0, T-.
not. =RTe SRme 9qvR";,MtaI UUit
kil" as of the. KOPW, the v-suelul question.
(F) Owox q 6 IK LWTO:.AC"400'UWTI ..... Purpws.4vubp4mgmph fii)
my CaP
expenditurert 6d by.
0) 0 replam Prope y da#t6yed or.
storm, or. 9thw mmIty, to the extejAaf market
valueof th )404y 04
ii) -equired 0 A fte date Of:
Y 4 Woein s& a rthlp ism
To gj, law, or local
Of issue m qu ri. PA'afeder4l or 94to p1j"on, or equip ect
of gaueral ap r A ChBMV
M*6 aftex, s ck.441 In, v4 xij;tiU6oj34 gefieril
licatioii issued.:: ulxiaii 8 Alaw or ord uWW
(M) Teqpired 1q, cixcuim w not
ly, forewea .,qn sueh &.te of J% qsmg out
of &'miaCaki:4 Jaw'6r. fact (bjg:ih Wr ftt 6 AMoufit akw.. into aAwouat m
of expenditures jiA, t &rth' clause
with respect to anyissu6 shall not 6xcee44 $1 %000) shall not be takea inta: i cqouiAt VVj 4
(G) naTAqnow.,.OW- IAMS GR TAX 4311"a Inr a,Pp
ing Subparagraph (D)(ii) vAi expotd ....
1104. I P ion
ifiim ma& aft#r the dite of Any ism. IA ti issued
as a pad Of su&.' fhaU. d Ak.,Aa,,Oligataon not
described- ml* subsee ex
*,Of iny such
re, *e on *4i& 4inwIV. R
,,Pm4it-d -for any Perp, d.' bef ore t6 d pc!ndjtu:0 js PHad, or mcurred. ... ...
01) CERTAIW, RXnNAWVIWG WUV&-In thP, cawvf any
ph on, be
sueAescribod in*$-HbPiKajr& ,an, 10CO, may
inqd(vJAnder subw -h if, alt ,Pr
ragrap ppr issues
tedl eEQM iib 'issues to I SUOP A) apP110S. In- aPPIXing S4 w th
bpw=gr ph I) ) i r t*=&
a refin;k# 1



nIy*::farpurPoses of determining whether.the prior
issues boing, trede" d.. qued Wed would ave '6jitinued
to au&lify),under subparagraph (A).
and (6) shall not ap,
ikatioa, foray pe
-ply with respect to any. obh riQd during which
it is cii sora
held by a Person who "s a substantial user.6f the fa 'I'tie
related person.7'
CCU om the
of tho S cities Act. also: exempts fr r6gisrra tion reqUirements: of that Act
%,* i I : ril in U sm*glear co1jective, trust fund
anyin erea b,'k, participation
*in, ui s-epa vun maintained by an
-'Inain a! bank or rate ace t
.1+1 tlrftnce CINMpon WhIth interest, Qrparticipation is issued in
with (A) stock bonus pension,, or profit.-sharing plan
"-Whi ino tsv.fh6. -I eiqlftrements for'qualification'under section 401 4f the intern an ty plan
Ial Revenue vodp of -or,.(B) ajRnu;
Whi6h._uwets thb ivqulrements for the Aeductioll of the employer's
eutitribution under tion (a) (2) of see 404- uch. Code, other than
any: plan -,desezibed -m clause (A) or (B) of this paragraph. ... wn ow gle trust fun In
the tribute unA" which are -held. in a sin d 'ainsied-W I S.baik 3epar or In 8, ake, aecoun main ned by an insuran& c6mp.%-ny JFO'r 'a Singlaemployer and under which an amount
of- the amp,oyer s. contribution is allocated t the purchase
Of. Ajouri.tim, fkIn.intagests.0rparticipations in the trust or
slaparste, a m t 'm
oun itself), issued b player or by any company
U. 11. dindl directt, In-P7.
y, eontrolli... controlled by or 66r_common AV
o1r, (ii) which,. covers empl'Pyees, some
-edistrol W- J, employeir,
*hOM -Are employee je Of
wi n meaning section 401
of s4i 4
41(40) C
ef AiO e 6& 'of 54 reitd as
F, 1Nr
1. A. LAXS
tmst, created or orga
"i:Md in I" Wd tedosW*1 sl 444,forming ar t of a stock bonus, U,
ctr P kysh f4r the'exelxisiveben4tbf his
rOO avam
ben Adgno*.s4all eqnstitute a a trust, der
114r.P< 14l, are Y SAO A
ao4 tc.K.: tho. tr U4 bK player, qr em pl 'bot -;or -W
qyee4j, Or.: -h e who is entitled to
'110 OI!4UdIJXiA-CMItHtWt* I AdA W....
'WAS 404( 3) (Mating
v Isectign 0, 4(
i: to p;-4t- 0 . ko6k onus
PJSW$)#JK jPU;PO,*,,kqfAqtv! 9wh 01 e r, their
wpmO,,,4. efpn :.4c M ed by Ft V .
with sw h pl,4n
IIAI (2)f TifvtOidw the t st, inAtrament, it is I ime
".4ROv Ja- th4l ,pat t wofa respeatfo employees
11 liab tieswith
under the, tr
all Iqr iucaum f or,
_Usivobieiffit of his
employees,or eir Liies :


thlb of wM Mh
410, Immi r to
staxidardsW apd
(4) if contributions drW0n" '*ovidOdVAwW thsplai'do not in favor of vhO aro."(A) O"M
C 00
pom ot psw*M"b.$A)wn,
Fof pur be
sideration employees descri 1W .0
"(5) A sbw& "-be:
withinthe Of a AT Zpk:f.4 ar 9"COM4,10 (1
regMrd to pangruph
under Section 3121 (a) (1)" (relatin to theFederal Inau
or nmnsly bebum it wiiinAkd thouRkSAW em Neither "M plz beOD=id9*ed
in 6 Of Such umily bwauw tiiic citr"
tions or benefit df on f of the bear a unitorm: TeWaonAip to ths WW, : - the
basicorregular rate of tompewidoft Ofmchimmh bwau e the bonbrfttions- or .bewft. IW OMw;S&q&A OtAn Aw R on whith. i&
ploy" S itmuneftfi. man
U91 (a) (1), differ from the embfibutims or ne-- 'bwm*daewpl"'s -remuneration n6t 66 eiF ar diffiw Imemm K, Pf W retirement benefits CreAw Under'Aba State: w 1PIe&rsUkvKFor
UX-Posm of this Mph and TSph f 10yj the em- IA
PIL- 16109
*6n df an individual 'is: amp
9f Ms- USP6.4rt4d.bWOM
ing X i such indi
0 a's in
compensation of such an al. Aha bw deterOjihM-;P.tMdw
OPLPM~ jr& %JKP%.PA6 Ab b the
respect to 114 PiDAkin of his es!rlu ratio to his earned income as the basic or regular6onipftsat-on :of th
e e P oy ees under &B plan bears to the totax
such enimoyees. For purposes of det rm niv w two or go" plans:of an eniployer safis Ow req of,
-*hein'daiigdered as 9n& P-Mal on behalf of the employes Ooived as a deduction wW6r 404 Rkrft Wc abk yeAr with: r6speet to, iwh,,Oawj tAjau
-000M.Mationship, to, the the
total COMPIMMfion, (w basic or fegalse rate of tow iftfidn Of Anth P T6ft ii pjaiw aha;]U L not be buftsideke4 dise'"ninatory tw v t r* 'o,
J nlix the epkrake do motbweom m*dm '- t1w
t itv.
rate. For the purposes of
a -A teatisfy-th
enap 0" e r*q uiminii6* 6f,
't6iWde*d as -a sinee pW4,il th # vojoyiW :Vio undarlbbe-,"imte Ptin*& twt b"riw ratmqllbutl 41,6, beil '% W d I"P Atik
PWM 0 tw 44 Plan$
q row

toriii -his~i iiiiiiiiiiiiiiiiii iiiiiiccontofiheiiiiiiiiiniuciraesth

'ditference in such rates.
*(8 A lanshall be considered ais meeting the requirements of parrph: (S3) during, the whole of -any taxable year of the plan it or ndyin, each. quarter it satisfied suchreuemns "(7) A trust shall not constitute a qualified trustudrti
Section: Unessthe plan of -which such trust is a, part satisfies the reqianntsof section 411 ratingg to minimum vesting
"(8):' A trust. forming part of a pension 'Plan shall not constiutea~qalfied-trust under this section unless the plan provides that forfitures imt:not be applied to increase the benefits any

"(9) I the case of a plan which provides contributions or benefits for employees. som or all. of hom are employees within the ming O usin (c)a (1V)., a, trust forming part of such plan shall not constitute a- qualified trust under this- section unless, ande i w.the plan- the entire mnterest of each employee:74(A) either Will: be distributed to him not later than his
taxable, year in which he. attains the, age of 7014 years, or, in theeaho a A&mploye other thai an owner-employee (as defined'insubsecton (c) (f)), in which he retires, whichever
iw Ohmatr or:
"(B) ~ il b istributed, commencing not later than such
taxbleyda, (i) "in secordane it regulations prescribed ohis verith lifeof such emploiiiiit liies of. suc employee and hissipouse, or
i) adrdancew itI r la over I piriodn
'1ateRndIAg beyond the:liftpctxe of such employee or the
liurkepetancey o1f Isuch.eOmployee an his spouse
A trust shall ot Nb die"qualified undethispraa by reason bfdistriton under a kleignation, prior to thdate of the ensettenti .ttJ pragraph, by anyempoe under the. plan of
eldh schti-st t pat, f mehodofdistribution'which does

"1)isth c As oa ksplanf Sifch -provides contributions or
benefits for emp loyees somne r all f ho areowe-mlys
as in Aweette () ) }--(A) wae 1h ), the mT sad second sentences of
p tagra (5, and setiori410-thall niot apply, but"(i) hah'la'hllab -considered'discriminatory
wthit t.e .e.ning. of (4) merely because 711.19flib utstrkstless or benefits of or oOn behalf of employees
tae ts(lnbear a unfomrltnsi to the total cobstfit" n, or the basic e regulr 'rate of6 compensa* M1 Iee twhi haliobecsidereddiscriminatory
ithi themeatingof'peraeraph 4) solely eas
thbla enirilittions described in ubsetion (e)
*011 on al eeMss 'af -the!'mroubts which Vay be de*
1 ~ ~ ~ ~ ~ 1 or&de eton- 400tor the tabeyear may be
made on''behalf of any owner-employee; anid
9ii2iii01i 0 78 4iii

ApG4.of S", pl&W
'hii seefioim aul if the nquirebmts a,. q" y
in kbsection (d) are also met. .:K:: :p....' .. .... .
(11) (A) A trustA&H -$.under
8ectim 'if Ihe Ian of -which siielv fsWides
for,"MeIA of=,
plan rb Lhe paymentof 4umuAtrIenefits iA P4 f9rin hav
liv ix eawt: 0 lified j4Wmt An&AP" "r MW=A J
the Mph
NOW Mbpww
(A), in the case of a pla n which provides for thftft of benefits before the, normal retirement age (u =d in seetion 411 &) (8) the Plan is not redto Pmvide for the
paymentk:Of SMO 0 having theeffect of a
and Annuity duringthe peFibd bopnMng W. daW.: (m which thWeems 1 4w plan
.k. IMM"
as a parccipant sndendilw on r ofp eirli-est, i*tireNO the date the 1" : reaches the
mazit agaunderthe **4
."44:0i the first day Of the. 120th Month, bqinbing.. ;WIore the date an which:tbo: Ploy"reaches normiaZ rempmhAL A ft
ALp described in: eubpalw IJ is not. A et
the requ" 'M ..e
!remwtz of bpara %ph (A Wetis Odet p. an,
a participant has a reasonMe rmo wMenhe maY
elect the. joint and surrmi ladraiiY'lonn W1 re period on Aho Oh
a4aragmph 1R)...1e*&,aod enda on
perio& -described: in Ing
the date:: on, which:he::.. le S. IWO r Mma tat (as de fined inAeoUmAll (a) 401e:xaOtim" bab eikioloym'ent
MMt Pe d.
or rw. A plaw d xxiio irement
Ma subpiragraph Wes* the.-ow.. of: elecAm the P under Abe:: surdv&:: santdq kv*rIi0t less
Ow. Permute Wb) '10% lawundat the
joint 41muity ILO Whi.
titled. if. he xnade:. 9 thi %ibpwm#tph
Onon demPAW d in $1
immediate1v prior twhis retirp.ii mCsW4t his roixeaiea4 Iiitd ocaurred on the d r(kath *jA4wWn,'tJ*;peA6d
withipL wbich: an aketion am be ina&Le
(D) A plan shall not, bo traa4 re.... of is,. PhMDIeIT bemw tho. se of the
quire Orakm
Parto 0 .. ..... . . .. mpaut is. entitw Aa rweiye' a... Ourniverr
(whether IAW election bPar 7ph
;,or nO dwribo- iiisa agn
has Imkw.lho parties
been made under subparagraph
pm and his, spouse have been marriR4, throug4pirLOO 1-ytear
Pet-iod eaAlugon the date of such pa#isupwA's*ath
(E) A pI shall 4ot eatedasgo' tying the Vequ k* ements of this Paragnph unless,-jui444 -t p rticiU p k4 (, S do 81 retar
PaAt hasz a, meonab en -SC1644 ly T
or his. dekgate by regulatiousY. Wmv,,the, IM34M Y'
du which li may elect, iu wn 9, after h&*iW xer-ceived a writteii explanOionol the tex#wav dx!*dkims Of..'the
o t and survivor awWI,t
in ,y and tl4o, effpofi of section under
''P 4%br


e tk- ahpaagrph) not to take. suchjoint and survivor anF)A plma hall not -be treated as- not satisfying- the requirements of 'this paragraph solely because under the: plan
th s aproisin tatany election descri bed in sbara.......... i iiii iii iiii iii

gr= h ,i Or- (E) andany revocation of anysuch electi; doe not b c ffectv (or* c ases to be effective);if the
pe icipnt~diies, within .8 periodhs (not in excess of 2 years)
be -nin onthe date Of such election or revocation,. As the
oemay be. The" precdin sentence does not apply unless the PF rovisio described in the preceding sentence aso proi-thast such an. election or revocation will be given, effect
0, as in whieb
") the participant dies from. accidental causes,
"( ii)afailure to, gieffect to the section or revocatinwould dprOivetheparticipant's srvivor-of .a surviv;rannuityand:
"(ii)suh. elqcein or revocation is made before sc
acdent occurd
.... . ,A Aiiiiii

G),,A Aor the posesco this pargah

"~ ~ ~~~Y (i h er na t strig dte' means. the first
dayp~te frstperodfor which an amount is received
as~an net-(htherAby reason of retirement or by it'Yi
- ainif dsda' iy)

"n) the. teM 'erliest retirement age means the, earies dteonwhichune the planR, the participant could
.A. ... lect to receive ret Wigget benefits, an~d
0() thet qual.ed joint- an survivors annuity'
ai annuity fr te life of t participant with a
av..r nlis spoue which is not
essthn oe alfof or- grater thanh amount of the
uniy pyabe trig te joint. lives.of the particip ant
adhi spouse and which is the actuarial equivalent of A
ingle. lifeannuity for the i.fe.of the participant.
F~O Iupoe ofti aarh lnmytke into account
"y equ itablW maie (as determined h Secretary
a elgae)any, i increased coats resultip .r Idng
JO and survivor annuity beneits
4) Ths pragraph shall apyol f
"(f geannxy startig datedid not occur before the
) ttciat was anative p.rtic nt ithe Jan on s~gruchefetvdae
X!A trahi M not condittit aI qualify trust- under this
seet y ess isla n-of which such trust isaprkv-ides that
of, to L so ..I.ytherger or consolidation. ith, Or tansfer of
as~', 14II e g there ln after the': date of the enacttish t'? -t loee ikrement In-olme Sequrity:Act of 1974,
i4. paofcipant in -the litwud(fte pli he terminated) e ar the merger, consolidation, or Ol Is b to, or greaterthani the beiiefit he would wr t6led Wrraatinalintoly I refe t 'Co n0 tit.....ope..

apply 4, 0an =I to..
paragraph shall in ttkS a mwtiemplovsr
doterninib& by the exam...
A. UUA Mfim ] this .
wwwd MY d=' jiia& say
M ft A u M aRALI"P
Wfa is VJAMW -agamw %E64w! -MOWN I IvkPqw
cost& For purpnes toAP
zantorm '&Alaftm ti if SU& loan 0 oxmiad bq wrued no6fwftitablo.: benefit and is-: by MMUM
4975 to tax an ndtiow),,by reawn of
secticin 4OW75 I&. AhAMtajj& eff$4 40M JARI
1, 1976 and AW not aWly to on the dst*Ofthe 941'6f the EmPloyes remint LU010
"(14) 'A truA Shank not,
MxMM anhw the Pn0f.*M& txi" io
unlew the t othervriewAoied9s 1"1:1 ....of bwAfits
under the ri wh
day after hitut of t16 of the Pla1w Yftr xUab owdiler
of ev 66 00 the AwzW'.

y the
&6 PS -Itl Amy
.. .... ... ...... N x 4 i
In the case of: Phw vhi&, H6r 66 of an, emidy
Al Nt benefit ViA, such shall- not
dik trUA Section
who Mfisfied die, Ierv sw arly
benefits but BeTarated
right. to an abErned benefit rbeh*e Osumi the
such: mm reqwre t t6i ISO
to whidi he irould be 6fttiM d A the'n6,q* retire, r-q. ::V r
a &Hy reduced unaer .his
a (15 A triot sball not constitato A q. "r, Wm- this
seffion. uniesiVirider the pbn 4A i such J* 4,
in the cAm of a
J eneft Und4W SUCh Pj*
CSSO of 'rfi& t V* '7=d'who hw no
bene&s Mv Wt d1w, 411114
benefit twels payible un &r 6de any. Merem in the WagB base under sm,,h title Us, if su&

tikm 4m'after the dxk-of thq enactment, [Septemb 2,19741 of th6 Rm loye"e Wtiremeint Ticm6 Seftft "Act 1Df1974 6k (if later) the. earlier of the date of t of such benefits, or
4&:46 of UCA MIN. tiOU5 as t1*zaS6 my lip"
A bma thall J66t 66119 qualified titulst undtir this,
iO : 4ft& 01an Of- rhieh such titiiA prdvidibs for behefits or edutributions which exceedthe limitations of section 415.
(.17) In thecase of a Plan which provides contributions or
beneft,,fwx .'ejaplayees mme or AU of wh9m, are employees within tholnemmg V_ subsection ( d) (1) .or are shaxeholder-employees S1ITtion, 1979 (d
within Ahe x aefting::01 he annual com.
Tessitiali of; each wployee laken ihto account under the plan
Aownatoxteed the first: $100,000,of such Compensatim.
-4(T&) ;Ahm- thweam, of a trust which: i part -of a plan providing
a defined benefit for employeesoome or all, of whom are employees
ith Ift. of s ubseedon (C) (1) -.or are shareholder
sectioll 1379(d), only if such phu(44is6o thi:' nexitatf subsection
"(19) A trust shaJl:not VOUAltute, a qftsiffied, trust -under this
Undor the Ian of-.whkh tuch'tru& is a part any part of a
podboom% ac&ved b6neft: &AT froin: employer contributions whetherr, or: not otherwise nonforfeitable), is forfeitable solely Jimme of KwAbdrawal by such participant of any amount attrib*-AC4, bawft owived by such
'.8catm W, 0 bx pply ito the
*ft of-any pm*igipant unless, at, 6% e of such withdra*%11, FeA W P ant,1m, a non f or f6 able least 50
A(zil'!POWPORkof 04&1'AO6MO 1 b 0 itl &tapnin a liner, section
fi"k. 3qAaaep shall n6tap
.4 Vf this. ra ply tQ, the,
pakm to be forfeited. *.ac
cordance with sec4 xi 411(,a).L(3)' (relating to propor1,3AiA04ADrf Qtbeke*p ja crued Wom etment
lRed,76 V inimme'Securky AA of the. 4rawal Of c6kain mandatory

V. W.),.A:Jrus -bMiug yvt! '&,Dension,.Plan.'shxll not be
maj9d te trust th se
g, g quaHfiod under his
the penwn iin -of which. trust is a
tp ent.of-dist444ion &scribed in sect4gn 402 4,O81(9L)(4)1(A)1(.04_r paragraph sh4fl not AeAaW -beneft a, unless the le nntqyer maintaining
k. 1$U With ths:
ftsx not" SIM kw&fit Guaranty CorPOX*jaw (4 the time "d in t1W pm"ibed by the Pension
i on) notifying the Corporation of such jownt or and. t1w Corporsfion, has apprpn Ueh
rp4yweat, or i wl DO'clays'after ihe (ate on
&Hod, to dm*p payW" prove
Pat iD
ywK ow JL
W.. f 0..e.Tax
P4441 to a PeTmvent
rp 1) an
mp o4ibW ujid r th I
i; Icfz the amount, of cre l Ohich

wouWbeallmmble uader-seefion 46 (w) iflhe-,eIWqW the
describoa (a) OY 0 s6dioa aft
...,of the Tax RedU419ft Aat lot IM.
Par (191, and (W)
00 IMR. syply
RIO to W1403h Section 4A (relatlh* to MWIMIMn sbwd4rds) &Mies w4out ngsA t
Dmonows. AXD RUIMk I
V CAIA AND ON-RI11b.-Expwimm-For pukjxses of d4s Mcdoneum Affitnployee
ho. hag earned *V MY taxan indiVi&Wd Wi
Awe year 0
19 MCOMS (0-9 defimd In
paragra 16:y"r. T6 the extent (2)) for the taxab
PCOV W. in re,9uJVMOM pm by the Secretul or his delegate$ moh term
also mOelud foran,.r. taNa 5e"7- '.
"(A) an, individual whq::.;WWd be lOYe6 thin the
0 PI Imtel w .. but fol the jw t thR4 the
trade or bWinewzerried T,
on bY Mck Wlvidv A_ did aotbave vrofitslor the tauble year,, and
an. inffividual who %W bwA W ew4k' bbin -:the
of the preceding owtAww:: got. anj Kpnor.-4xabie
Y"r.. K.(d)'AbbnvarwAl IM Q6ALIitfttWWIK A:ND
PLAms BRN*rrrw4 Q wwm E Part Of a
Pension or profi,-4harlihOF" which pv*Mo APWE*AMFAAp cir biiimfits
tor emplo e ft some or Of whomsre _OiWna-eMDjO4 em 8W I Oqnstitute a quATZ trust iinder this sedioi Oul ff in'sA&&v to vm"the requirememb of subw4ion'(t), the r0qt6r ti4f this
on* are met by tl* truA aW by the pj&j of Ohiek u& trustis apart. T. 4:4.
(1) In t1m ease of it trbA vlaich "r
11D 1062 or *hith -&eateKj:.
was. WIII!X date but ig nck 6XViDt 1A
from tax under section 501 (a) 48 ".otgaWMdon'desieffibed W stibsection.. (a) on day before such date4 the "eta th mf tre
&'bs ik or otbkr person who deiwonArWs to the saunUction of
8ecretar his, tielegate that the msinnor in *hieh-be'wiIj.Ad
minister the* trust *ill beconsigtent withTne re irementA of thos section A trust shall wwb6 uAlified Wt&r Olis VAMATaph
mereJy because &.person Oneluding the empl Aer than th
tmstee or custodian so adv ministering the tftst ma- be
under the trust in4 rnwent. t power to 6ntM t]6eJ&v#stihent of
the bust funds eitber by dinction investments (including ieih
meAts, disposals, -and exchanges) 6r by disapproving
investments includingg veinviistment1s,' dispomis or, A
Iis Parag raph tihall not apply to a truet er6%W Ofr organimd outside, the Vnited 86%t bef6re Octobe_- IID 1901 if under section 402(c), it is treated as exei I lai'Umer'smA date t Pro
tion,501'(A),'on the day before su 'wtheekte A vid
dele 't t6
under req! Ations pi qcriw hT-ihIS'SeC" hls' IM 01
st aunliityl neilt it. IN
"I Qgr; nee Cora 11140
o a pa 7 pre

employees as the Secretary or his delegate shall by forms or regu. aos presrib. IFor: purposes -of this paragraph, the term '9muir" mana a hbanr a ided ir, metinn 581 'an insurwl cedwit unian' iwith in the' .meaning of .secto '101(6) of the Federal
xStat Of its incrporatio Ols sujc ospervisiot n examination by the commissioner of h-king or other officer of such

State, andi the'::as of: a trust created or organized outside the ~ Untd$te V ban otus company, wherever incorporated, exrcisegsflaciry: poers and subject4o supervision and exami. pa onby, goverimntal enhriy.. -* (s) inder he pla---. & (A) theo employees ights"to~a derived from the contrietonsupe the plan are nonfo~rfeitable at the time the con... titi) aroadterur the planh; and.
A"{B), in the case of a proit-sharing plan, there is a definite forgaqw Ardtemning thie contributiosto be made by the .ployer .an behalf of employees, (other than ownerI$ ..8bparagraph (,)shall-not apply to ontributions which, under .pen" deawe .the plopted pur-suant to regulaios prescribed
bylt@,eartaXr orMhS:dlgt to preclude'the discrimination prhibite~d by: suLcto (fa (4), may not be used to provide beneStacr~dsignate employees; inthe. event of early termination of
().A). The plan benefits each emlyehaving 3 or more yerso servie (within the meanig of section 410(a) (3)).
"(8 ]R For 'purpanesof..subparagraph (A), the term 'em. ()Any emlYee included in a unit of employees
evered byacletv-agiig agreement described
in section 410(b) (2) (A), and
.... '(ii) any employee who isa nonresident alien l described J^ etion 410(b) (2) (CQ).
A oS o benefits are not provided o n
bior plyepless such owner-emploee has consented
A' includedunder the plan; a
Cfiegefits' in -excess of: contributions made by an
AsifoedAi chillye mybpad to any ownerovts ecetin tiecsofhis becomg disabled withinn
td neaingof section 72(in) ('[),.prior to-his attaiin the

() coniiution to be made by he employer, on behalf
of ay owner-employee in excs of, the amounts which may
deducted u derspion 404 for thtablyer

. .... M bab*W IMY M""M
16 "Aps. jor1thet"" :
whi& yftr;
I A 41 a. tht4laiv to4iy
any- pwbowef iiv& di6 1 i6o
assizibad M-48 .. be
m2ddlw: on behaff_ bf Tor.)
SU tpd ,& wbich Tmak7iffiAvibudbn is
(A d &.Ijmw aq)pdy tw bufiaft deOM eW I kv
wribed OU
(6); rMept Uv.
f6i any purpose cwtribu Wsvj Ukg to tax on self ei =
IMP crymut inqdtne i tele 12 (rOUtin
FedersJ lnsumm* Co6tAbiglotis Att) fa Social Selmkity Ae upended, Or' s ny 6ffier Federal, oeWA#4&*. If.
the IMM atibng dedudibI6 liot
Mom L.46AMrd is: 4adpWbIe!by remm Of
..'by theoApIc".r&beWf of ovme
(B) tike paid b the owner-emp ripY jd& 2
(relating to tax on self-emPloyment bm*" id& the t"Jes
which WiRflwl I* "y". under ft&
innOloyees bd- for pm 5MI*
9168 takm W: on
bbhalf of tachOwlft"Im
then tam paid under omflon 8111 .Ufi. with resPect tO an employee may, for pulTOSOO 'Of a(a
(4) be takim into Ie&ytjjt: SS 06j trqbtjt4d& by t.h
6 'em 6$*r f6r
Wac emp UMter the phn.
(7) INder the 'Im- if to Ownor-eihpi6yeo fore his
entire interest has been distn afM t6 D "C hfth7,4' ff UORM 'CM has been opmmeamd 'inVI- 0 M.AObsection (a) ba his
su spom and such,.urv! b
rvivii,9 vIng f(011 M Tigenfin
interest has been distributed to such* suMving'#Pm m.,h-is entire & i 4 sneh intereA if diAHbufl entered (or the rmairmg ps ]on
thereof has &Milikenc A) ijAIII vidlin 5 years irt irhig or
-the &Ath of his survivmg spouse) Ldr'a 'ed to
th.e puretwe Of an' iimme4iate annui for hhis efWq eltli y or &en
Clarles al %iurvivi
spow3e) which w fllbe 16, 1 4 1 '4 bmeltciarv (Orr
Mianes. (or t6i.. aterm Certain Apto I ill 0' 11 f e
expft-allev 0 V IKill be
WTO NI, Mejanq ;%%__nqj
imme(E40Y Th
Preceding: wntence shall not I. ply d-AA-W,16 14t mtpxP4 an owner-employee hasconmenced and for a
term certain. r"Otj PerMif &A
CB) (R)....
o A. tv
I -ndethe, plan_,any eqntributaqv, Wort,
WItia 'iii:
together W4 thp MCOMe-

U* is *lw svbWAi0n(0 (E ies), to be repaid
-.;e &RU M 4M *hml excess cont
f such ribuif f6r -any taxable vear the plan does not, by reason
6se 6f ti 404-)
iil.rlth "te IdiTMAt ,df Su wM baperet, toan owner'it1iibui. ye
!ilw t A, 41tributable to the
intereA Qbf suph OvMer-t oyee, nder-the plan is to be paid
it ovuer-empleyee; Pnd
t entered Of an...I.Owner-eMployee is to be
it"id to..:hm -when -zapired. by thel mvisims-.of subsection 14 J1
lfthe:.Olaa Providm, contributions? or benefits for an Owner-CM1,31ovees
4 Whether owntrol.,? the trade-or biisin ss with respect to which *k@ p]an blishad, and who Mso control as an bwner-employee
ora Owner-employees one or more other trades or businesses, such ....Ian the plans established with respect to such other trades or b"' eA, *hen coalesced, constitute a single plan which meets
the TV Oft (a) (includmi-g paragraj h (10)
and of 'suvk fim with re ct to the -employem of
411 6i&kdr: bitgn,"" ie (includingtC, It ado'! oltbusiness with
IM Otlo the p1stnintended to 4tialif tion is
A: y under this'see
(B A p jp 'Su pa 'er6ployee,
of. b '. tagMD (A), an owner loon 01 111p 07yee all be consi
a, sh adhered to control
f 'trad6l'id-r'busii if' 'owner-emplOes, or such t*o or more loyeet iheir
h ninc corporate tride or t P*Athe o ire interest an u
.. . ......
P 'ownmore thna.50: Orcent
-o 'he rofits 'nt&eA in such
k f the qRpi4l interest or
ill '1*Me&W W tenee,:an owner-eviployee, or 10
t*6 Okliom owner-employees, shall belreated as own
itg ;911Y
'k rntinz partnership which is owned. directly or indirectly, IS ip which si4+ owner-ernployee, or such twoor more
Oe CMsid A rb 'within th meaning
;)(LA 0
ka 46e 0 kont6butions or benefits for
Ar L the;zneaning of Parazigr ,mp. oveeAwho toffther 9' e m P 0 Lv other
"Af & or siness jor., st w,,h owner yees control are n UP I meetathe requirements of subsection
ne idli arag )h ( O) t4ereof ) and of this subsection,
and Ot6 A"" &Atrititioliiv 110 tfAAt f6r ei pldyeeg: whiA are -oot lewAvo 4h thsn wmtribntiofig 'And beneA6 Providpd for
"rue lann.
= Mtal# ., .. '.. r
an, in u- ions on haff:o aj y o7nerto th
toad# _t, earned

AL 4w&such owner-enqAMB Ile ijo J1YW
T N.
with rop d tD which is

AN. 1119"lt

".(Z) Glawn-, ML lEt M xr,-Tt a, powbutimW saw 1 ad by' xm* ei r to pension gi or am
or under a stock bonus, Profit-ohorm' na or if
compensmon is paid: or acwued bn aawma of &W. ewpljlic under. a plan deferring tho receipt of sack XAPUqp0i U- efich eon or
compensation shall not be deductible under section"', 162 (Zelatk9 to
X7ALIMM8180'ar. seefiou..= (rekd to expeafts for &e produefion of inomm) q butt if dihsfy the 006&GOW olf''ekher Of A&H bededuct". under Ok.-s"aN svbjeck such sectiomthey: h6w
ever, to the limitatio" as tokthe .. ... any
n the twmbk yeV
(2). FAWt1oTM11OANNUrrmjL7-1 "hah
rd ..iiviffi if
in an "Wunt determined in at"W ance PW%9mph (1)
the contributions an paid toward the purchase of zutaTrJAMU
nuities, or retirement annmities, and naidical ben4ts as, (1es6ribed
in section 401 (h) and such purchase rt
is a a pls#, which
meets the pMuiirements of section 401 (s) (8171il (4);, (6 1
(14) (15), (14), 417) (18) (19) an (20 And, if IN requirements of section 461(a) (9) $.(10
(11), and (18) and:of section 401 (d) '(otb*r than par&
jmd if refunds of premiums, 'if WIT 9" &)plied A ra
rent taxable year or next succeeding twz le the
,purchase of such retirement annuities,. or u&
nuitiesio m)bdi6d b6nefi
G.Seedon 3 (a) (5) of the 10ecuritiWA041. PAS how, Om of that Act.
Provulons A ',:; v
Any securio isst", (A)
"OB) by M &, -Orme a co Dper v ram
f Oil
t4LXundpr 96cq6n: 521 of::the Ifiternal Reveu#e &
a corporation described ip seqC
exempt from tax"under *ction a) 0 66 06d oil
Corporation desmUd in,qleddotln",50t(c) q .... ...
6 "empt: friDMI tax Und6ir *0 U1,501 W'
gabized 'for tM of jl thle & ropmly.
CO-nee dit r6fr6i, and ;enflti ainoont
fing ihc6r e 0 1011
ess expe an.. orgsniza or on
V11*0 W, pf
RevenjieJDWe 4S:11 Rp j
"SEC. 521. 1 fl!PO;!1qN4QF FAIRD 111k T L:,::
f'"T*r.0-0 ve,
d ri m subsection (b):(i) shall -f)6 exempt from taxifion under

asetheirwim part I of sa
(sm. 1381: and following). Notwithstanding part I of subeha r T
_(semvMl and.4ollowin an organization shall be considered
iname mrpo of pmy
M or, exeMpt: fmM .-for.. p law
AiSre fer to o6rgunizatiotis exMpt: come .1a Xes..
(b) 'APPiAGAnL1&. Rutm.
IRA. R CQOrWUTWW.-ne. farmers" cooperaexenPD fm ;q mtl W.'the extentprqvIded in subsection
armqs,,jruitgr,, or like associations, organized and
on a coo V4 WIS.! kk) forlhe rpose of inarketin
OPq PU 9
products of ni6mbers or officer producers, and turning back to
em. thW -of sales, less thenecessary marketing expenses,
.... . ....
th6 biwis of eith6rthe quantity, or the value of 'the products
rWshe&b*the& m (B f-dr the purpose of purchase supplies
equipment1dr the use of members or other persons and turnlies d eirt to them at actual cost, Plus
ii* v*er su& giaply an, equipm.
necessary 111
OmmuckAW614s mvriwd cAxwAL sTociK.-Exem shall
association because it has capital stock, if kw of ndh: st6ck 0 fixed at not to exceed',the legal
4 themAividedd rk -s
Oftl t is
the StAte of incorp nation or8 percent per anr con ra
011 value of he; side ition for i8isUe(4 k6d, b4intlWy
which dw I -if 9V 11 itich stock
44 f v hieh are
ha edT.,Or<. )e: m-itted',A6 participate directly 'Indirectly, in
re;:awoei ifi6n,'tpoii diss6lution otherwise beYC d AGAU&dvid6n&YI'4.O Vho market their
d if Pr Ocers
-their suTqAies, 14fid. eqiiippio fit throi*h the

Omkxmi T11olfs MA N-MN-ING wcAERvEr-Exemption shall emy sueh: association bemiise:-there is accumulated and'maintained by it a. remove required by State law or a reason:Ole reserve for any.n :.purpose.
MOM W WOW'R .7-Exemptiow shall not
A iied iinT atieh dslwi;i tion markets thq products of nonftjn "t Oe'val 6f w doee- not exceed the
'he t4M nets "fketed:: for
f t &
Val members, or which purch ses
Sapp its tt d eqilipuient nonmember mount the value
for.40. rs in an
Kof *dlieh d(x* n6t, xceedl We value of the supplies
and. equipment
Pur& for ers -Odedtha value f 'puichage
1) god :1 emt ro o the:
p stnade
forp"sonsv hol are neither p6m m- npr: producersdo ed
15 peri!ent of the vshieotait it Purchasers.
rem Rusiness.,don for the
f i 'Shall' be disreg-arded,.m deter.
MMIA9.the ri 0 4omption -,under this metim"
-u* ... .... 10: 4
A Py
41. Ir
or pnizid ia
4SOdj4D*401,(a) sh&]ft+oexOwpt*o taxation

under thb. wb0tk.=dm.
or 5W
IF Ilk ft. 04411! _tT I 1.
(C)IAI*rOV__XXIO*bIN 4W*MftO*& T O
referred subsectibih
TM or"- P for da em M of holdLV
tQ rorovext leading
tiful W$ )W
over As entire amount them lift" A"tion
TW under s WUM-'.

m1maims organized, by an atioll OibiV14 to Pift
11(16) awarI 11 t -, *
IT Of r: Pr members tberpof, 16 Ibs pi 0 Of
=Cinr the ordiAW7 crop opemdons of Ot 9ther
; roduamrs, and opera in conjunctiep with SUO'.
exemption shall not be denied any such corvorr=vx 70~14 it has
capiW sto* if the dividend mts of m" itio4INAAX4 not to ..
ai ld the legal raten OU. M tho-State ot vowrpprmoaw r
pwcent -per, a A
anum, v whichever iwgre#er, oatIwvQua,*f tbi condooration for -which. the.stook V,
tmk (Othar thanAODV*Mg PrOMM
011 Ww*. are not eu*W or: pe top
rm#Aed CII
indireegy, Mi the nnft *cQ
wise,. beyquid. the fixeA. dividwli)44*4044 7SWbWW)iWion, or mmbm, thereO;., noir-4WL: Ommovtieli" Aestisd, saV i;ueh
)n. beeoqm tj, win gvW.W r44itiftibed it
OW R nd a
reserve reqWred IXV". a reasoasbk ramVe fi q
necessary purple. Fly
H. Seedon 3: (a) (it) of ihe Sfturitia I-Anef voiM111* i! iftra tion provisions of tbid Act
"Any security issued y a motor camerAh ms" u w f *hich
is nbjft^# to ihe provisions, if t n I th6 Tnters
merce, Ack or any intex est. in a ti i roia equi J t
il;i4rr For
'h linterf in
purposeko is papigrap ra 4quipnwW OUSe
Inesm ajw interesting an equIpMentiimA'Ie4 w C-O'Oditi N
A 10i d i3kw
wutm*,Or other similar arrangement k
kined. isranteed by, or for th benefit of, lw a-;wr to .1.
finance ths. uWtion of roflij*'d indud MOO"
Sedion 214:of: the Intupotate N
(49. LI .-M) A
toutrilkc 06r-J
as such carriaM t
Commission to patroll acquire Any suob carrier, or of t*o M
niofeswh jem shall be sub,* earn jeettot e provisions qTtpara
Jo fit.)
ties AQW er,

securities tb be issued, togpOw with -the value of capital stock and Of Other.600aritift then outstanding, does not
0004".. nor to the'" of notes of a maturity of two
or lem. apd, aggregate, maLmore thaA $M,000, whkR notes
smich.Amo4mt mcluding all Outstandi
;gz%57 I ng obligations
wrim ML years orIm.inowy be 1sued without reference to
*6 pwaxwMaw WLUUU said amounts bear to the total amount of outSwirl AJk the-ew of capital stock havMg no par fw thepurpose of this section shall be Jfvr-wafflw VOIDO as of the date of its' in the Ase; of
&MIT 0 : .4 Vawe ::For 1
per purpose of
s Ull be t1w Isir zaaritet value as of the date of its issm, i ,4-;jftthe paj value, whichoww is-the. greater: Provi&d further, That LAV 1'. the,...r of this section shall not apply to the United States
-may AJIMM"IhM the DidAd of C lumb* or any
Ibler4mmyState Of UnitedII-tes Or ["Jifical
8MBOWW" or. rporation -any instruWAAJ XALVOMLL CO shared, or,
UW4 of ana or more ng t krWfj IV
politiml subdivisio
4( Abs Sw, ities, Act exempts from. the registration

"T6AALctioilwinveiviig offergor sales of me or:kinore romissory 40686 CW 4W. JLLA Oft fien an a gnO6 parePI ofTeal
imftto: i W*hieh 19.AWSW or other residential or
on Viftteresti: in such
uAl e am orTma by a mortgiiigm ap
nd UrMn DevePment
Act.17. 46 866U 211 of tM Wations]
&CtiOn.2M ot the National, Ho6sing Act (12 V.S.C. 1700) reads
4 PICni
1401.0 1%4 ,vD Q
ry- is aaffiwiz4 upon application by the ABSKMX 85k provided any mortgWe oVered
;iIkAKO"_:.jMr. ard provided, and,
UPW Mmk4AVA Was the SCOMLary MAYY"smilm to: make &mminiftwnts f1404r tJ* i -, i IM11- mmortgagmTrwr. to the date of their execution
this section a mortgage
1 0)411110" UNAWA*md iwhdd...bY.IA approved by
Secreftry As. the
espoomfible and:WbIa to wrvidtl P M Y.
4induding awk initial s""ce iffift, I": as the Secretary shall M.. tb6 caw Of Preverty
arm VW& tkow*t piedPrOsdPally for:* oneRV leomfidea*;. -'Wt- JKOOo M the em: of a: t '4aimily zesWeaita t, beIntended
WMY t IwAchool PIUVOSM) 1 In
AL "A4AIR 4* $T5,W In: the tift of: it fbur-f


residence; and (mo.PC as. provided in tba Jn tolbob InA PM on.." of this pusgra' L) not to eia*d anAwowA equal to the mu *U(i) 07 per centum. Of W* .Of the IPnqAXVY Me "L
the date the rt Per
Cenbantbf sn& VI M. exam: .6f the I Dr4PAISIS
veteran and the:.. UMt9w to props U
.is flooded w: dh 611 n
rty wbkh theis dwiva rum
for a one- redidence, the:VkeijaI be lAn
wn6unt, equaL -to -the: sum qf P&AMMftMFi* $Wwi affim apprised valwof the wootdIbildeteiU411,1111 F
f4w. Ot
hmmes And Pier;C604M. &i US)
--Va IM-14MOM of
W14"r k1prOWBROUM of Md*w M mhere. the J&N na ,
drd!ing Poroved
insumnes rior to the &^jb*A ...... Arucd(m,- su& -mbr gao notex=%Per centum ig the adre appraised -value of thi im of the date the M"tgage is: swepti*d the
dweRihg. wwoompleted mare than the tion
tM &10", 84*hca
for iftm age itini ved for $ aranty,
"U"eY or I Ug was apm Ou
insurance, or a dired loan under Ch"rV of title:48, Unifiod-states 10ode i to th lbweip 0, cbnM As iiwd tmvfi4 the-] it 4 wilmul
means any person who served on
forces of the United Btates. for aPenod d pO 1.0 0" dq* Or is certified by the SeAretw
hazardous kevics):0 and who,:was diwoha" -itkhk Irzm
under conditions other than VOM
(3) Have a maturity fttisfactory to the Seeretary4. but wt to exceed, in any event, thiriy-five years (or thirty -"AM if an ge iW'not.. approved for. itm rjXjFr twConstric4m) Z.0 of
the I of Jimbrtixe+ of the itto0o1w. OrIhAR-Go 1 i i' tIme
Secretary's estimate: of 'the: rema=Ing qeieftouwo b* w 09 improvements, whiebover is the kmr..K: .....
(4) 0 contain complex amortization provNnons, s4tisfactoxy tol"tue Secretary yequirbW ic: paymentsbF,Ahe mortgagor not in
v to pay as dete d by the Secretary. excess of his reasonable ability rmine
11(5) Bear intmrest.,leiclusive Of Premmm rjm"*es.for 16 and service chargms if a iy at not twexwed t re..Owt. on the amount of the principal obligationout ------- Ar
not t6 imceed such per centum per smum iiot M4 i pop CVANM as the, Secretary finds necessary to Ineet thw.-MoorkOft viwiftu- 1 ry. OFAIW:966rebow
rovide, in a manner satisficto t IIIU
application of the mcatgs periodic. OMMI. 4&1 Iffie.
amount allocated to interest and to the prekduni Aswge 714ck W i* quimd for mortgw : ram" 66n. of the pr*cipal of the mortgW,.:::, iel 11)
7) C0116 SUCb tP "S."d, prevmqns with respoct*ed4*uf*&*e, rewirs alterations.'. id
ch*M*,forecIoswm :InVfM W*0 -r]ItA:
and wondtryr in A 11;15ft
Nln Cho- t t
taw of is
.to 85 -per emit-pba of Qwaj*ovmt mmputed uodeitlhft Won,%,of Mph (2) of this su6settion: Pr ; llma-.suth wper.:Oefitm


ti6b 'shall ,jjbti the mortgagor airid mortgage
-W, -6"hl &yv, n W -Jnamier -satisfactaky" to, -the 'Secretary
'Wtiow o-fl anamm not -less than 15
the'lMortgaige by:- an
pal *moiihtfberoof i t, ve
u4b n he e 4
pf gwooutsta W prinva
age pr zi*,. ,priorla;the of th6 eighteenth
i ,*fton PaYment: 'of,'themortgakeysold to;& purchaser accept-able vf4he property "d who assumes lb the'mortgag in
Mgm-'s. -pay, Ck &btednes, .4
Be Ogoenfw ir 4 mortkagvv vwho shall have, paid- on account
the r6perty'.(.66A:pt i in x case which the next. to t last, sen.816f _m'phk, (2). K or suchlarger
Pft=9 apo s) at least 3 percent
ts the Secietw determine, of the.,Secretar
,MMYII y1s, estimate of
Of 304 its..
'145wonin. cash . iva
Vr 'equ- J"t: Rr"idoed, That with jre pLect to a mod -ecuted, by a. mortgagor who is sixty years .of
or or !Xe d' ethe, mortgage is endorSed'.,for or
..old as,,,, 14
-e =' ]Mg-tb3e requirements of subsection (i)
or th: SM
to a mortgage- 0-owring ax gle
J g PUMbaSed Unde
ily" Rome W r the low-inomw housing demonatio n, pro) ect;:asw#W Arsuant-to section 207 of the Housing Act of
lbe imort mpgoes -peamient. xvquired by this subsection may .W
-T a 09JI 4 "Ori Yor under such
d' )rarat On 'L n-:other than the morteaL
y y preseribeTLL )16':Secretary is authorized to fix premium charges for the! sur4hce mortgages -under the separate sections of -thistitle but the CW 6 f. any mortgage such charge shall be not less.: than an
tquwalont ne4burth of -.1-per centum per annum nG-r more
V; 1 per centum: per annum of the amount
44*61 obligation of the. mortgage, outstanding at any time LOL
account. elmqttent payments d or. prel)ayments:
That #reiniWa ehwgeS'fixAd f or insu nee under subsection
i9'notAeqWred,'Ao- beAha saw, as- the preinium chargw for mortpcovvions of this swtion, butin no case An I= rAMM 'Iilia (n) exceed I perceutum per
premiwn charge 9D-fixed and Secretary, also be made apVc_ ma"Orv As -.8"retary hall prescribe to each inred mortgage, sts ,440mg und*r the section or sections involved at 'Such premium Ichargw
-Ouced vremiuw, cliarge isfixed.
bf eidmr in -cash, or in debentures is-par plus,'cefued -miterest, in &cI ry uv4erthis We I at a
'"0000 waky be ,pk"aibed y the Secretary: Provided, That
in:"YMent of. PnMiuM charges shall represent
.-1 q'Of OW P*rticularinM-tance fund.or accoux it to wbich such
k CO 000 be credited -Tmwided:furthe,,OIY That the: See,
fly may ifire,,the paymentof.0 or more, aeh premium ehargps
d1o, time, t Wort
gaO -is msurec .::at mch discount rite a-.s he may Aftot'in excess,6ftjie interest rate'L8pecified in the mortgagei.
$0 *tary fm& 0-ppoh the presentation.: of a maortga#e for in"..
ten&rof the initial, ,premium Charge- so
,th the Mortg wvomplies with the provisimavf. this smMlolr gMi"y be. *qmpted,-for insurance o by em&rsement or: -a -th ecretafy may p*w 'be Agage shall -be
w io Wes tim Secroary finds

4W i
ec6nowicimy iia" d.,,, W thi. ilogmt. th" fbe Y Ie
tile Inaftr &h4IDk66OM*d*T is
$M0111nit SO. SM 10 Nw*4to"
_r7_ -W
bat tiot in e"M Ot 1" 11 1 i j, i is AS
-2 JL*that the h4"
WO oth*
mortgage:hod., MOTU =Wtorsul.r
Pe 1L M
in the event th&V as vwiat" JMVM to DOMW
fbfthj the 8&"Urf is:-ft"thorived: to refdqo Itd TA& 4WPM.R:I I UW Now: accotInt :of the: XWJL %IKq5KFjL WA" NII
to be quitable, of 6%

of &W institatiWor-:
from the date-- of Iha4n flon of such, r,
misnpreantation on the part of M& aryn, Oii! Ved. fings A-11imahsaft,
or SPI"YOU 98AV& M P) V A
'1*44:7 le .1#(.; Ft..., 1:
Mmealed-) '1. 1;11 SO
h) Nothwi dirut any other: Prm :of thisakd6nilheSse.mts, is authorized to insare.:z;nvHItWqKAqffW cipal bbliozatiew'not invxcm.of *14yM.:wd netANW4 "q.W41&4GV'FW"M' centwu of the vidus of Lpv.a sised -appon which tWft" 7Ib*K
ca&d a designed pr
dwel-firti incipally
where the mmteagwixlM owner: andtoccupapf an&estnbHdft06 ntishetion of: the Swretairy 1868t: )14: Jk@ *S
an owner, or as:& tenant was that reconstruction is ze*red as a iwm*vf islwd Awlt e storm, riot or eivfl disorder.,, artdw *Aa _U..
the PresidenL pnramnt, to 8ftflMAW2) 4Wd 9d
Relief Act of 1974, hasdetmnined toia awai IATYU4
Secret Ir Is %IItIhkMriIMd: th mara %=der thW OkkWAWW mortgage. meeting th6 requireninft-of-submw6W, (40410k except as modified by Ods stdwetib* wId&:%*ahs*W nation R4 *: Cum of. 75 pert, amtmii of IM HM* VK41W, oil
Oblimation apolimble to a ono-frwiffv Of this Section.and not4WASem af,97: per whem the: d weaning is'k not, a1wroved for inort 9W9W. MI tM the beglnydngtef construdion, =Im tb&Amort 01*WUMg,
was. empleW -mon -flian one Jew or two*, SpPliettion, f6e twtsor tlwdwellinsr wagV",S",IFVWMUA*9" LY-1 Salvil *fed ftw
or dire'et.j1pan under ehapftr Wofbitk. prwi
to the. beOxa3iing of cougmedom41W per. A*ttunV4Yf a.
value of-a T)r(Merty T6cfttediYv sw vi*wflle A*CiNftiT% not ,
Aress, UPM VI& &M:

if tho ortgagor is not
'"'k "'deuce: That i Inc
occu. 6f iffie At the time of insuranft the principal
on vf the'mail all not e*deedf 85 per centum of the apval 16f th6'pr6 rty: Pio further, That the Secretary
that th proper., y with respect f6'which the mortgage is executed
'An 2&MPt&.b1e.!iW givmg consideration to the need for providing
late housing 'for fidd im of lo'w and moderate income particularly
suburban and outly*g Areas or %small' communities: Pooviddd furThat'un&r: the. Oregovig provisions of this subsection the Seory is Authorized iumm anymortgage issued withrespect. to a 'home on a plot of Und fivo, oi: tfiorO acres. 'in size adjacent to a
uh& MahwO
IL). Loans. ;;q by moAgagps insured under this section shall A e Thing 0 tea
dtet th amount!of I estate
ibani -which &'natlonid bahk 'may make: iii reluti6it to its cApital and tuT timie. aiid ga!A or its vows Oosiu
"(k) ge. insi rance- provisions of this SIBCconservation, impro nt -and: &Iteration
tic"i M*order'io assist the' veme
ta is authorized to make comwitnients to insure tM Se ft lr
tamp, ii rovei en knin oncludi 'idvanew dmw"ig
on or hnpim . . rider thig subsbctioia In -attbrdkinc6 vM
PrOVISIOU8 Of I section .(h),. .Ibxcept fhtt (1) t hs sft 216 IMroved SUR be designed f or occupanMebY not mom than fbiir.! atnilies and, shall not. be required t0te loca. ihe tLivftbf An renewal
Olt (2)4%111: ecretur Vfh M 6ft vith
y shalt: ftd tha e; 11 1 rcspe t to
lban -t an tu I. A I'lunds reczi,,ed
h th is-e*ecu. edis !boptabI6 iAsk,
'ind itit''disb6tsemen'ts: mid shall be credited or thatged, ad Appropri
*U th the'Clenerai Iifsartn,%, i and (4) MisuranCel immi shall M in cm+ -, oa of the GrebeM Imutance Pand or in debentures
d, in thoi nolde 6f such Fund. F6r the: purpbse, of this subism0 18wreWry qhEt 1ho: authbq* provided in sectionn
",Inmrance bohefitO paid With' i t(*:. loansinsured under fh% submwfift shall be' Pkid im i ofis :220 (h)
(h) (T except MrM toi those: I roffk*nces in
'to "thi suibsedion': sbAll'bb -construed th' refer to this If tb e -insurance payment i de in.bash, there shall
an pftymen iTi-,=WAint v*10ht. "the int& Ost ch
'" d1aveearift emp;rteaW establishedd
Secretary ik autho&M to insum tMet this section any
bio, thi -ibqulM edts of, ftbsodioh (b),",'6f thig ection
IFY Mis mb*Mim. To te figi
"2LUrVb e P *A4,01 th6 tdotted 01- shall
Twt in, excess '16f $TR,000 and i4in ex cess' of '75 pe;r m4um 4 the appraise d *M -16f the'p-ropefty aaoif the nr rfg;ap Aall cover
Y is itpprovtdfoj wortdi to _dl beginning of doirvArh _ti6ri _ng
'for year-rouncl occupancV, but it shall (I meet
*1AVWHbN6d'1W the, Soicraart,,- Anit (2 bO,'kw,!"t6d: itr an. area y find ,it is I not *"dimhle to obtion doaf6rmiity
huilt-up urban' ar-a& rne development of the property

with respect toxbi& As: is t4
the comervafion:ofwat.eraMe Aer.awturaI re"AMMS
... ... .. ... .. .... .. 0 a r e a ,
such lyrope4ty Lbe aw rlahl 9XVM& toQj
econa a=m-rMwha the is'IQ 6iOd'pd Ote
contributIon th" the ho t4OWjkjd PrIoVag, rwm
The Tend. iSMI&WA Of Coinmi
subsection foqr the: in Lranm $ituby prpp.erti" ,
ated im any 4rea,. whenever he determines that 0) there is a senous and unusual shortage ?f Mortgage.funds for.resident' coustrwtion in such area...(R) such in rance, wqqdd affea mate6ffly. jmd sd7y rs lyy the availability of mortgW funds foqr, I Constmetion M mmwh
area, and (M) such sus nsion would 'Sev opment not ve an advim impa upon the balwice4 eemonne a 4 of the arML
94 (n) (1) no Seeretary isauthorized. tomom, under &1W seaio ny mortgage Meeting the requirements of st I a. this QDO
except as modi&d by this the
shan invQve a uiOtan a cogwab is.
coven undii
d by a blanket Mortgage insu
amount as: deteTmined under other provisions of, subsecti this wtiom I b'yi an amount eqpal to the portion of the
uApaid..'Wiance.. the blaaket mortgW covering the" *eet which
(sm of the. date t e: mortgage is acciipted for to suchIlAiL..
"M For4le of Ods, subsectiowTbalbii Ihme mritig and c
lien given (in ageordaum with.. the laws Of the StAe where the property is located and accompanied by such security and otler
as may be required under gtdatim of the
tary to secure I a loan, made, tafinance the purchase.of stp-ek or
= Unbip in DX MPVDfit CWPMtiVe
... P.. QUSMg Mir on the Macy of the..
porati permanentiomul of whw
Is to member of such corporation, pnrcbss
of su& stock orMembuvhip will entitle the pur6aw to the permumt occupancy of one auch unit&
1110 tongs aroraiioed value of: the V
he property %: and I v include the affmised 17,16 0 -11L,
.....Mg unit in a hmmng project off bo typle
'subpa of tkq:#),ekship involved willoutitlelOwpm to.
pal cv of that unit; and the term property A tw
Unit in SWh &.WQPUfiVO Mj6d, Ak,
jIw:term:I*qrtOWr' inchAffiz Peron Or-porpagvVimg in:sutb I Mh
EA lien (of 41mm, *W o io *M 4
thl r P"ag
a loan to: finanft fw- chase: afOtoe *MP
operative, housing corpqratioa.-,
1:(o) 1). Nvtwithstandiing, any. other pravraonof A!!
any. other
d to commit to.,i;=re, un4erSubsectim ')-of thi 7"io3i'
.Modi 10et
fied by submetiow. a mortgage-*hiohm .4 IMAL4
this:,aubsw ion ond siwA ss the
may. Trewxibe,- to f urffier th# purple f of U
'CoilliAmaky, Where thwIlse(VoArly 4 4q*, M600

11(A) temporary averse economic conditions exist throughout the community as -a direct and primary result of outstanding clim to ownership of land in t he community by an
Amterican Indian tribe, band, or-Nation;
"1(B) such ownership claims are reasonably likely to be
settedby cour station or Wotherwise;
"(C) as a direct result of the community's temporarily impaired economic condition, owner occupants of homes in the community have been involuntarily unemployed or under. eploedand have thus incurred substantial reductions in
inana whIch significantlyipr their ability to continue
thaey payment of their mortgages;
"(D), as a result,. widespread mortgage foreclosures and
distress. sales of homes are. likely in the community; and
"(E) fifty or more individual homeowners -were: Ijoined as
parties defendant or were members of a defendant class prior to December 31, 1976, in litigation involving claims to ownership bf land in the community by an American -Indian tribe,
bwd or Nation. ....
(2)-,A.moqgage shall be eligible for insurance under subsecon f thiwe sectin as modfified 'by this subsection without Ato Initatioqri in this title relating to a mortgagor's reasona~leshf~~topayedoomic sorindnegs,, warketability oilo
any pther statutory restriction which the Secretary determines is contrary to the purpose of this subsection, but only if the mortgat:,:.,ai is an owner. occupant of a home, in 4 community specified in paragraph (1) who, as a direct result of: thexcommunityk tempo-p .n-edction ininame which significantly. impairs the owner's
man iateY. payment of, the monetgage. The See
mor~abas wamftxge9 are insured undhr subsection

subecin modified yti subsection frbaac, shallen hav
jportnto poe, eauthory andh ote reoslie swc thety
S~i~io~y hast wtx. resp ect io tot othe mortgage insuredsb(6),eept ttth Sceary May modify such powers,
Autonity, or-resposibilities where the Secretary deems such actin obe necessary because othspcantue of the mortgage i~vol.Netwiaheanding section 202 of this title,--the insurance 00 an1rtgage undessaunbsection (b);:of: this secti on as fnodified by
section' shalf be the obligation of the. Special: Risk: Insur-.
anc Pua Create pursuMA to section 238 -of this title.".
SecbOn_11 of the National Housing Act (12 U.S.C. 1-715b), reads

juh Setry is authori'ed and dieeet ak such

J. S066pas SH (6) (S) and, ot the Trwt iodenture
of I W f I& U.SC.7,8ddd re*A as follovot

8(!4- (40 t SAY
the following, K::
A o, A..

(5) any Me- under t t
whi& a Lrance ijhde* thb ITSAGUA I
is in effect; and any such ln ahty "I &ik- d6en*d t6lik?, emm.
from th& tim Afies Mt: bf 1933. 16 the 861jM ex-W
tedit. 11 seculit*: were 9peei&aRyAMkmeftftd. in: wowi
fidf S(a):::(2) ofsu& Act

SAY-SeMIF311M a a. m: &V Ot ,T
Venture as to which a contract of n surface ufider',fitle XI of tha NationaHousing A4 is in effect; and an:y sueh H 7 shalg b
deemed to b.e exempt frora the provisions of the See ;es Act of
A933- -tothe sucke extent th Such Un WO.OI=---enumaiated in iwtion 3 a .'(2) 16 amen,(M due 8 eu Act
Of 1944 (a)
K. See6m 24(d of the investment, Ckimzpany Act IM (1*
U.&C80-"(d)) provides:
(d) The exemption provided"by 8
theSecurities Act of I= shall not % riv. to avuhn W
Y y securitir Of; ,.. ,an
investment POTPMY 1, is t1wisMer. Mexempfion .provided by Para grap4 11 of sud.section,3(a), Ast YAWMY! MA r of *hich
a Mgistemd-Mvestmenteompapy 8"S the MWWI OMCqAI i aold or disposed of-by. the issuer:,or bons fide. offered to. PAW to
the effective date of this titW. andmith respect t6= disposed of or offered ah&U nolt: apply to the Saw -4 ffeking or after the effectiveyglate of this-title.4 The::mMpti dv&4W h e t1nird:,ckwe of seebon 4f3) of the 13ecuntm9.Aet of IWAAR, Dot apply to any transaction in a M. eniityissued,* a I*OH"Raumt Wtifi cate company or in a redeemable swarity issued* agem enC company er-Mait investment trust if Azi* iioiai.,V"t. sam class is currently beinj;::offemd or, 61& by: flie isi zer oi-W or through an underwriter:* distribution ir zsz !e.
SectiRn 5 GCsaid Ac4texceptIom&-exbmt and subimt to such terms and. oDnditions ss, th6:: C n ha due ogmrd for the bI
VIng Ic
intezvet:md theJ. pre"Z6 by ;z or,
proteefiw of i3&VWtOrs4 may
regunnow1wiffi-Tespeetto a", ejis : of,.. persons semzitiies, ior acti(MS21 to... 4:1
The tetti lUvestment cozormy" Is "ned In we*p Set. ttie 1"vvtmept CowwwA* of IW 15 AV. S. C. 810"
19 The term "Investment era
rw t COMP,43W Act
eei i ft'A
'00 lnv"tow
of isio, 15 r.s-C 8oa-3.: reestered IAV Sbveut Compliny" to in investm registered under seedon 8 15 V.&C.
11 CAM- -Beetles 53 of tho Iftv err 7 i L "0,
exee tmou4t *M"CeWK*U**
as "d, 4M kt, tht eretqjv-* wi. is- '1, 1941
(15,U.S.C. 80&-52).
10 This last sentence was added by Pub. U No. 577, SM Congresa,68 Stat. oft

9.9- of Pub. L. 91-1547, *84 Stat.: 1435, approved Dec. 14, 1970,

The provisionts,:of the !Secufrities Act of 1933 and the Investment
any Ac f1940, shall not a4pply, except for purposes of definiof term used in this section, to -any ineto rptipaon(g an se arae count or other funid roingfrte sharing
hcomew or'gains and lIosses And any interest or. prticpaio in
-ecoupt or fund) in any otrat, certificate, or policy providing feinsurancebenefits wiceh wa issued prior to March 23, 1959, by
uisurac cmayif()teorm of such contract, certificate,
-)icy wvas approved by- the insurance commissioner, or similar offior W'gey, of a State, territory or the District of Columbia, and under such contract, certificate or policy not to exceed 49 per intm of the gross premiums or other consideration paid was to be loated: to aseparate account or other fund providing for the shar14 7incom orgains and losses. Nothing herein contained shall be

-it' uderany other Is of the United States.".
Section 15::of the Bretton Woods Agreements Act (22 U.S.C.
1. (a)Any securities issued by International Bank for Re~aian Deveomn (icuig any guaranty by the Bank
or, ue4 imited. in scope), I ndl any securities -guaranteed by
oak asto both principal and tilterest, shall bhe deemed to b
P"edAecuities within the6 mieaninfg of paragraph (A) (2) of on 3g ofhe Ac of May 27, 1933, saedd(... title 15, 7770), and paiagraph. 44 2)ofsection 3: of the- Act o-f June 1q, as handed (U.SC.,: tithl45, sec 7Wc). The Bank shall file thte Securities and Exchang 'Commission such annual and other tprts with regard: to such securities as the:!Commission shall deterto bapropriate in view of the special %ch aracter of the, Bank is operations snd necessary IN the public, interest for the protecto f investors
()The rkeport of the Natoa Avsor Council provided for in
4() 6)of ths Bretton Wod Agreemeift Act: shall, also
nd neade the effectiveness Of the, pr olios of section15()o
.iAA and the teemption for securtiIes isudb h provided hO~fion"101 thef National, Bank Act in facilitating the operations of IbIak'and the extent to wich the operations. of the Bank: may
*ftatin financing European recovery and the rteconstru-ction and devoment Of. the ..economic resources of member countries of the Bank a&the recommendatioit 'of the :Council a's to'any modifications it
dear esirale inthe~povisons of this At"
Whi3of y.L o 4,8s Cong., 1st Sess.,, 63 Stat. q99,22
r there provides
tit Seurities 04 Exchan Comsion actinga in
an A vith 'the NaPoa Adisory Conil on I international
rf atfighdl Pioblms s athoized t ssenid the prosectio i,)o the Brttop Woods 'Agreements At at, any
topi or, all securities iseorganteed bthbak dur-

able wihregard torations and ete-of thiA 2u in:.. nection therewith shal cl ude any views submitted fo sc by any asociatimon a le-s rgistered:,:with the C -a
A.Sections :A1 8A1 of the l[aterL-Americsa 1)<- -- et Act (22 U..C 28 provides:. "Section 11. ( 34) A- 1ites:issued b7..he Ben a
g uarantse yteBte or otliite n op-et
with -rasinsg offunds fr inldnbnteBaks a'
resources as defined in aricle IIsection 5,: of the agmeut and an. securities guaranteed~b the Bankuas to both prakto which th commitea in article II, section 4(s) (A ment is expressly app- cble shall be deemed.t be, securie ties within the Man of Ph (a) (2). of sectim 8o theA
Of May 27,983 as = es(15. S.C. 770) anifdPxATW (a) 12) of section 3 of the ActO June 6, 1934, as amendd (15 S..780). The Bank shall fie wihthe Seurities and Exchang "-:Misin
such annual and other rports with regard to =such C S asthe Commission shall detrmin to be Appropritei view 'escial
character of the Ban and its oprtosand necessary a.,; public interest or for the protectio of investors
"(b) The Securitie an Exchange Commission, acing onsWultation with the Nationa Adisory Councit on Interanal Monetary and Financial Promem! is. authorized to suspend Ow1 roisidas of.. subsection. (a) at any tm:as to any or all securities ki& oir guarlanteed by teBank durig the, period of such susp The ComT. mission shall include i#aannual reports to Congr -t informla tion as it shall. dee avisable with read to the tfis and effect of this section adin connection therewith a1iC1de: any views submitted for suhpurpose by any asociatimo v. r registered with the Commissm.
"Section 12. Th report of the National Advisory 4oniI on International Monetary. an Financial Problem Provided mi section 4 (b) (6) of the Bretto Woods Agreements Act (and. -e -d to, in section 4 of this A.... a... sleolf cover and include the*Efvenes of the prvsosof "on 11 of-this Act and the exempfn fram seui
ties. issued by the Ban provided by section: 51360, th..Revisewd Statutes "I in fitaiif- he operationswof the Bank anth development. of the economic resurces of member countriesA ah Bnkan the reommiiendatiow-o the Council as to any me-ifi iti masy deem desirable in. the poiions of this act.".
A. The Trust Inde!ar Act of 1939 (15 TTS.c. Va)sre
quires that bonds, notg debentures and: similar seeu Pcly offered for sale, soldo delivered after -sale throue t.'Mh or interstate commner" c ept as spcfically exempted 1: b Act), be i ssued'under an indenfii-e which' meets the, requirement of~t0 and has ben dul: (In aied with the Seicuritiesl' andemison. Withf respeet t sich seurities, the rqiei h
Tru st: Indenture Ac t 6f19-9 qind the SeU6iisAtb
con Usired

B. I addtionto sections 6 and 7 of theSecurities Act of 1933, the 1lowi g should be: considered:
1.Setin 264,(h) oQf th Federal Water- Power Act (16 U.S.C.
kic(h) :
i(h) Ainy I public utiity whose security issues are approved by the ion22ruierthis sectiono may file with the Securitie and
to e Cmissiottduplicate. copies. of reports filed with. the FedatPower Conmisinin -lieu. of the reports, inf ormation, and docued under. s 7 of. the Secriies Act of 1933 and secons 1.9 and:138 of the Securities Exchange Act of 1934."
2. St -ion 24f(a) olfthe Investment Company Act of 1940 (15 U.S.C.

(a) In. r egs t rig under the Securite A of
... iiiii 93 : n

cuiy fwhc i s h ssuer, a registered investment company, in lieu Q.T furnishin a registration statement containing the informa6on and .docuMents specified in. SceueAoMad cmyfl
girtp, S in sttmn otiigth. 'following information and'

1 suchcopies ofte ipstration statement filed. by sc
com eany, unde r. this title, and, of such reports filed by such comnpany 7 Pursuant -to, section 30o uhcpies of portions of suich
reg itration statementn'' rpors ps th Cmison shalds
ig 0 y rules, and regulatips n
2) -such additiind iifration and documents (including ,a
prospectu) as, the::Commissio shall prescribe byrueanrgu
lati ut as necessary or a popriate in the public interest or for icti of n tors. $oC6n 24 (0) of -the Investment Company Act of 1R40- (15 U.S.C.
Ms)~ ~ IW ( ,rgsrtinettmn nder the:Securities Act of 1933
latin. to purity issud by, aac-amount certificate company or
redewhl4:sepu ity isedl byq an oe-end management company
uni vestment trust maybe amnende fter its effciedtsoa
bea eeth~se~urtis secfied; theri as prose to be offered. At'the unoe of filing suhWedent there shall be paid to the, Comission Atfee.16u0ad, i the aramer specified in. section 6(b) of said ect, i h respect to the additional securities therein proposed to be
() emet -to .a reistration statement
glerWA toSpities, Act of, 1983-sh1ll not be deemed to have taken acea tssit, is, acompanied b~y a Thni ed taes postal money order ar ce-# id bank theek or cash f.qr the aount of the fee required under -tragraph (1)Of this subsecion.
() fr te urpsesofsection 11of the, Securities Act of 1933, Astop tod, the, effective date. of, the laetamnmn filed Pursuant
this, subsecon or, otherwise shall be, deemed the effective date of TN gi*on static ment .with. respect. to. securities sold after..isuch
eo fv F~erl P OQTanfplon Bu seeth' Depr et of ; |$
ktat.065yftgu~ 4,,10!T

.1. A

hib" F* the
is of the Securities -Act of 933 as weeded, no 6CU Wthe. Pwh& Pd&
be ileemed to he," be6n W affem, to
effedive date of the Istut F 15 "IM filed DUMUant to this Exrx" IK to. thel *xtent 11ker CoMwim4m or regulal a; appropriste'in t lablie Intgrot or
tedi4 Of provedtus MIog 40 "MwIty
olpen.. M Agemft.
;end t COM Any, or nif ifivwimmt tn unsgt
for t4 P 17130431M. f sWbsee(ke (a) (3y of, section 10 of th Act of IM fi*in th6 latWt prospectm AW as a *A.of tho, OVAPTIAbiffl-jow statement sh&U be deemed to 'meet tbs. reqwqwmenta of said io !I* unless filed as part of &u amendment'to the istration. statement 4 sueh anvn: bw become
under said Act and l6drve. 4.
41W .
4, 38. (b) .1aveitmient 1 Y
*jn yf 0
hy,sxich raks and re#Wstio;i4. i d(*" # S ry or appTWriate in the Publk iAterest or for t&
Of inve4p M y Authorize th Ung of #y'infl t A W', I d&tm&ts requied- to & filed *ith *the, Coiffinission the Ogs Ac : 1933; 16
Title 11 of this Aet7 &Beuri Act of
NNiglitilA Holdmi' Coifipany cha P'" .'of .1034, the' g referor 'Trus 1. adenture.,Act"ofit", yineo,,,,ra ms'6i ence any 14 ormadon ordo&uments t&' fore or bomur"Oy
with the on under f Or OY of SUch Act&
,4a-qj.a 308(a) of the 1 41nd "Act

rNTFGR&Tlow oF PRoC9DURE Vx., ii
USEC. 308. (a) n1i CoftnioftpN-, by. such., ruw ando: ldinAsor N.
orders as it decaps newss 7 or sporop*i* bn the UbVe inter st'6r' for the Of inve4altil gt4l twithqAi6 the dft
nation or dommen re"f be filed witfi-the 0**vi*01t Maer
this titlee. or: v nder theSWOliti6s Att df 1M. flie Beeuritk4 ExrhIrge' R I C no=i Afd brj"6 tby Act 6f 1ft4q6r the Publk MR ho: 6z ,
inCIDrpdrxting by reffivmei ahy forihatioti 6# &enrheAta* dn vith 4t
th6 Cbminissibn unde r this:: title or tfidet *W ft& tAA
'g. Aectioh 15 (d) of the $Lm fleO 71tie Og ig 78b (d):) if
(d) Each issuer which has filed a istration statement c wing an undertaking w2m**'n* is b6ooihj g: opeithi-t* uMeethis as in eff ect Priat to t6 dkt;e enactment 6f seftri AA Amendments cof : IWi 4aid 4A, i iOlt whi&'IsW sftWgueh, ditti file a registmtion:,Statlwo *h"' h004 be IRROC41'" Pureftfit -to t1l;e Securities Act of 1933, as suiemded shaR Me witli theComm si nl M acc6rdnncq..: *#h such rumg and, reomistiowWas the Cownksmw MY prescribe as nbcessu7 or aopw,- !to th, public intft*A fwloifhe I protection of invwbmvs, six+ s Ian y and period W I
m"rtg as mav be, required 13
tbis., title in respect, of a SMUTitv rwistered pursuant to qedimr-12 thi ': wl Me d to file.undei thmsubsealm, suspended if and go long as any issue of securities of such isswr is reg-

Purmnvtoseddn 12ofthis title. The duty to file under this bse~onzhal'aso 6 At~nxtially -suspended as to any fiscal year, y~oa~wihii which such regisration statement
e~tiif(at:dieI~eing *of such fisca year, the securities llei &awto, hi~h therxp&aion statement ;elates are hold of & prsos. or the purposes of this 4 lhaUrm Wgs' sallb constfubd to include all securities r wi& re f .subtanially similarsamraer and the hold*hih:en~cY:a~bg~a"H rsmilar rihts and privileges ohn
thi Obseciol &Rlaply o ecurities issuedby a: foreign governarp;W, subiviionthaof.".
[N(A~iTir -vrios pnalies imnposed. upon failure. to perpvdqd. for by sectio15()fth fo1m3t, or forfiliong .5as stte
dtch (1)OU .SC _8r (fr ),78 (a
e Seriie Ac' ofn t133 the followSe
relation to' certainetntcm ant Coman Ac f190(5USC

G Ih,&601 o sotonWo, teSeeritiesAct of 193, the: CommisX..shol~lals b cosidrdirospctint6 crltiing Mtan perodic
,V on! OjF h6 Uvest fte meAy etiv aeof this1 U8,C
Vnyo ortino ienomtoa
.1A" pulcaners or'for thrteo
SKUM-A WC660Mof tecurties Act Of 4=933: omis
OAT~ ~ ~ ~~~i Co ~ t F b u maAc"ftio of .odr 190h15U..C

0 *46 6661fvetmet compayrgnied aftyposett Mtn o eri
aymeht:~ ~ ~5 plncriiaeo acedmono pertiiciale unewiter fodr he:. Sdawtis: otefc034qw-wabiferingh offecrtiest of whih
be pesened- n su f ret woRrth of tmleansuc 100,000; ioy mad a.* publcoeigoet or W!!rpiv" sche offbkierg hado ane wort o a
.... iiiiii

DconnectIn wiadsao iition iiiiiiiii

on8 d)9ftbcuSwrities uneth Seriie Act3of theo C o m ss o adeq atel ins re

(a)~ ~ ~ dt ofuc register e ncopyrai d afteen

IRV fM'uc ompny anyt: secrt or reciv any$ prced
(2) suchiYih s iecrity until firm aore nt haie
O~~t~~oocarium......iiiiiii t :o uhofeigh daneiot fa
lesto$100,00 o
13)~ ~ ~ ~ ~ ~ ~ ~ ~~~~iii "=VS~.I ae ii onenwihada .cn iini
Aw rstm~n, O suh wiitie undr, he.Su~itesiAt io
opi-jonof te G ssixiadquaeli
efrmiveOat ofsuc reistatin: tatmen ppql,,W 1 no ism: i0 rmiviean~yKproeed
d an subcripion or ay: util irm greeentshave

been made with sui* COMPany by not nwe ths
R)OMble perso;* to ftl M it swuAties to I* Woed, h
for an 11ual ua:: 4W* w ich p1m the then a t W 0
the y? icf4wy will eqW at lei 4 Poo; (9 __ 4 Comm
MTegl" Belk SMMMt Will b6 "M irk to -SUCh COMPSAY bIO
subocaiption -br mab weuritiis wiU be ampted,
exbOW:Of.tWeMq4V*q (C) that a WM
..any Pitoto".80 PW
Wher d U4 as Won as any saw
be rehin" to W. subscriber:on demand withoo4t any
-in the event thm the net Proceeds, so received by the
not result in the company havlinff a net, worth of at, lowt
within ninety days aftAir ion. j ". Ieeon m
At a a 'flm After the 066urrbA& 0 M elaum
rAgftph (8) Of twslsu on Ma Mue a
stoor austen the affectivwO qf the tAment
of such siScurifi4ft under tW:86udritieg: let -of 19M and moy or revoke the registration of-such coMpsAy un, r is
R Section 3M(b) of TY46t I6dO&iar*.Azt of.: IM (1&-U48.C,
(b) The POommission, by sueh rules and ationwer I
regul lbrdors ulft
de0ins necessary or appropriate ilhwpublie interest: at forthlefi -Otwtion. of invesWm s&II provide for the copsofidation of w4eaCioag; reports and under this title: with "wishaflon st*"ntonts.
applieafions4 reporK and proteedino iinder the rl Of
P4WMj M1i
1Mj the Securiins !LV% Attaf IM11orthe q!-H6I&ing Company Act of 198157" ii 0
Subwtion. (c): of sectioA: 22 Ahie Sec ies AA:6f 19M '"W rep"d by the Oxpr irop Control AA -of 1970 914W;
1 ganized Cr PJ
84 Stat. W9), whkh makes the following sections 6001 to WK. of 18 of the United States Cb&:..:skppH:cabIe iwplace:.thereofi.

Sze., 201. (a) Title 1$,,. United by iddmi'g
immediately after part IV the foR6-qv6ng, new part .
"PAJM Vs-1?41If6f=. cm WirwEsm:
WK. Dehniflom . .. ....
Immunfty generaW.
'116M, Omwrt and grand jin7 proceedfaM VOK CL rta*:AAministmtivepL,,,*mediinm 6M. Congressional Proceediam
6001. Definitions
"As used in- flus part--"'(I) 41a of the I[7nited:Sftt4M?'nieans uny exi ftti 46 Part,
Mont 9 &i, Aefln d in sedion 101 of title 5, VInit6d'Stht;Os 06ae7 A
r .vr: X.departenentas'defined bi seefioA -M -6f, tftk'5 UhiW
SbAes bod : the Atniftic: RnejW the Irra&

KAd..regxift&,r-,&pp6inW x.inder 53 Stato 1432 (15 U.S. C. see. 143), the Civil Aeronautics Board,.-. the Federal Communications Com.r11jW*W**T4 the, Federal. -Deposit Insuramice Corporation, the Federal i Maxitime, Commission, the FederalPower Commission, the Fedthe Interstate Commerce Commission, the National Labor i1elatimns Board, the Xational Transportation i Wek ,, Bbard, thei: lbdh*ad Redi re nient Board,, an arbitration under 48 Stat. 1193 (45 U.S.C. sm 157), the Securities and Exchange Commission, the Subversive Activities Control Board, or a board established under 49 Stat. 31 (15 U.S.C.
sec. 715d)
"(2) 'other information' includes any book, paper, document,
record. recording, or othermaterial;
"(3) 1proceedfiig before an agency of the United States' means
any proceeding before such an agency with respect to which it is authorized to issue subpoena and to take testimony or receive other
information from witnesses under oath; and
(4) 'court of the United States' means any of the following ........Courts:..the Supreme Court of the United States, a United States
courtof appeals, a United States district court established under chapter 5, title 28, United States'Code, the District of Columbia Court of Appeals, the Superior, Court of the District of Columthe District Court of Guam, the District Court of the Virgin c* the United States Court of Claims; the United States
Court of Ousteras And Patent Appeals the Tax Court of the United States, the Customs Court, and the Court of Military
6002. Immunity generally
'Whenever a witness refuses, on the basis of his privilege against incrimination, to testify or provide other information in a probefore or ancillary to(1) a court or gmnd jury of the United States,
(2) an agency of the United States, or
(3) either House of Congress. a joint committee of the two
Houses, or a committee or a subcommittee of either House,
the person presiding over the proceeding communicates to the ess an order issued under this part, the witness may not refuse to ply with the order on the basis of his privilege against selfrimination: but no testimonv or other information compelled under order (or any information airectly or indirectly derived from such mony or other information) may be, used against the witness in
iminal eme, except a prosecution for perjury, giving a false
ent, or otherwise failing to comply with the. order. 6004. Certain administrative proceedings 99 (a) -In the case of any individual who has been or who may be led to tesstify or -provide other information at any proceeding before agrncy of the United States, the agency may, with the approval of Attorney General, issue, in accordance with subsection N of this on, an order requiring the individual to testimony or provide give .
Information which he refuses to give or provide on the basis of

his privikge, agwna i3efftm authIlloll 0 ,W Weewti
as ormded, Joi w Oft of I tol
(b) Az-. w ncy Ae ja, Q Jr
unit4 $1
subsection (o) of Wa sw6ga m4 if in it& lita Owi*-qww 1 10 f20id.AMWIlidivid
MY, pu latered,
SUOh lal
: .... (2 ) .
or vide atbiat nfarnwdon an the dffuo&

ho r 1,14


. ..... .... j : ( I

J 7


.... ....


.. .. ........ .

AJO,'-~ii 1 fo th' rguatien df securities exchanges'-and of over-thetekbaakes iijrife n iterstate and foreign commerce and through the
te~~wroxtIneuitble'and. unfair practices on such exchanges and

n' t b th ;Sete aMa House of Representativesg of the

ThisActmayb ,cited as the "Securities Exchang Act

be:2raFo the reasons hereinafter enumerated, transactions in
tis 'A. .*~iol 'cnut upo scrte 'xhns and
tkenit ecesar toproide for regulation 'and conrol of .Anamctions and of practices and. matters related thereto, intranactonsby officers, directors, and principal security
o equieaprpit reports, to remove impediments to otlthe mnechanisms of A national market system for securities .aio. syte for the claanc and settlement of securities etonsandth# safeguarding of securities and funds related
S an~t imos rquirements necessary to m~ake such regulation
entrol wonbly comaplee and effective, in Order to protect interoommerce, the national credit, the Federal taxing power, to proa~fdMA m hkioe effective the'national banking s-ystem and Federal Se SU"te, and to insure the maintenance of fair and honest marrsuch-trasations]:
) M tanacios (a) are carried on in large volume: by the hi ee ral adilrge part origiate outside the States i
ch~texchnge'And over-the-counter markets are, located ado
effected by means of, the maill and instrumentalities ,of interstate
me;(b)costiuteanimport-ant pA of the current of inerA4CODMeree; (c)- involve in' large, part the securities of issuers
&in interstate'commerce (d) involve th& use of credit, directly iW the Ananoing'of trade, Iindustry and transportation in itrstate
fe, and diretly affect and influence the volume of interstate
h rces titablished: and offered in suc trnACtin are -;ydissemfinated and- quted through hou the United State :and Acertatries and constitute a basis for determhining and estab-

States by owners, buyers, and sellers of securities, and te vauoe collateral for halk Inans,
(38) Frequently the prices of securities on such exca-10 3 mIartion of such prices gives rise to excessive opqal, p M nad den and unreasonable fluctuationeinth wifee 6f rII sen Las (a) cause alternately unreasonable expansion and uprsq -ga
of the volume6of.Mcrdtavaiable tottre, tr try initrtt'omre b hinder theopra t:&
value of securities and thus prevent a faires~tultno A to the United States and to the several Statep br owsers sellers of securities, and () preent the fir evaluation bank loans and/orobsrc the eletv ope)ration of the not i ng, systopm~and Federal Rerv System.I' - (4) National emergenIIUcbs which produce widespzkd iloy& ment and the dislocation of trade, tranpportation, and industry, ane which burden interstate combier de and adversely affect th general welfare, are precipitated intesified, an4 prloW -y aio and sudden and unreasonable fluctuations of security pri w~ excessive speculation on such exchanges and markets, adto meet, such emergencies the Federa&l.Governmentis put to: smoke -pense as to burden the national credit.
MEITION8 AwN ,AywworTnw or Mwm.- M.'
Sc3.(a) Wheqn used in this title, unI thAot- ai
()The term "exchange" means any organiaia. t@
group of persons, whether iancorporated-or nicroaeL stitutes, maintains, or'provides a market place Or' failiies together purchasers and sellers Of secriie WrfrWte ing with respect to securities thbe funcions anonl, a stock exchange as that term is gen'erally qdrtoeh market place and the market. facilities.Vatained bys
(2) The term "facility" whennd wih repa to -han
includes its prmss, tangible or int+anbv~wle aey s
Premises or not, any rigttxh useofscprrteorpany service thereof for the purpose of etecting-or eo se tion on an exchange (nldgaog othes think. I, sa '
communication to or from the exchange, byticker ow& s
tained by. or with the consent of the exhnee~n the
exchange to theus of any proprty rsrie ...-(3) A) he erm"meber" when usedwirepc
seurities exchange meas (i) V any aurlpersperoe transactions on the floor Of the excange, witou the IevA person acting as broker,, (ii) anY reitrd ker or de : *eb such ,a ngturalpesniaseitd(i) nybT permitteb t designate aarepresentative pha oirl -m
(iv) any other, rgistered brokero dealericgestal by such exchange and wihrespeet to whkokthe eOh41 to on force c..omp~inc wit heovsset t goto,4
reeultin threneroadits ow .qnl,.IFor, p
6(b) ~~~ ~ ~ ~ ~ r (1)l. 6' (b A, () 6,6()(},,(),N
10 tg) 19(h), an 1o his itle', etr membersl whe Iuwit

jjjr exehamW waJfo, memns, to the: extent ofpecified. by tho'Commission, any: person re sachrales pursuant to sec U tie
xvr W, r"mitember" when usedwmth respect toa-registered
: atimm meam any)-broker -or dealer! who,'agrees: to be
suoh.Amsociati and -with respwtto: whom heamcia. . . . tmenfotm comphance with, the provisions of this title, 'the rules and regulations.. t1i4tunder4 and its.own ryAbm,
Tb0... term. Ibrokeel. mftm any person engjt : in, the business
w.......-Aransacdom. in wurities 14r the accotmt of others, but domookimuclude a bank. 't
7U. _M I ie&W 1,7means wfty:person engaged in the..,busimmof bdo*g, andWlingsbemotims Iw hia ow-n_,ajccouat, through, d, b "Or..
6wmot a Person
Wwqftr*64 8 ,buyp or)mlls swurities..-for'bda own acemmt,, eitherMidi,'viduaUy ar in sove fiduciary cftp wit 4 -but not'&& IL pxrt of a regular
"bank maiding isfitutioti organized
al? (A) vJ
v&.Ihe. Unite& Stat* ID) member bank of -the Fe&WUBe mx*eSydema .:.. (0. -&Ay other institution whether
bmsilnim, M&rithe laws of wq State or of xportion::-M the husineas of which ary powers SrE(11'
11(k) of the
Iralorst: v: 'Attj'as tinkmded, *fidwhiehils su. sed and ex:1 1 pem
a n b State be Federal avffioiit litiing supervision over banks,
UPWme&IOt pur of: evading th provisions
me ki 4*64v",, toriser*ator ord&tliquidat
66h:. or, fim irielmwl:411 clauses (A) (B)_j or
bang any- direO6r. of it corporation or Litarl diftetions *M -teffipeet to ally orgam loco M' co
or un h rpbra&d.
anylpers(JA who issues-or proposes tw%8de any-see h tt ttspect Cates, of d vosit
ex Niith.... to certir
Ibr A#ATIW6, VdUn#42*ust, oeAM*CAW or c6llateral-trust ifi6ateg,
Wm roq*A140: 66AffiftW of %tuest br shares ixi an UnineWOra
ihVdqttRtnt ttft not'hitfftrg w. bat&4,04 direomtqr or a th6: id, re-' Obi4m Oeft*htl ot *OR t: "is im ns the
sue 'mewi p0ton
1Urrm LM acttv:ijiA assnn ] e: CP.OSI
I h diiiWes of 'd itor pilmm MW to the ivvW of the ftsC,,,q other agreement
*11ich SU& seedrielt% and except that:
W Nma6i are,
nt-trust I*. Ihd:ter a
b '166 69 t is,, or is
a e Y1. govi.....
GrInstxut! p-iitya -a i gQVI !
te stock,.
imy no Stm
of infik pamq ion'
a fil apy profitI= tal* 6V 'gas';- 6Y odi6i eral'i6yahy'or Igaq-e,
any *QIj4qajtrUA.,c ate cate or sqbse
Aq ,Preorgan zation eA tT

92-601 0 -78 6

ing q"...
=UNte Ot depodt4 for a dv k
monly knoin Mas &.K W
intAwrim ioo
nation in, temporary or 1081tificate forv. WAX
rant-or-..124'151i tO IgAhqcribe tW OV; PUVICWVIS vfthe 'Obut sb'IklI:UOt'iMdU&. C01113ripew Y mot
bankerls. b- S.11111111
not eMeeedIbW a ni'4 IMOR" eldtviwt k. Ot. P&COV eutb* TMOVWr ... .... ...... . ......
thereofthe AtWrAYQIWhkhWM"I I
(11) Iletem "sqnky.vWUr.APY.?.k K b say 4ack br. ity -; or any :COnTWfib*nvith or
such a security or carrying any warrant or.rigIAAow
awh a security; *jr suy anch warrant, W Omer
avoux"Y. which: the COMInissloolrImban c6m,, similv& hatum
---AL- ALI --Iand comider Ve : appro.,pari.M 4009, by. Inkh TRIM
as it may Prescribe in tbjeK Oubfie:K-intwest::dfr 16ribe: 44 43dt
investms; to trest W uib .. ... 'j tup A'X'?
(1 The term "exempted or "exam "Curitiffillo i I d i
y .. ........ .....
41- 4 .1t
Maly %" ofior. r IM01100 )SO
to p A3MdP4j Aorndw" the 192hed ... I : I
9-USrUnteed by wlich tbalubitedistabs how *AW11CO?
indired interug as ahaJ I b6 AedWnated for ib]rWnPCWm by flieINPOR.O.kary! of the Treasury as necessary or a"repriate -in t paWk faftn4 at,, for the on, of imvesWre; securs -MOW*
tion 84 (29) of this title: Provi*d, Aowover, 71mg."MMd"A amxmif# ties 4WI not be deenjed to: be!" Wempt4 securitiW.. sections 15, 15A exemptp, tions (b) (6), '(b) (11
thereof),wid 17A oflhis titlop any. intemestor- portamPolio*iW COMMOR.trast ftmd or similar. fund for the collective investment: and reinve4ment, atw** thereto bv such bank in its Capacity as trustee4 10*8109 W14oAin or A or Participation in s, 4 6 0 td
gu=Iian- anv inter
by a bapk erla.a separate aemantmAintained by an wft-ance company which beerest or. Participation is issu0i iji"
bouns, pension, Moo"
with (A) a.itock or prefit-sharmg plan W: = ..'
thoireqWrements for qualification ui&r sectis .401.. cd Reveme Code of 1954, or: (B) an:anuuity. pd" hi&Iineeft the
r"uirements fw the !jvmirib4iw undul:
deduction.. eMOWN
claUSO(A) or CB)0 Ihis: which edvers eaWap-yj"swe or... I
'of qoetj6n
:all of YrhorPL am employees within the 401
SU&. Ndel and. su&., 90 je r sectaities *my iwIm =i n
giste ti the MarW
Unm TP -W'4 IR
may, v mwh li" 'And
with t ub4q intereA
vix5to. Aith itionani or: upon specifieA ttrfiis
or,,,.for stateA.. *ods, e OPMA* -9f W vno Pr
Prov* 16v t term ply"
rr or to c
(.13.). The torms' Ib ch 2L-It
4y'? and jV
-OuA or
to bai accrqrP.,
or e CM
"So, in oftind; pmbably should tima"(g) (3)".



)Teterm "COM missi means the Securities and Exchange
ion estblie bya ion 4 -f this title.
k~)The term, aIMeas any.State of the United States, the
- oct~f Columbia, 1xerto:Rico, the Canal Zone, the Virgin Islands,
other po~ssesal of the United States,'
7)The term "int sAte unnerce" means trade, commerce, transina orcommuimfion among the several States, or between any
gn ountry and =y State, or 1etween any State and any place or
outside the~reof -sf ter- also includes inLtrastate, use od (A) any
+.7 o t ntior cnd sexch- se or of a telephone or other
means 'eu onr iaion, r()any other interstate

)f e en so"p nass- ated w- a brokeror dealer" or "so
zia e mooof a broker dealer" m= =s any partner, officer, director, askmanager -f 'sch broker or da ler (or any person occupying ,ilardr StAu -or ]V oriusmla actions) any person directly oridirectly control g, controlled by, or under common control with
fotkr or de nymplpyee of such broker ordaeecp
tktany person assocaed: wit a bro' -r or dealer whose functions are aey Alerice or rn ia hal ot be included in the meaning of
-tarm for prpose of seion 15 (b0) of this title (6ther than p~araph4 (6} therm).
^=(1) The terms "inestment company," "afltated person," "insurAc companyr"JI -e -unt," and "company" have the same
--ms as in thea -nvestmen t Comnmy -Act of: 1940.
W)I'hje terms sasetment. adviser' and "underwriter" have the 1AWW" anisngs as m te Iny Atment -=risers Act -of 1940.
The tem ". os acated with a member" or "associated
--qf A members, whn usa& with respet to a member of a national
--hexchange oreg red secr ies association means any
-- ,e oficer, di-ec:or or ..nch mnager of such member (or any pron mga similar :stus or prforming similar functions),
-mop recty idiret .1y con. ling controlled by, or under acnrol w -hr maber, e-A nymployee of such member.
*(A) The: t "s e efn- .to poesr means any
pomitengaged in,,-h business of (i) col-ecting, prcessing, or, preparinfo1r distrib- ioor pOHliction- or assisting, participating in,
diatngthe dsribe -an or. publication of, information with
to trasact ni or quotation for any security (other than pted secuy or(i) distributing or publishing (whether by vA*Mpt a ticker ae, our unicatis network, a termninal display 4"ieor ,otherwis-o as eirent. a4dn continuing basis, information With spect to imo unk n~tWs or qutations. The term securityi es
ionpro do-not, ir= ue, any 'bona: fide. newspaper, W4V~agakzinews or bsnea .r lfinanci 4publication of general and
*:irelatio elf rgulator gaition, any hank, broker, AI peAlin sand lia71, M %s an- on, or hoeta association, or e aitre rbotr.J qdh swk. broko, dealer,: association-, or coopvo onk wgd~ deemn to be a euritiefs information processor
*91dy aby e o, etio ner by such institutions as. part
weibic- ol e & g, asoiation,. or cooperative
illrpt, a~ na car ars defied insection 3(h]) -.of
-~~~~~~ Ii .rdlt h eIton 'Of the terM "state" a ~ ~ 'Wms0"q -te ee ~~f a .m. = me m76,1t A s i ETS

.the, JW 'I
Federal Communications 0 d
in: SWAM SOY.Ibf Ahm. AN, A.
Swoh: CO -mow is pd in: thw: preparing for
to +
(IB) lrba:: tam, 46xdusi
ticak Proosescor. or
re0y, engmps owan,
or rViAere'd am.d I 40makfiMM:
exclusive basis on its own behalf in:.
for distribPAion or %mow 1: MUNNOW -31 11 VWIW
transactions: or m arr4ffvdzd vrvowkv b*l ""Aloor Ufty ficiehty of such e n@B q.r::4u)_.f % Ined8*1088.46. by means of apy. b M h
(A) !TUtorm.
SS S& Interme(EUT I im:- =*9 connectionwith tranowtions: secufftim: inrwIwjivMV': 4,16CONUMM dk .pari UJI..
oom wn of dat& revecftmg v tha of VAWWW
transadions, to reduce the number of WIMIIIIIIII&I
forte aflefttion. oUseenrities adtIMARS'. Such term &W numm any Person swh as &K. MOS
acts as -a ouxWdian-of sWurWeSM* :0OnnI-MtHM WM'&(V"d*V6rV*
of. securitieswLIVEIM
central Y an IrMw of 0
claw or series of- any immw dibposietad witbd& tht s hnigibleand may be transferred, loamd, o.r pledo& eijU7 without pikysieal of VaPOOMN (4W&A
wise permits or facilitates the settlewwA of:. wmrifieg, fi* the, hypothecation. or lending.of securi":wiflk"rt ph*M1 d d ofiamurities certificateL.
rMg, qdirki
(B) The te mm clex dow ndt i neft& I
Reserve b=k, Federal h losh4mmk or.Tedobal L "bkt&f M
ony national sseurit* ejAMP orz solely b, Pmvi
v reason of. ii
respecting the tam of seftlenient bi such exchange or by. m6*w of any eleahmnia qs trolled by, such. association; (in"" V bs"k,, and laxu savbagstnd loat4 or. or, '1*40'
bank if broker,'A ,::11131113"imnl, W
would be deemed to be dles S b3 4veaft of
rM9 *fte)r.
1*0ormed by::su&::
age Associatil* 0 AVO"
a'i earML0"aeencV or" bv rek n.,of tdinm, ow beh=&I.E0 theremi. m connection i6th the, f uiiaigh ft 0* ser*icwto its participanft orthe wo otmrrkw' #at &6! by its pafticipants, unlew thzOIxnmi*im Abl rinel, 6th*q* t7fkPV MM as necessalry Or alp tOA,88SUre the
this: title y
saoh- insurighm'.. UTI
.of functions commQ41y performed by such entities
insurance -compi 'or-IfW *' pamtb IV re 6pen-

V unit, investment trust. solely by reason of
001naW.114 )P16do0im.",,by, it., in connection with sharesin ent company or unit investment trust my plarson so lel' by I rewn. its performing functiODS paph25(R) of this ._siibsection-,
0. Apau0cips -when use I with respect, to ft:C4eftrj
y onwho us. s. a. c Iftrih ncy to clear orsettle
seewties. tran '4'qM..vrA#, trawfer, pkdge,-. lend or.hypothecate Spouri4fo., "Suph AWM, dow, is9t., incude-a Personwhose mly use of a q"-q* va A -(A through h Anotbar'persoh.who is a participant or
.(113) as'spledgee of
4b means tiny. person:whoengWffi on
Vmw Ot or on bebalt of : itself as an issuer of
guin A616OUrioties-UPon issuance, (B)
cow"Oem6 g:I mwh
issaaomof sua ritieg with a view to prevetiting
w4uthen i$w ncea fuoobm conmonly, performed by a person
rogiatwing the of such securities;
r.fX 9 1v conve soch aw-urities. sferring
.I.r r
-,,o**r es ybookkeepingentry without, physical
issuance 6f securities certificates. The term "tmusfir ageftVdoep' not
40I..*$q* company or separate socount which performs
804. Atactliq* soWy with respedto gamble annuity contractor variable life po icies which it issues or any registered: clearingwncy
0*4'f4mg4ana solely with respectto options: contracts

-regulatory organUkioO: woms any national h le steeredd wuritits assoe*tion, or registered 'imes of sectiam 19:(b) 1 19 (c) an jh) 9$ this
2il title BooxitiesRulemaldjag Board estaby *eta
(27) The term Ifirules of an exchange rules of. an!ossociation", or ..:aeaw ides of incorNwjqwoto Oftbomg ingenoy", the conqtitWonj arti
or inAruments corresponding to the. fore-. MOOMM &V WMI I ing
_web= pf )=kers and dealersor clean,
e st" :,Pol* tices and
N"My,_- rew"44 AndAple iof th Icles, prac
interpretations of such exchange, assoeiadon orclsB46ng sgeney as the commisdon, -byi XU* 'May. detormMe'to,71U, iftee"Maxy
4ntep 16r, Om prokw6w ofginvw, ors ZrI:PcIereomp7d tte
be MeaO su& who 'so WO clearing agency.
awais i0ill
W&M .0'r9anIzation nWans the 9V4 the rules
of an amoeiafion of bivkersImd dealemwhw1hJ9 ja:: registered w.urities I wh registered clearasm*i*6000ho -noeif of- 4'elleft 010y wh' rW9 IS .:
tw "thot -vv'ks ot ipol..' Securities RAAmaking
jug, Aooow Munk
e% whch are
tiomp w inteed:e 0 prinopal or or *ny agency
he f, or
or jiftstruMentality of-a reo
-of Or States or any
Sn4in section
1AW4*441%if AW Q6ds 0&1954)'tho U40"Acken which
A (it) oklach Code

*(S of, beetko 10&
if by ressowof the-applicAfion Of hs(4)
CWderl(doWrmined as iri_ IM
in mu+ wedon Ift(W
SIN vurz;(T
tCM 1pal &Wee 46SAg Ifty
(30) ..term UMUCI __,qOMrkM
a separately efitifi
C*ding id able diapartow6tdr 4fivW4ft 6f W*)
Bn Selling
gaged in the business of 6uvinr ahd 1,04,10M
hii own Scmmt though a bi;6i ot bet *w n4
(A) far sis he buo, or sells *ch **urftiWfor
his.lo*n sammt, either individually or ih gomie
'but not as a part of a regular bus'neWo
'AB) a bx* udow the bank I*$ emr)k0ed M A6
2 Ag im Senn- iu ieioj awnritiz 16r its "'ft scowntbdiir, than in afidnei CSPSM_ ty, th a brtbr or otbzirwise eiw
__ __ _: -.-- t, the- is 'engaged in such UAW*
a. 41 (as
*mugh stAt"aly identifiable
17 ;Psj Swurities.. department or div defined b3 M Bftrd in Accoid-,
Rift with section 15B (b) ( 2) of this title) thig,
vision iM n0apt: the 1041,1A shall be dwmed OD. Qw ftmtd

Otl Ile term .9m mieiW swaritieo brolme..uMm t bft1wr i6L gaged in Itbe business of effecting ions in M sw rifiew
foithe scoauntof theft
(82) 1%e term "Per-son with Fle "
when used with res "I" bBI&
ped to a municipal securities is*
or a -division or departmmt 0A bank: AnT Y
Imaged in the in a -mt dired" eupe.MAOSI *e any Of tbo Municipal. securities dader's acCivities with ="I ipil'annities. and apy. Person dhvetl r or in nntro sil&
activities or controlled by the: nnlcipd r In Wa&ibd&
with MdCh &CtMfift:
60: a -A- A. ..A e
(88) The Win, Muniapat Mvesunm Mft=ja
not: i0ide as put Of'&
municipal semiiii s held for vestment and not:. re mum I seewitim deakr or bi Pe"O*
__gulsr business by's i,
or indireWy, control controlled byor
C Ont with.& mmumpal wimristies dealer.
rM a IF AL %,%ra ftulatoryagem mesw "(A) When used irith rwPaA to w mummp*jl wcuiftieiideslor
(i of the Ckrrenoy; in he eam Of 4
bank or a bank Amrating undei the Code of Uw Ior
the District of Columbi'a, or a subsidiary or, dVav t 311 A d or
division of an, sut:hbank
M. 1. Resem .
(ii) the BaiWd of Governors of tha Fo P
teM7 ih the cam oft-State Amember bank df dw FederaX Rtmrve
SY'Stem, a subsidiary or a department, or divm-on therwd, a..
Unk hol" empany, i aluWdiwy of* bank holding
Pany which is-a, bank other than in
....I) at (iii) of thiaftb 'or, MUMUMUr era &p&A rY
Inent -VMOn
or di" of ==11VjYt
he Federal Pep(ofit Asia%Me Or i*4* in tbP
-i 0" 7
caim of is bank insu by the _t*o "awt bwiimeo cowp6rdtion (other th*ft
I V..

N (iv) Ih CO m s in- the case of all other m nicipal
ties deas
H)When used ,,with respect to a clearing agency or transfer
I te Cmptroller Of the Currency, n the cse of a
'national bank or a bank operating under the Code of Law for the District of Columbia or a usdayo n uhhnk;,
(ii the Board of overnors ofthe Federal Reere Syste, mtecsofaStemember bank of the Federal Reserve Sstem, a subsidiary thereof, a bank holding company, or a
subsidiary !? Aakhkin opn which is a bank other
ta ,hn pcfe ncas or (i)of- this subpara10A) j(iii). thq Eederal Deposit:Insurance Corporation, in the
gase 74of 1 a-bn insured by te dral Deposit Insurance
Uporation (hthe&r than -a -member of the Federal Reserve
System) orasllixy thereof ;and
(i)the, commission in the case of all other clearing
geces And tthsfer agents.
43Whe~n ited' with' rsect to a participant or apiatt
bwone a participant ia clqearin agny or a per~son-reqesting
,, nes ceto sevce ffrd b6ya clearinagcy
.the Comp~troller'.ofth Curencfi the case of a a l ank o under the Code of Law
orthe 'District of Columbia when toe appropriate regulatory
tg~ixcy fr such polearing a genc y is not the Commission;
i)the Board of Governors of the. Federal Reserve Sys,
tem ittheas of ai state member bank of the Federal Reserve SY ie a bank holdin company,,or a, subsiiary of 'a bank h4 opno aslsdayo a bank holing company
1a bnk othier- thna kspesie in clause (i) or
Oi' IOhig suparagap when teaprprit rgulator
a for uk cargagec isnt h Cnmson;
theFedralDeist Inuac Corporation,. in the
4 ad.nsrd.b-the Federal. Depsi Insuance
'on, (4 pr-than amegaber of the-Federal Reserve
-e a n ow o an 'e aecy for such
Gauisiop 1a alOther clases.
) he se wt rsect to. an insittonal investment
Federal i poihurneAttroSe of taurny inteineo
ar a e tn under, thJodAfLa o

(iii)~~ teeerlDpst4 Inurnc, Corportion in e.
IA. de thete bankU
Iii Boad~o G rno~ ofth Vdera -V& iiiSy ton nh a fay teI~meFd ii
Oii the. VearalDepoit ~nsuatceNrpratin:iiiii
.................. ii-m e tioiiiiiilsm r ti s x ha g

or "0e&-- sai, ain, ebrthro i. s

Igiated with 44membW A*Mf,
thereof.or t.o bwome MOM with a a*isbit'V16, i,*,
d b heli
or association or. member dwre f or ihe K
nakin Board the C
(F) Whin used:vM]reepea to i
diwrd. imi with 488A
thi Coln.
a bank tbi 064 of
fpr the: Mixiet of
tbe, Baerd'vof Go UO*iqf the rve 8
II W i6pu
hilitsi Fe&W th
of I er baA tU ckpo" td ;hilt ad

heOW* of oil' POISOM,
in this
"subsidiary of a b&nkIhWAoIdUW,-- boInvally themIn 9bdion 2 of the B Id" rr 0*0' 'C t of
(96) A! i I $0XIMMS 91 ,M awl fiq an
a0cou:ut WI '&rt;;jy di:ind eefly qiWh* pemon to,
whht. 0 -sh
deiffi e Wan ies or officer V b4
b,. r for, p4re _q d or sold
the Moodmit, (D) mikei deem, y A"t Wos or
othor property ". 11 b icha6ed ot sold by f PU or..tho* unt*ven
qwu*h som other P*rWn 11azy "Ve' &kwonj% or.. (C) igherriie exercia&.E... h vwpedt to,,
the: da aad:': sale of wnritie or the
'amount as tU 10opoinisision,'by:rule; aderortnes, in or for the to, of
Protedion M "bJ6
W11rov"W KI
Iffie p. nsof this titliafid TI rules SAd 1; ku*ong- erelumnder. 14
M M MU mot
if no4neinber- of tfie clam hisz4 tive "M 4her
1, ,&
momber ther'w'r rwakinr *,di parit in', thei tiowsmakder
this titlewhi doib es is iwfaii
or appro ift ifirtheriLvi -P
(37) The Ilkm. -.I" Ihishilil.1i A L mmorandums tapes, dis*PaP&S" bbok iWd transcribed information 6f- a Y-A- or
Inachin4 hmguagik
act as a dmlpr acftg in fhe f b
AnYdoalar eft r,
ris a f oi* (by.
iind anjyW &Ier...*ho, 0ea 68 "'Abefi 9U
eiAering Oowd" iii In Wise) as bei Wing to bvy and selltap dii a' Im lar r 66060
'(39 A tiei*on tine. 1 re-.
% member.
spect to membership. or on .7,
Cd, a saff4tinflaorv 6 if 90h
(A) has be6 an isex
or psitki v -iAl (k* barted'or
.mb 10
with a f
(B) is: subject iL amn.
remlkini hill rie .
ing for a Period not exceeding twelve months,


traction w a. bro dealer or unicipai securities dealn or
ba his be' 4 associabs ith a broker, dealer, or municipal
by his condueLvhile associated with a broker dealer or
securities. dWer fhas f of any
pal I*eu ound, to be a cause
.4 Ive uspex*ion9 6XPUIAO rdor, of the character described
J- & _Yaph and in entering
(A) vtliis parIg
.0rorda, the Commission or any such
wf- ( rg MZ% JO]j
to have Jurisdiction, to find
oelftot ca se
*h6tb*f anv per-'son wag,&, u .-thereof
a tedi hilh is 1m or in
k thei eiierds sotabe, should be knovm,?to him tobe a
!ft W by sA *agtioh: (A) (B) or (C). or this parU-1K JE) h&e ODMMU*Ued or omitted, a iy act ellumerated in sulb-i-cok (R Y f Re ap 15(b) of th
'(4). of section -is
-su paragraph
b6eix:: clftvieW ol*4.y o0nawspe6ified 'in b"ouch paft MP ithin tle Of! the da&!Of the'
9 h (4)' W n yeaxs
s6:spplication for nembershlp'or participation in, or tobeic ms associated with a member Of I such self -regulatory org
tzlcbnis M,
oined ftom:any action conduct, or practice spmgdbpara gph d such p4 (4) has willfully
PC paragra
&nse&ID: be iiiWo *in-twy application for membership RS' pavtidpsflonin,' t&ibetome aswdsted with ta member of, a
'Aalf-Iriflatory Orgunizado required to- be filed with a
iou or: adding before.aself-regula, proo
tory Organ=tion an statement. which was at the time, and in tbelight Of tbjac'ir'-C-,ufi : ftd&, which it was made, f alse or
with resp" -to an-mg4 or has omitt d to
.1 1 t lial fact,
ia 96N P tent, d&
qu r( to
ls, e "I %A* *U
Od' th Boar 0 Of ,Fed
efti, t6 116ELtW" within 08i resp -ve. j-hris V iqpq,
er bj)ru and i &fions MeaA: 9&
pow e, te&
14, an. V86a thig1ide, 66fisi gently 'With th
4 other tetihs
fro iskons,&O F [..rpi)ses of es
1 this Oil
(O No"Provislon'Of th% title h4R- op to or.'be deemed'C6iii
O;ge cafi'*-'dep&rtm6nt or' 'ind A'' A Ostibli hiiieht '0 t th
TTIU or a y lendmig"agenj "A611y awned "do Y
jD'r Inx Wt bay 6: cer a e
he Vnited- States or: g A.
of a such deositr6eni establi4 6 fqrat t" thecourso
*f hisiogicial dutyas _s1wh unless such rovisionmakes specific refer'ence, *3 such depiwUh6fit, e4dbl 6r agency.
Isqw IARC r oMmr or employee ther of
ip4l sacuritioa:
411tieS 4.
*0 ixi 15,s a halYU Id&Med
or lei" sole,! ason
lor a:qmcipal i y.
e,= , kies
tr j 44i in is -r's s curi
( U A T v6b*xf*kO*I.

posed of ve commmioners to be appointed by the President
A114i with the Avice. inidconsent of the Senate. Not more than


three of w6h shall be members of, the um Pd- *Ml
and in malting ap bombers of difiwnt
parties shall be, appo alternately as nearly 48 "Y be PM06
cable..No loner buopioe'
"ga v
or emp1gyment than. that of MWring, as Y.
oonlinismoner participa* dinxtl 449WILet
.,or -It--A.- ILL -.L AEiw- -I.
_Mtions likajow
Of ULDWAD reevusual
=ssion punuant to this title FAch owmm*WM*er 160 1 iaoer I Wd-Ace for a term: *.I years wd uht-d,:hi qualified, except thA hCSW notso obatinue: 10 Kbf
expiration 00t.the next WMAOR of Congrew sosequ4p to -tl* expiration of 681' d: fixed term of office', and except (1) any comnAssuwar,-*ppqW ted toM a vamucy: occurring prior to the of 4o tmft4o whiah
his predeceftor ww a inted shall be a for the n
PPO pointed *ioder of
such term,.044.. '(2)4hertermsADf Offift Of taking
office after the metmOnt of this title IduH er il 4 ithe
President at tho tjw:.of DO, 9" StAhatad 4- am 7WI*is at
the end of two. yow-s me at theend otthreeyq IPW 0
four years, d one: at the. end of Iwo 1 enactment of this title.
(b) The Commission is &;uffio d: to aplopoint.. such.: 4DIFS Wor
non examiners, and other experts as: may be.. Jorcarrv ng
out its functions under this IchaptMADdAhe C r"T. .0 Wset
to the civil-service, lawii 0 t. as
:. Wi .
APPOM "Oployewaz e m ary in the execution of its f un. otiowk azid fix wii. ries i]n accordands with chapter 51 oubehapter'JU-01 chaptWA4,01 TWIB 5.
SEC.. 5. It shoLU be uniaw @ fv dealer' or,0-H*,'qAAnge
; am Qroxer,:'.
directly or indireotIv, to u se of the mails'orany m64w, or instmMentality, Of inferaw c6MMU& for t purpose of USLUM AAY
Wt f46 AJOU ,Vie
dh %M P Wlt4AR.w-. w;bj' the')uris&
fa.. t.v SU -'K&PP
Statevto eff'"t on W.tae: r to rt, I
X tv wwti Wp
any, such usnsactiQi4 is register 4 as a,
national securities lexchan is under *c on 6 of W A '
,,.4 S tip
904 upon application blithe exe Wnge bi %X' the "an of thO CDMM MAon, by reason ctf the lim
volumik of: transactions effected on such eiAan p, it 'I's lv:k Jradi" c Me. and jwt the publie"inteie..A.. r'
:,.nep ssary or ap prIate la fox
tbo -.:.p n.. of investors to reqwre re, tipnL k.n

(a) An exchan a-V be rf..gistered tW'a iyitional's bcurities
exchange under the terms and COnaltionc' tem a sedioA and in aze he provisi6s of se 66h.,19'(a) of Ws
,ordaiace v ftt
--W I vu
title,'b- th mm 46' -or re& in
Ir ing with on
ve C6 Won in appl.kl
such form as tIW (A,% by rule, rwonbe iw the
Mles of the-exe hange and such 6ffi6r1fiformition and documents ks the
0 mw -,om iou my or
rule may pre-qWihe as nea*sa at i4 tbe
pubhe intermt or. for tIW P *eq *0 -,Of Aft
-.,Kk 4j;. i14

An xchnge qhll ot beregistered'as a national securities
anr 'ess the .Commission determines that)~ Snch exchange is so organized and has the capacity- o be ., atp erryout the purposes. of, this title and. to comply, and
subjc tanrule or orde ofteCmido usant to sec4Pn 17) or 19(g (2) of. this title) to enforce compliance by its members and. persons associated with its members, with the provisons of this title, the ue and regulations thereunder, and the
mles Of theexhn.
(2)Sujet o provisions of subseto(c of this section
theruesof the exchange provide -that any registered broker or
dealer or natural person -associated. with a registered broker or dealer: may b 'eea member of: such exchange and any person
may become associated with a member thereof.'
3).The rules Of the exchange assure a fair representation of
ii't ambr in, the -selection of its directors and administration 6f its aairs, and provide that one or more directors shall be repP sedative, of issuers and investors and not he associated with a
meber of thoexchange broker, or dealer.
4)The rules of the exchange, provide for the equitable allocation, of reasonable dues, fees, and other charges among its memhems and issuers and other persons using its facilities.
(5. The rules. of -the exchange Are designed to prevent fraudut,. and manipulative acts-and: practices, to promote just and
uitabl pieples of tra-de,: to foster operation n oria
601 wit persons engaged in regulating, clearing, settling, procesing .isfonnation with respect to, and facili tating .transacti on s ill securities, to remove.: impediments -to and perfect the mechaa-im of a frean open market and.-a national market system, and, in general, to Protect investors and the public inteet ad
nopt designed. to permit unfair discrimination between cusAmes, Issuers, brokers, or dealers, or to regulate by virtue of any
authority conferrd by this titematters .not related to the puros of this titeoth administration of the exchange
f rf) Ahe ONle of the, oehange provide that, (subject to any
rul o grerofthe Commssion pUrsuant to Section 17L(d) or 19
g) 2) of thistitl e)its members and, persons. associated with its -now yshall be appropriatey disciplined for violation of the
prialu MSOf thi tteterueoreglinshrunder, orz the
-ile o te xhage b epuson, sspensionS limitation of actvits funAiNs an oeationsJioerne, censure, being suspended
'rhared froming sscite wAiha, member, or any, other fit').The.,rules, of the exchange are in acrac ihtepo
isof susction (d) of1 this section, and in general, provide a fir. pracedure for the disciplining ofmmbr ,nd- persons
associatd withaxebers th dnalof membership to-any ero
kig meiporship there ein, the beexr izg .of anypesnfo
neomia g a seated with, a men-ibr ihereof, and, -the prohibition
wiiitthylythe exchange ofa peso wth respect to aces
so ervces01Fredby heexchange or,a gaembe ther eof.

....... ... .. .. 1 ....... ...
(8) rhavides of the: wobtinge 40 at tM b* ki
ib, Amu
COWO" On not]. or
"wof "tidft
hunts "D deor- W4
(A any than a natural
W or dealer or (B 100"A am Eno*& Wbo ib WA N 6100dated with's C Ov t W L gr,
(2) A national Mcurifies may, ii4 in cwsis* iii! *fil h
'in 101W
'in It101W
the Commision, by order,direds w em% r InFrIMPFru"
in 1 "0'
public interest or for the protection thallj v mi i&rjmp to UPY registered broker or dealer or natwil person assmated with a iegis-. tered broker or dealer and Ut bwoniiag
'k-- X11
ber zi y person, who is'mbjed to a sw- Jawy CUUM A
soxmrities file notiowmiththe CW Iasi
thirty days prior tONAMEM.... rwn to Or
an] person. to become 7NM a mmt*r, if the kmw .
or in the exercise of rawkxnable care should have known, Ifiii suah person was subject to a statuvor-y CBS- 1"he notki '" l be
I Mon by rule,
such form and contain 9*6 information the Oommi
Mayprumr.IDS as necessary or appropriate M the e *zrft;t or., for:
the protection of investor
(a) (A) A national securities exch Jr6mialbseoreM
to, or condinort. the wombenhip 4. brokerr or deiler if (W
such broker or dealer doed not medsuch standards of '%1W responA-2
sibility or personal c"xibility Orlsach broker or dealer perwn asloeiation's With Sucli-broker or deeJer does'not i iA t such. standards of ence wd competence as am presimled b
the rules of the or brokefordealer.Or'PerSiOn
ated with such broiwt, or & has engaged and: th4eis lft:'re '161 likelihood he may: Agm n en i with.
gage m acts radi '" inconsistivfit
just and equitable prindples of tra& Ati6onal Waurities'ex6an
and verif sn aPplicant to be66
may examme y the qualification of
mem1wr and the natural. permw datedate, with vmh an xpPfi ant in M of 1111i Room
.WOM -b
accordance w ftith Procedul" abolished y
(B). A U09*6=1 MMUMIUALOMMARSID hir.. pet'gon
becoming a inember.or wsWstedwiffi IS., 14 the:
perWn AorAMDOfi *7w naurril
mberAip of a natural Versm I
with a member, if such natural Dli (i) t inedswh 4alidards of : training, experience,. Y
rules Of the or 606B its t ri i e
likelihood he may apirl 10" or iM McvriiAs t with
just and eqifibible Me"m of t0*436. A: seem es eIMMM64:1
may examine and verify the qtmlificafions of an applii"'t t6 become
person amociated, Wbor&&ce, *ft
establisimA by. the exebanp T"qmre nersm
I I M A 1 -3
asww3isted with a in b&-. Oif any clam Of 4" Bch persons to 116 5wrU111 with tho exchange in accordance with froin
A::mflonal seeafities ebal
beoom, ing tasotiated. *ith a ibiSi'irz -lot
to: suoply the9,eX'&RnA*r *M rul its
relstio6hm: MA dedkd *.' *ith fM' nmab(w as niax 16e M the..
rules of the 9EWMIk 4ft w1h dLALAVWLAJ_ to permit the examination of its books.. and records to ffie accuracy of a" in rationn so sappfied.
I go In oZn fte p"ftetlowef LavestooW
,a ProbaNy should rMd "ftr
So in o Probably should read "assoelaied

A, uationaLsepm'ties aw may (A) limit the number of
"of th eichmp:,.44d to nuinberof members and desig
rwresentata ves of t4embexs'permitted to effect transactions on
OfAhegxcha4go Without, theservices of another person actv.,brofmil., pr, Vidod,, no national. securities ex,9 8, Eha11,hqe,.fh- isuilo6r the number of membi
px,14 or,
_J* Sa4 q a*: the Umembersand designated
Se Ve 0:8, 0 f ers remitted to. effect transactions, on the
r of such. che withmit t ta_$ervllees of another person acting as ,below iur* nu.6ex"in Oeqton May 1) L975, or the date such
p wa red OMM'S1
e -C on whichever is later:
s p4ist
"PTO d fm rMor That tho, Comm-issuU14 in accordance with the V OPS'D ]a19 (C) of, t1m Utle may, amend the rules of any
&I 'secmideg, :Fihapge to. ierease biit:uot to decrease) or to 4pn er oi membe
Ve any, 1, W* t a4on OW, -numb ships in such exPFthlv pl Pr, of mepikrs, or, designated representatives of
i4iftea" ',trawagUous on the floor of the ex.4 thel Af the
WtTl 61 another p6mn acting as broker, -i
_1 11=041 V* m4a4pn imposes a burden on compe
newmary or iate, in fu.rt4erance of the purposes
.4 4 .. . . ... .....
T-L, b securities. exchange to
-'aine wh4lie P10 r S qu -with a inember
disciplux .(other "I #'Surnmary proceedingpursuant to
(a) vf thi* subwtion) Ch ring ape
Ua aige: ehalt b Cifie
tif. *uda, jmipabu or DUS of, aad: give him an: oppoktu
AQ 03PPOSO a, qipluar s net-don- sha -be
1 npo by A statementsetting foAh, ice m which such member or..,person i4oci" WA a iiOmber. hu i6ea found tolave engagedi -or
bas been found to have emitted Ak title the rules or regulaange which any'
w tjoro Al hervoUdar or the ruke of the exch such
or:. to. ACt9 is deemd to, violate aAd
ultl 4.0 the ,:saaction: imposed ahd the rewon6 therefor.
lw.K.Any..vweeed* by::& natmial smurifles'6xchange to deterMe Whether a person shall be denied mem ip it o beitedlor With respe
or a mem er ed-(other
Y PM eeaftg Ptivimiatt to .-LagftPhj3YbfvJs subsec,,tho-OmehnAp sliall ii6tify bh' rs6fi d: .'d'R'1Ve him an h6* ipe cificgrouMs' for: doiaial bar- or ion onsi&mdona n4l' e.pp 'k-rec6rd. A
-"tho eidfi = yinemb rs lp bar& IJerson Irom eM ifmi, 4 A' 'with
Wffli a ffi b r I m" r4p h of t Ptso "Id b_ *the 6A'ari
&V 0 i'm bei t er
1, k f A tili C' nds
of i basWs
J y A : sugpofid a
Or h' 't n a d is
orgo ion.or.-barred
W Pf
,a member' f ik. self -reohla_

suspend. ... ...
tory 4*66 kr:..
0 .-, IWM!MWP"W^:
0 Ing di mky 4zdtio d
perat thLt t& p eftndnw And S*'iMMi tbelit
_^ -1 -_ jrComm MOMM thac0w. MOM cannOt be 'to Uv"UIMU15, to comma
men as a with ft t9i Vast ilib
lphmvmlk VILAWAM MOON. 46 -1 *'M ''
bore, or the I=- 7 :4 66
Frobip 'MY Paz CIRM WWO
to a beess: t6I IML 74M WU5ffFWL7,*gjj I I
(B) Of tilis M app"Came-W, "dkwor in vis
person whalff.wt a.maibei if -A .- "Ainva thMMi6*
%maw IvW i I t jq or other,
for stwh access, and on& 4L to
have amh accees wM Safty to JnVStAD* *01ams, membim, or t* excbmge. Any pug= aonmevelUb W no
.. y _.. Y h Action
be promptly aff6i" an It
T111*1MOt exch"ki
-&-m. i6LAL
aoxwdance Wfth WAV rUVJMUJ35 UX P6TSgV"& (1 (2)'Od thiii6.
section no Cown =Idica4by order, A& fty ryP SO"
on its own modon or upon aDplication by an d thiii.
-L_2111"i W iiid iiL,
by, if the Commisdon date-AMiSANW. IMM" uv mmv or after lid" "P*
Portwotity for (Wbi& hea''M M :, AY vbagat Mw
0 aff t VW MW
0 t Aa
ftch OCIV
is consistmt with the enterime 11116UNW IYJLAUckii7iuwiiiijLiL,6f::invf b6m
(e) (1) On and after the date of ensettafmt of the
A -_ .. LIL K___' _... N. I
CA amendments of 19TS, nolastiowl WOMEl Munsm
9diedule. or fix rates of aommissioni%:: no
fies, to, be &A by its membem,'P*6vided A*w~ Thd until'
MAV: 11J. 1976-W the P w paragraph Inbt
rweeeding rovisi6fis thi amn
prdu*b *4 any such mchanom unpmng or fixing any
allOWAMNV diseotm* or other es: to be ths b-V ft members for sedng so brelcar an the flow of the Nwha"U'J"M Of.10 OMIW.
2. -Ilk,
dealer: And provWd further, That the:::10ommigsim
with e: provisiow of section 19 (b) of this title: Mffid Y: the
Provisions of paragraph (4) of this vididnq _MY
(A)q permit a national wcuritbw OWdh_..9, "dStI&qIfi
a reawnable whodule or fix reasonaNvIates ot atlowanem dis=nts, or other. less to be Aarged, by:
for effecting transactions on Noftnibw L
19769 if the C4mmaisdon finds that: mwh advedulevrfted rates of
allowances, discountsor 4thw hwaw inthe pWbIk
interest;. and ...... .. .. ... ..
*t.a ities.
...OB) permi seegn -rule, to
a.. schadole or fix rates. Of. akwe
... .. PDOM;. I gas, AiwourAn, or
other fe s to be,:&L arged toy its mm1wn. #w f&#jng.jtvwPPdWW'
on Suck.. it", Novew I WA,, if 41m
ffiat SIR i =e I'limd ;Oft. 61 Oli All
CoUnItsq or other: fees. (i) kre io Ie in relatim to tu
'he ;L
providing It sm-vim -for which sughll*few VII r9o
ssion publishes j
thi el
sonaMenm) and (ufti) &) -not 4m
P09" uj vu ccwW
fition not nebessAky or f
Pq 0
of thi title, billing b" tii
ermittinsr i" s6 Ir W S
p qO
petitive'efrect, *O 0 I.%. :T:. "RF
orl tige
ivi Tmi "Jo
i r- J
th6, C6 &5 by, ilAe"'tna:Y a any

,-eter f e zabe 31,W 1970, th e msin ona auc rcedua r baisd
4M. iiii4oo r..iiiiiiiiiiiiiiiitheiiiiiiii interestiiiorinecessary toi

4k~inormation concerning, the affeet on the public, interest, proOf rVestors, and maintenance of fair and orderly markets of
absen d an Iy schedule or fixed rates of commissions, allowances,
o-other f ees e to be charged by mebrs of ay national
exhange for ete~cting transactions on such exchange.
(4).A. B oe approving or disapproving any proposed rule Mitte by a national securities exchange which would imior. fes charged by its members for effecting transactions on CXC 'ane, theI0Commission: shall afford interested persons (i) an
for. oral presentation of data, views, and arguments and ii wth aspect to any such rule concerning transactions effected
I0 a

,Wveber 1, 1970, if the Coimmission determines there are disUW iWt matei al tfat, to present such rebuttal submissions and eoii" r have ondutd unfdjer supragraph (B) of this paraeuh ro'ss-exaniination :"' the COmmssion determines to be a, d require frfl dsluenproper resolution of
(1 ssnesL of material fact.
SC inisidn shall .prescribe rules and nmake rulings conan eproeeding in accordance -with subparagraph (A) of this ra signed to avoid unnecessary costs or deay. Such rules ruins y (i impose reasonable time limits on each interested ir " presentations, and(ii require any cross-examination to

m ~ bay b ntte eer suprarph (A) of thipaOil, conideted b th 401nmission on behalf o f ,thit person
-s&Iew&Md the Commiission deter-mines to be a rempriate and Ii r fall albslosure an& proper resolution of disputed issues

cmdut or have, conducted) eross-examination, under subpara,()'ad -(B) of this p aragraph and which have, in the View the Comission, the same or similar: interests in the proceeding, upon at single reresentative: of such interests for purex~ation, the Commission may make rules and rulEthtdMannt-"r which such interests shall be represented
as-eamiation conducted.
"No dhiofd any class of persons with -respect to which, the
6'has pefled the' mnner in whchits interests shall be
marftnt to clause [i f 'this subpaagah shall be
A) suc4 Clause: (i),; the opportunity to conduct (or
i! 4
eross-itaiiipationas toissuesiiectinihisiprticu

evant iss which would not
. .......... iiiiiiiiiiii

AWI t&$ rqp presentatin
isiiishliitofayol prese


to the IWOO lit V06411.
Mg -Court ta jkaAA" 'In'
of CORIMMISSIOD v *8 ,Own*
n1h Wlces
finds--1 1A.
that an is not naled to*
..... ... ...
(2), a CAMaraimion rule 'or: Ity OB)
6at the, jpolwfIif .. .... or
M 4111 v liim
has Ored IMM n: tit
of material: ALit whi& were.neowwil_ br fair determbifi(m Aby Cbmmignion.
(f) The Cowmission, by rule or ord4,. as it d
ap riste, in. the public interest and for the proteetiftof iML
to. =vi tain fair and orderly makes, or to swure eoual .myrequ reany person not a utember &: a
of. a n*zibet of a national..awurities ex thkh*
actions on such JtU 111 4MM: 0
.. .. .. .. ...
ectih as a broker, or
M N'j .. ...
Any bjiS*er or dealer fio :: t. 4 w6mber
excluLnge trannefioni 64 14nch on r
7trf 771.
tQ ecaniply with luch rttles'of isuch as tbi
4.: CK%
For: tho FqrywEm Of ptwenong the, ezow ...'aJAM t
for the Parq 4C Of
An"Mr.... arl7ing SWIM4632 tbo.t :Ad
the Federgl. 4)(1
wer to tha GHO* "w 144*9 Awtim and from tMe to timilw thowsAw', tions with rested to the amount of credit dat wayKAw .. ... ... ....
tended and ed ou a* jo ....
.... .. .. ...
exemapted seMatylo For the ini" loslAwd M. 4suchiwo
rwflations be beseO upon t1w Ulowing s4mdsrd::.Ax
not gnwMr tb$& whioWver is: the higher of=.
(1) 9 pec cenom of kbO-eIVTq* FAJUrkA Pp, q%4
(2);-100 per rAutwn. of 01w
during thapreceding. tbifty-sucl Apt,
than 75 per centwn of the Cur"nt Such rules and,:._ IregulAtious MW resmat to the (a uin
Frywg of dermaand"under specified c6Wx*6oi* the will Or
the substitution or a"tionilpur-Chases of wwunt& from one lender to anoI*r',-I uir r delayed d4 'T"
q emcqts fe Ive
and 'qedurities to 'Y&A- raggTr4a P4 I 1 1
ftPw.Y;::_d''he baw and the, inethods, in 4' t 11 1
marg]" and.Market prim- -aixa and details.For thejwrooseg'ox panwm'p ntil J41Y 11, IM64'tho IoweA'Orice wt
a f ter July 1. 19ML shall be Wamd 84 Ibe 10 WC4, P security hm sold during the premaing t iorty-six
So in original. Probably should read "fixed".

n&ng thw provisions of suhsection (a) of this sec-t Board" of0oyernors of the, Federal Reserve'system, may, pect to all'or specified
-,*Vqe to tinI6, wiffixes. securitiesor transor--classesof securities, or classes of transactions, by such rules T'Agulations (1) presmi-bo such lower margin requirements for the extension:-vr, m I intenance of credit as it deems necessary or nate fo- #m aecomni6&tion of commerce and industry, having
rd to the general credit situation of the country, and (2) presuoh h W_M reqw
rgm rebients; for the initial extension or
nee 'Or6d "I
-of t aaY,.,dmWhewssary or appropriate to prethp exCA$SIV6Uft.of,,eidit:twfinance transactions in securities.
b,6:U.U1AwW foray member of a -national securities
*W 0 r a n Y., b f'ok r deikr.4 i 4 1 r", y or i n d i rect ly',, t 0 e xten d o r ain credi t or -or:maint6narwe of credit
.Winoe for the,*xWnsm lor any 10'r.
)on any 'security, thill exempted security) in
Oantraventioxi, of the ruW and A amdatiiD"whi&Ahe Board of O' ,virnors 0 the F"ral j SystEqn, shfdl .presoribe-,under
sections, (b),Offlw wtioh*
(2) wit'ho 1 teid. or on, any collateral,,Wwr than sedurit *1 e S_ I leexcept with such rules and regulations AsAlika
oard of 'Governors of the Federal.Reservle System may -prescribe
permit', ='der mec ified-wnditions & d for a limited period 'any V '*WN ber' Mkej or dealer to maintain a credit, i initially
In bii orniitv -,with the rulos._4nd regulate t&
ip f QpvqVors. of the Pede* Res rve $ystem, ar (B) to
ion or;rnaan e of credit incalsesx6re the
nea 4ifis iiotlor the se of purion, or maintena. of cre 0
"Cha g-,or marrying semirifies evad g QrArpuniventing the
, ,I)iovigjiqns of paragraph (i),, of tbAgis, subeectlOn" Z
Lc t subi to subsection
)J be U,014,Wfu anv, p erson no "t
of tkls on''166 *xtefid o:r: inaintain cro'Aft orlot. arazge-16r the
or 4iaint,64nee of. credit for the Purp. sebt pur has'ing or in c&tro; rules and.rogujoti ns
gr ewdbri f Azii&
PMM*be to prevent th6- exce&%ve Credit 'isv4pll.or carrybie of or tradinor in securities
7.. h4 "S iO PIS
Su& ,ul' and
lmpoeoe Upc 11311rPose Of. purcyr. A -lit4o t th imposed
-es iur 0 ose
V up (c), of this ctioii and
me! Urs, brokers deslprs I i Be
N 4e"(T' This *ibae C and'the rules iai 4 r. sW n4 a to.. 1. a lo an made
nf Anne of Ms, u siness, f ift) to loan on an tp,., % an adea Or to, aidin tho. fin' -,ing bf 1 ot rifles- f C1_isto !n'e*rs n"t through the )MMIUM
Ui2l , 'b- baiik on a security
I ig P I, iti nge, (D) to a loan
54L Al'i sp oans 13 rd
C 's te SIA1 b- 'suZ ru s"&nd bl" inor app r thopo Ile,
her:."eoW al
W44tion's 0 fOO:,stated Pr* ti on aod the, r.Wari a df mm ation.q falere"dq, "Plf, Allia wo i!(M -Or .thp,. rules, n,4 regulAio*s 3,71 to P;1y -10=,.. or
io -IL* 'I'A f4 04

etninof cedit 13made proIoteeatmn ftiLho
the maintenaMne renewal, oWrtm tnIo of Wsayechla or except to the extent that the Board of Governors of theFeaa serve System may by rules and regulatios proieas neessy't .prevent the cmvention of the prisiMon of this stinor t
rule an reultin teenrby means of wtdrwl okffan=d securities, substitutons of seuriies or aditional pnre..ees or b other device.
()(1). It is unlawful for any United State persn or1ay f.. l peroncontrolled by a United State peron or: acting a ben Of or in conjunction with such person, to oba readve, Oren the benefial ues of a loan or other extesion of or edt frm n (without resead to whether the lendark oben or data orbsie
State) for the purpose of (A) purchasing or carryVing Units:U:t securiis or (B) prchasing or carrin within the UniteSteeo any ohrsecuritis ift,unde tis section or rules an rglaiw r seribe thereunder, the loan or other credit tnaction Is:prbiit or would be prohibited if it had been made or: the trnmtl I otherwise ocnrdin ander's office orohrpaeo u Ini
(2) Fobr the Purposes of this subeection(A) The term "United States persn" incluadesaprsnwi
is organized or exists under the laws of any Stte or, in the6a
of a natural person, a citizen or resident 6f the UnitedStates.
a domestic estate; or a trust in which one or more of the fr 0goigpersons has: a cumulative direct or indiret bllenefilcial ite
est in excess Of 50 Per centum of the'value of the trnst
(B3) The term "United States security" m::eans. a security (th
than an exempted security) issued by incorpist
under the laws of any Stat, or whose pricpa Place of buIne
is within a State.
(C) The. term "foreign Person controlled byi UnitedStt
person" includes any-ocrprt entity in which United*8
persons directly or indirectly have more thna5ve atat
beneficial interest, and any corporation in which' one or de
Unied te person, directly or indirectly, own stock 0111f
*more than 50 per centum of the tota combined votin 111
all classes of stock entitled to vote, or mowre thn'0
of the total value of'shares of all classes of stock
(3) The ]Board of Governors of the Federal Resee -a-i"1t in its discretion and with due regr for the purposesOf ti by rule or reglaion exempt any class of rnite foreign p.)ersons controlled by a U[nited States pro r cationof this subsection.
nastacrzowgs OW sonAF4xxas
Sac 8 Itshllbe- unilawfu for any rgsee
whenie -of a -nattional: seenrities ecngo~r 'teekMIL Ws "W APMO traMissets business insecurities through the n"e" a her ofts ifational securities exchange, directly of
(a) To borrow in the ordinary course of b r ine 64