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amendment shall have become effective. For the purposes of section 13 of the Securities Act of 1933, as amended, no such security shall be deemed to have been bona fed offered to the public prior to the effective date of the latest amendment filed pursuant to this subsection. Except to the extent the Commission otherwise provides by rules or regulations, as appropriate in the public interest or for the protection of investors, no prospectus relating to a security issued by a face-amount certificate company or a redeemable security issued by an open-end management company or unit investment trust which varies for the purposes of subsection (a)(3) of section 10 of the Securities Act of 1933 from the latest prospectus filed as a part of the registration statement shail be deemed to meet the requirements of said section 10 unless filed as part of an amendment to the registration statement under said Act and such amendment has become effective.”.

4. Section 38(b) of the Investment Company Act of 194 U.S.C. 80a-37(b)):

"(b) The Commission, by such rules and regulations or order as it deems necessary or appropriate in the public interest or for the protection of investors, may authorize the filing of any information or documents required to be filed with the Commission under this title. Title II of this Act, the Securities Act of 1923. The Securities Exchange Act of 1934, the Public Utility Holding Company Act of 1935, or the Trust Indenture Act of 1939. by incorporating by reference any information or documents theretofore or concurrently filed with the Commission under this title or any of such Acts.".

5. Section 305(a) of the Trust Indenture Act of 1939 (15 U.S.C. Thhh(a)):

"INTEGRATION OF PROCEDURE WITH SECURITIES ACT AND OTHER ACTS

"SEC. 308. (a) The Commission, by such rules and regulations or orders as it deems necessary or appropriate in the public interest or for the protection of investors, shall ruthorize the filing of any information or documents required to be filed with the Commission under this title, or under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Public Utility Holding Company Act of 1935, by incorporating by reference any information or documents on file with the Commission under this title or under any such Act.".

6. Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 786(d)):

"(d) Each issuer which has filed a registration statement containing an undertaking which is or becomes operative under this subsection as in effect prior to the date of enactment of the Securities Act Amendments of 1964. and each issuer which shall after such date file a registration statement which has become effective pursuant to the Securities Act of 1933, as amended, shall file with the Commission, in accordance with such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors, such supplementary and periodic information. documents, and reports as may be required pursuant to section 13 of this title in respect of a security registered pursuant to section 12 of this title. The duty to file under this subsection shall be automatically suspended if and so long as any issue of securities of such issuer is reg

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istered pursuant to section 12 of this title. The duty to file under this subsection, shall also be automatically suspended as to any fiscal year, other than the fiscal year hith sath registration statement became efective, if at the beginning of such fiscal year, the securities of each class to which the registration statement relates are held of record by less than three hundred persons. For the purposes of this subsection, the term "class" shall be bonstrued to include all securities of an issuer which are of substantially similar character and the holders of which enjoy substantially slår mats and privileges. Nothing in this subsection shall apply to securities issued by a foreign government or political subding in thered for.

Nory: The various penalties imposed upon failure to per-
form the undertakings provided for by section 15 d of the
Securities Exchange As of 1994, or for filing false state-
ments in connection therewith, are ontained in sections 21 f)
and 32 a and b, of such As BUS.C. 78% 1.78 (a)
b.
and b

1

C. In addition to section 10 of the Securities Act of 1933, the following should also be considered in relation to remain investment company securities:

Section 244e of the Investment Company Ax of 1940 (15 U.S.C. Soa-24-ex1:

"(e) In addition to the powers relative to prospectuses granted the Commission by section 13 of the Securities Act of 1953, the Commission is authorized to require, by rules and regulations or order. that the information contained in any prosperms relating to any periodic payment plan certificate or face-dmocnt certificate registered under the Securities Act of 193 on or after the effective date of this title be presented in such form and order of items, and such prospectus contain such summaries of any portion of such information, as are necessary or appropriate in the public interest or for the protection of investors."

D. The following should be considered in connection with the application of section Side of the Semities Act of 1983:

Section 14-a) of the Investment Company Act of 1940 (15 U.S.C. Soa-14 a:

"SIZE OF INVESTMENT COMPANIES

“SEC. 14. (a) No registered investment company organized after the date of enactment of this title, and no principal underwriter for such a company, shall make a public offering of securities of which such company is the fermer less

“(1) such company has a net worth of at least $100.000:

*(2) such comiany has previously made a public offering of its securities, and at the time of such offering had a net worth of at least $100.000: or

“(3) provision is made in connection with and as a condition of the registration of such securities under the Securities Act of 1933, which in the opinion of the Commission adequately insures (A) that after the effective date of such registration statement such company will not issue any security or receive any proceeds of any subscription for any security until firm agreements have

amendment shall have become effective. For the purposes of section 13 of the Securities Act of 1933, as amended, no such security shall be deemed to have been bona fied offered to the public prior to the effective date of the latest amendment filed pursuant to this subsection. Except to the extent the Commission otherwise provides by rules or regulations, as appropriate in the public interest or for the protection of investors, no prospectus relating to a security issued by a face-amount certificate company or a redeemable security issued by an open-end management company or unit investment trust which varies for the purposes of subsection (a) (3) of section 10 of the Securities Act of 1933 from the latest prospectus filed as a part of the registration statement shall be deemed to meet the requirements of said section 10 unless filed as part of an amendment to the registration statement. under said Act and such amendment has become effective.".

4. Section 38(b) of the Investment Company Act of 1940 (15 U.S.C. 80a-37(b)):

"(b) The Commission, by such rules and regulations or order as it deems necessary or appropriate in the public interest or for the protection of investors, may authorize the filing of any information or documents required to be filed with the Commission under this title, Title II of this Act, the Securities Act of 1933, The Securities Exchange Act of 1934, the Public Utility Holding Company Act of 1935, or the Trust Indenture Act of 1939, by incorporating by refer ence any information or documents theretofore or concurrently filed with the Commission under this title or any of such Acts.".

5. Section 308 (a) of the Trust Indenture Act of 1939 (15 U.S.C. 77hhh (a)):

"INTEGRATION OF PROCEDURE WITH SECURITIES ACT AND OTHER ACTS

"SEC. 308. (a) The Commission, by such rules and regulations or orders as it deems necessary or appropriate in the public interest or for the protection of investors, shall authorize the filing of any information or documents required to be filed with the Commission under this title, or under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Public Utility Holding Company Act of 1935, by incorporating by reference any information or documents on file with the Commission under this title or under any such Act.".

6. Section 15 (d) of the Securities Exchange Act of 1934 (15 U.S.C. 780 (d)):

"(d) Each issuer which has filed a registration statement containing an undertaking which is or becomes operative under this subsection as in effect prior to the date of enactment of the Securities Act Amendments of 1964, and each issuer which shall after such date file a registration statement which has become effective pursuant to the Securities Act of 1933, as amended, shall file with the Commission, in accordance with such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors, such supplementary and periodic information, documents, and reports as may be required pursuant to section 13 of this title in respect of a security registered pursuant to section 12 of this title. The duty to file under this subsection shall be automatically suspended if and so long as any issue of securities of such issuer is reg

istered pursuant to section 12 of this title. The duty to file under this subsection shall also be automatically suspended as to any fiscal year, other than the fiscal year within which such registration statement became effective, if at the beginning of such fiscal year, the securities of each class to which the registration statement relates are held of record by less than three hundred persons. For the purposes of this subsection, the term 'class' shall be construed to include all securities of an issuer which are of substantially similar character and the holders of which enjoy substantially similar rights and privileges. Nothing in this subsection shall apply to securities issued by a foreign government or political subdivision thereof.".

[NOTE: The various penalties imposed upon failure to perform the undertakings provided for by section 15(d) of the Securities Exchange Act of 1934, or for filing false statements in connection therewith, are contained in sections 21 (f) and 32 (a) and (b) of such Act (15 U.S.C. 78u(f), 78ff (a) and (b)).]

C. In addition to section 10 of the Securities Act of 1933, the following should also be considered in relation to certain investment company securities:

Section 24 (c) of the Investment Company Act of 1940 (15 U.S.C. 80a-24 (c)):

"(c) In addition to the powers relative to prospectuses granted the Commission by section 10 of the Securities Act of 1933, the Commission is authorized to require, by rules and regulations or order, that the information contained in any prospectus relating to any periodic payment plan certificate or face-amount certificate registered under the Securities Act of 1933 on or after the effective date of this title be presented in such form and order of items, and such prospectus contain such summaries of any portion of such information, as are necessary or appropriate in the public interest or for the protection of investors.".

D. The following should be considered in connection with the application of section 8(d) of the Securities Act of 1933:

Section 14 (a) of the Investment Company Act of 1940 (15 U.S.C. 80a-14 (a)):

"SIZE OF INVESTMENT COMPANIES

"SEC. 14. (a) No registered investment company organized after the date of enactment of this title, and no principal underwriter for such a company, shall make a public offering of securities of which such company is the issuer, unless

"(1) such company has a net worth of at least $100,000; "(2) such company has previously made a public offering of its securities, and at the time of such offering had a net worth of at least $100,000; or

"(3) provision is made in connection with and as a condition of the registration of such securities under the Securities Act of 1933, which in the opinion of the Commission adequately insures (A) that after the effective date of such registration statement. such company will not issue any security or receive any proceeds of any subscription for any security until firm agreements have

been made with such company by not more than twenty-five responsible persons to purchase from it securities to be issued by it for an aggregate net amount which plus the then net worth of the company, if any, will equal at least $100,000; (B) that said aggregate net amount will be paid in to such company before any subscription for such securities will be accepted from any persons in excess of twenty-five; (C) that arrangements will be made whereby any proceeds so paid in, as well as any sales load, will be refunded to any subscriber on demand without any deduction, in the event that the net proceeds so received by the company do not result in the company having a net worth of at least $100,000 within ninety days after such registration statement becomes effective.

At any time after the occurrence of the event specified in clause (C) of paragraph (3) of this subsection the Commission may issue a stop order suspending the effectiveness of the registration statement of such securities under the Securities Act of 1933 and may suspend or revoke the registration of such company under this title.".

E. Section 308 (b) of the Trust Indenture Act of 1939 (15 U.S.C. 77hhh (b)):

"(b) The Commission, by such rules and regulations or orders as it deems necessary or appropriate in the public interest or for the protection of investors, shall provide for the consolidation of applications, reports and proceedings under this title with registration statements. applications, reports, and proceedings under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Public Utility Holding Company Act of 1935.".

III. CIVIL AND CRIMINAL PROCEEDINGS

Subsection (c) of section 22 of the Securities Act of 1933 was repealed by the Organized Crime Control Act of 1970 (P.L. 91-452; 84 Stat. 929), which makes the following sections 6001 to 6004 of title 18 of the United States Code applicable in place thereof.

a

TITLE II-GENERAL IMMUNITY

SEC. 201. (a) Title 18, United States Code, is amended by adding immediately after part IV the following new part:

"PART V.-IMMUNITY OF WITNESSES

"Sec.

"6001. Definitions.

"6002. Immunity generally.

"6003. Court and grand jury proceedings.
"6004. Certain Administrative proceedings.
"6005. Congressional proceedings.

"§ 6001. Definitions

"As used in this part

"(1) 'agency of the United States' means any executive department as defined in section 101 of title 5, United States Code, a military department as defined in section 102 of title 5, United States Code, the Atomic Energy Commission, the China Trade

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