Securities Lawyer's Deskbook                          published by The University of Cincinnati College of Law

Section 4 -- Classification of Investment Companies

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

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