Section 4 -- Classification of Investment Companies
For the purposes of this title, investment companies are divided into three principal
classes, defined as follows:
"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.
"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
"Management company" means any investment company other
than a face-amount certificate company or a unit investment trust.
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