73d CONGRESS. SESS. II. CH. 404. J UNE 6, 1934 . prisonment under this section for the violation of any rule or regula- tion if he proves that he had no knowledge of such rule or regulation . SEPARABILITY OF PROVISIONS
Separability of pro- visions . SEC . 33. If any provision of this Act, or the application of such provision to any person or circumstances, shall be held invalid, the remainder of the Act, and the application of such provision to person s or circumstances other than those as to which it is held inva lid, sh all not be affe cted th ereb y . EFFECTIVE DATE SEC . 34 . This Act shall become effective on July 1, 1934, except that sections 6 and 12(b), (c), (d), and (e) shall become effective on September 1, 1934 ; and sections 5, 7, 8, 9(a) (6), 10, 11, 12(a), 13, 14, 15, 16, 17, 18, 19, and 30 shall become effective on October 1, 1934 . TITLE II-AMENDMENTS TO SECURITIES ACT OF 1933 SECTION 201. (a) Paragraph (1) of section 2 of the Securities Act of 1933 is amended to read as follows "(1) The term `security' means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certifi- cate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in Feneral, any interest or instrument commonly known as a ` security , or any certificate of interest or participation in, tem- porary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing ." (b) Paragraph (4) of such section 2 is amended to read as follows : "(4) The term `issuer' means every person who issues or proposes to issue any security ; except that with respect to certificates of dep osit, voting-tru st certificates, or collateral-t rust certificate s, or with respect to certificates of interest or shares in an unincorporated investment trust not having a board of directors (or persons per- forming similar functions) or of the fixed, restricted management, or unit type, the term ` issuer' means the person or persons perform- ing the acts and assuming the duties of depositor or manager pur- suant to the provisions of the trust or other agreement or instrument under which such securities are issued ; except that in the case of an unincorporated association which provides by its articles for limited liability of any or all of its members, or in the case of a trust, coin- mittee, or other legal entity, the trustees or members thereof shall not be individually liable as issuers of any security issued by the association, tru st, committee, o r other legal en tity
- except that with
respect to equip ment-tru st certi ficates or like s ecuritie s, the t erm issuer' means the person by whom the equipment or property is or is to be used ; and except that with respect to fractional undivided interests in oil, gas, or other mineral rights, the term ' issuer' means the owner of any such right or of any interest in such right (whether whole or fractional) who creates fractional interests therein for the purpose of public offering ." (c) Paragraph (1 0) of suc h section 2 is amended to re ad as follows "(10) The term `prospectus' means any prospectus, notice, circu- lar, advertisement, letter, or communication, written or by radio, which offers any security for sale ; except that (a) a communication Effective date . Terms defined . "Security." "Issuer." "Prospectus." 905 Secu rities Act of 1933, amendments . Ante, p. 74 .
