54 STAT.] 76TH CONG., 3D SESS.-CHS. 684, 686-AUG. 16, 22 , 1940 receipt while so serving of the pay of his grade and length of prior service: Provided, That Filipinos who were serving in the Army on July 1, 1937, may be retained in the service under current enlistments and may be reenlisted without regard to their citizenship status, and may receive their proper pay and allowances under such enlistments and reenlistments. "SEO. 2 . Hereafter, service in the Regular Army honorably termi- nated shall be credited for purposes of legal residence under the naturalization laws of the United States, regardless of the legality or illegality of the original entry into the United States of the alien, the certificate of the honorable termination of such service or a duly authenticated copy thereof made by a naturalization examiner of the Immigration and Naturalization Service being accepted in lieu of the certificate from the Department of Labor of the alien's arrival in the United States required by the naturalization laws; and service so credited in each case shall be considered as having been performed immediately preceding the filing of the petition for naturalization." Approved, August 16, 1940. [CHAPTER 686] AV ArTr 789 Proviso. Reenlistment Filipinos. of Army service as legal residence under naturalization laws. .i I-. August 22, 1940 To provide for the registration and regulation of investment companies and .R .10065] investment advisers, and for other purposes. [Public, No. 768] Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, TITLE I-INVESTMENT COMPANIES FINDINGS AND DECLARATION OF POLICY SEC. 1. (a) Upon the basis of facts disclosed by the record and reports of the Securities and Exchange Commission made pursuant to section 30 of the Public Utility Holding Company Act of 1935, and facts otherwise disclosed and ascertained, it is hereby found that investment companies are affected with a national public interest in that, among other things- (1) the securities issued by such companies, which constitute a substantial part of all securities publicly offered, are distributed, purchased, paid for, exchanged, transferred, redeemed, and repur- chased by use of the mails and means and instrumentalities of interstate commerce, and in the case of the numerous companies which issue redeemable securities this process of distribution and redemption is continuous; (2) the principal activities of such companies-investing, rein- vesting, and trading in securities-are conducted by use of the mails and means and instrumentalities of interstate commerce, including the facilities of national securities exchanges, and con- stitute a substantial part of all transactions effected in the secu- rities markets of the Nation; (3) such companies customarily invest and trade in securities issued by, and may dominate and control or otherwise affect the policies and management of, companies engaged in business in interstate commerce; (4) such companies are media for the investment in the national economy of a substantial part of the national savings and may have a vital effect upon the flow of such savings into the capital markets; and Investment Com- pany Act of 1940. Findings and dec- laration of policy. 49 Stat. 837. 15 U. S. C.. Supp. V,§ 79z-4.