PUBLIC LAWS-CH. 686-AUG. 22, 1940 Additional exclu- sions. 49 Stat. 1648 . 48 Stat. 163. 12 U.S.C. §221a (c); Supp. V, §221a (c). (3) Any issuer all the outstanding securities of which (other than short-term paper and directors' qualifying shares) are directly or indirectly owned by a company excepted from the definition of investment company by paragraph (1) or (2) of this subsection. (c) Notwithstanding subsections (a) and (b), none of the follow- ing persons is an investment company within the meaning of this title: (1) Any issuer whose outstanding securities (other than short- term paper) are beneficially owned by not more than one hundred persons and which is not making and does not presently propose to make a public offering of its securities. For the purposes of this paragraph, beneficial ownership by a company shall be deemed to be beneficial ownership by one person; except that, if such company owns 10 per centum or more of the outstanding voting securities of the issuer, the beneficial ownership shall be deemed to be that of the holders of such company's outstanding securities (other than short- term paper). (2) Any person primarily engaged in the business of underwrit- ing and distributing securities issued by other persons, selling securi- ties to customers, and acting as broker, or any one or more of such activities, whose gross income normally is derived principally from such business and related activities. (3) Any bank or insurance company; any savings and loan asso- ciation, building and loan association, cooperative bank, homestead association, or similar institution, or any receiver, conservator, liqui- dator, liquidating agent, or similar official or person thereof or there- for; any common trust fund or similar fund maintained by a bank exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank in its capacity as a trustee, executor, administrator, or guardian; or any common trust fund or similar fund, established before the effective date of the Revenue Act of 1936 by a corporation which is supervised or examined by State or Federal authority having supervision over banks, if a majority of the units of beneficial interest in such fund, other than units owned by charitable or educational institutions, are held under instruments providing for payment of income to one or more persons and of principal to another or others. (4) Any holding company affiliate, as defined in the Banking Act of 1933, which is under the supervision of the Board of Governors of the Federal Reserve System by reason of the fact that such hold- ing company affiliate holds a general voting permit issued to it by such Board prior to January 1, 1940; and any holding company affiliate which is under such supervision by reason of the fact that it holds a general voting permit thereafter issued to it by the Board of Governors and which is determined by such Board to be primarily engaged, directly or indirectly, in the business of holding the stock of, and managing or controlling, banks, banking associations, sav- ings banks, or trust companies. The Commission shall be given appropriate notice prior to any such determination and shall be entitled to be heard. The definition of the term "control" in section 2 (a) shall not apply to this paragraph. (5) Any person substantially all of whose business is confined to making small loans, industrial banking, or similar businesses. (6) Any person who is not engaged in the business of issuing face- amount certificates of the installment type or periodic payment plan certificates, and who is primarily engaged in one or more of the following businesses: (A) Purchasing or otherwise acquiring notes, drafts, acceptances, open accounts receivable, and other obligations 798 [54 STAT.