54 STAT.] 76rH CONG. , 3D SESS.-CH. 686-AUG. 22, 1940 representing part or all of the sales price of merchandise, insurance and services; (B) making loans to manufacturers, wholesalers, and retailers of, and to prospective purchasers of, specified merchandise, insurance, and services; and (C) purchasing or otherwise acquiring mortgages and other liens on and interests in real estate. (7) Any company primarily engaged, directly or through major- ity-owned subsidiaries, in one or more of the businesses described in paragraphs (3), (5), and (6), or in one or more of such businesses (from which not less than 25 per centum of such company's gross income during its last fiscal year was derived) together with an additional business or businesses other than investing, reinvesting, owning, holding, or trading in securities. (8) Any company 90 per centum or more of the value of whose investment securities are represented by securities of a single issuer included within a class of persons enumerated in paragraph (5), (6), or (7). (9) Any company subject to regulation under the Interstate Com- merce Act, or any company whose entire outstanding capital stock is owned or controlled by such a company: Provided, That the assets of the controlled company consist substantially of securities issued by companies which are subject to regulation under the Interstate Com- merce Act. (10) Any company with a registration in effect as a holding company under the Public Utility Holding Company Act of 1935. (11) Any person substantially all of whose business consists of owning or holding oil, gas, or other mineral royalties or leases, or fractional interests therein, or certificates of interest or participation in or investment contracts relative to such royalties, leases, or frac- tional interests. (12) Any company organized and operated exclusively for reli- gious, educational, benevolent, fraternal, charitable, or reformatory purposes, no part of the net earnings of which inures to the benefit of any private shareholder or individual. (13) Any employees' stock bonus, pension, or profit-sharing trust which meets the conditions of section 165 of the Internal Revenue Code. (14) Any voting trust the assets of which consist exclusively of securities of a single issuer which is not an investment company. (15) Any security holders' protective committee or similar issuer having outstanding and issuing no securities other than certificates of deposit and short-term paper. CLASSIFICATION OF INVESTMENT COMPANIES SEC. 4 . For the purposes of this title, investment companies are divided into three principal classes, defined as follows: (1) "Face-amount certificate company" means an investment com- pany which is engaged or proposes to engage in the business of issu- ing face-amount certificates of the installment type, or which has been engaged in such business and has any such certificate out- standing. (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 direc- tors, and (C) issues only redeemable securities, each of which repre- sents 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. 799 24 Stat. 379. 49U.S.C., ch.1; Supp.V, ch. 1. 49 Stat. 803. 15 U.S. 0., uapP. V, §79-79z-6. 53 Stat. 67. 26 U. S. C., Supp. V, §165. "Face-amount cer- tificate company. " "Unit investment trust." "Management com- pany. "