54 STAT.] 76TH CONG. , 3D SESS.-CH. 686-AUG. 22, 1940 total outstanding voting stock of any insurance company owned by any such company or companies, or may acquire the securities of any insurance company if the Commission by order determines that such acquisition is in the public interest because the financial condition of such insurance company will be improved as a result of such acqui- sition or any plan contemplated as a result thereof. This section shall not be deemed to prohibit the promotion of a new insurance company or the acquisition of the securities of any newly created insurance company by a registered investment company, alone or with other persons. Nothing contained in this section shall in any way affect or derogate from the powers of any insurance commis- sioner or similar official or agency of the United States or any State, or to affect the right under State law of any insurance company to acquire securities of any other insurance company or insurance companies. CHANGES IN INVESTMENT POLICY SEC. 13. (a) No registered investment company shall, unless author- ized by the vote of a majority of its outstanding voting securities- (1) change its subclassification as defined in section 5 (a) (1) and (2) of this title or its subclassification from a diversified to a non-diversified company; (2) borrow money, issue senior securities, underwrite securities issued by other persons, purchase or sell real estate or commodi- ties or make loans to other persons, except in each case in accordance with the recitals of policy contained in its registra- tion statement in respect thereto; (3) deviate from its policy in respect of concentration of investments in any particular industry or group of industries as recited in its registration statement, or deviate from any funda- mental policy recited in its registration statement pursuant to section 8 (b) (2); or (4) change the nature of its business so as to cease to be an investment company. (b) In the case of a common-law trust of the character described in subsection (b) of section 16, either written approval by holders of a majority of the outstanding shares of beneficial interest or the vote of a majority of such outstanding shares cast in person or by proxy at a meeting called for the purpose shall for the purposes of subsec- tion (a) be deemed the equivalent of the vote of a majority of the outstanding voting securities, and the provisions of paragraph (40) of section 2 (a) as to a majority shall be applicable to the vote cast at such a meeting. SIZE OF INVESTMENT COMPANIES SEC. 14 . (a) No registered investment company organized after the date of enactment of this title, and no principal underwriter for such a company, shall make a public offering of securities of which such company is the issuer, unless-- (1) such company has a net worth of at least $100,000; (2) such company has previously made a public offering of its securities, and at the time of such offering had a net worth of at least $100,000; or (3) provision is made in connection with and as a condition of the registration of such securities under the Securities Act of 1933 which in the opinion of the Commission adequately insures (A) that after the effective date of such registration statement such company will not issue any security or receive any proceeds of any subscription for any security until firm agree- 811 Promotion of new companies, etc. Powers of insurance commissioners not hereby affected. Restriction on changes in investment policy. Common-law trust. Majority vote. Restrictions. 48 Stat. 74. 16 U. 6. C. §177a- 77aa; Supp. V , § 77a- 77x.