Page:United States Statutes at Large Volume 54 Part 1.djvu/882

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848 PUBLIC LAWS-CH. 686-AUG. 22, 1940 [54 STAT. bers who, after such admission, shall be only a minority of the members and shall have only a minority interest in the business. "Bank." (2) "Bank" means (A) a banking institution organized under the laws of the United States, (B) a member bank of the Federal Reserve System, (C) any other banking institution or trust com- pany, whether incorporated or not, doing business under the laws of any State or of the United States, a substantial portion of the busi- ness of which consists of receiving deposits or exercising fiduciary powers similar to those permitted to national banks under section 38 Stat. 2624 11 (k) of the Federal Reserve Act, as amended, and which is super- Supp. V, 248 (k). vised and examined by State or Federal authority having supervi- sion over banks, and which is not operated for the purpose of evading the provisions of this title, and (D) a receiver, conservator, or other liquidating agent of any institution or firm included in clauses (A), (B), or (C) of this paragraph. "Broker." (3) "Broker" means any person engaged in the business of effect- ing transactions in securities for the account of others, but does not include a bank. "Commission." (4) "Commission" means the Securities and Exchange Commission. "Company." (5) "Company" means a corporation, a partnership, an associa- tion, a joint-stock company, a trust, or any organized group of persons, whether incorporated or not; or any receiver, trustee in bankruptcy, or similar official, or any liquidating agent for any of the foregoing, in his capacity as such. "Convictd. (6) "Convicted" includes a verdict, judgment, or plea of guilty, or a finding of guilt on a plea of nolo contendere, if such verdict, judgment, plea, or finding has not been reversed, set aside, or with- drawn, whether or not sentence has been imposed. "Dealer." (7) "Dealer" means any person regularly engaged in the business of buying and selling securities for his own account, through a broker or otherwise, but does not include a bank, insurance com- pany, or investment company, or any person insofar as he is engaged n investing, reinvesting or trading in securities, or in owning or holding securities, for his own account, either individually or in some fiduciary capacity, but not as a part of a regular business. "Director. " (8) "Director" means any director of a corporation or any person performing similar functions with respect to any organization, whether incorporated or unincorporated. "Exchange. " (9) "Exchange" means any organization, association or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise per- forming with respect to securities the functions commonly performed by a stock exchange as that term is generally understood, and includes the market place and the market facilities maintained by such exchange. mere." com (10) "Interstate commerce" means trade, commerce, transporta- tion, or communication among the several States, or between any foreign country and any State, or between any State and any place or ship outside thereof. vestmen tad 1"Investment adviser" means any person who, for compensa- tion, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who, for compensation and as part of a regular business, issues or 48 tat 162 163 promulgates analyses or reports concerning securities; but does not (a). (c) spp.v, 1 22la in the Banking Act of 1933, which is not an investment company; (B) any lawyer, accountant, engineer, or teacher whose performance of such services is solely incidental to the practice of his profession;