72 S T A T. ]
PUBLIC LAW 8 5 - 8 5 9 - S E P T. 2, 1958
"Subchapter B—Sales or Transfers of Capital Stock and Certificates of Indebtedness of a Corporation "Part I. Sales or transfers of capital stock and similar interests. "Part II. Sales or transfers of certificates of indebtedness. "Part III. Provisions common to sales or transfers of capital stock and certificates of indebtedness.
- TART I—SALES OR TRANSFERS OF CAPITAL STOCK
AND SIMILAR INTERESTS "See. 4321. "Sec. 4322. "Sec. 4323. "Sec. 4324. "SEC. 4321. IMPOSITION
Imposition of tax. Exemptions. Affixing of stamps. Cross references. OF TAX.
"There is hereby imposed, on each sale or transfer of shares or certificates of stock, or of rights to subscribe for or to receive such shares or certificates, issued by a corporation, a tax at the rate of 4 cents on each $100 (or major fraction thereof) of the actual value of the certificates (or of the shares where no certificates are sold or transferred). I n no case shall the tax so imposed on any such sale or transfer be— " (1) more than 8 cents on each share, or "(2) less than 4 cents on the sale or transfer. "SEC. 4322. EXEMPTIONS. " (a) EXEMPTIONS FOR CERTAIN TRANSFERS.—The tax imposed by
section 4321 shall not apply to any delivery or transfer of shares, certificates, or rights— "(1) BROKERS.—To a broker or his registered nominee for sale of such shares, certificates, or rights; by a broker or his registered nominee to a customer for whom and upon whose order the broker has purchased same; or by a purchasing broker to his registered nominee to be held by such nominee for the same purpose as if held by the broker; or "(2) NOMINEES OF CORPORATIONS.—From a corporation to a registered nominee of such corporation, or from one such nominee to another such nominee, provided that in each instance such shares, certificates, or rights are to be held by the nominee for the same purpose as if retained by the corporation; or from such nominee to such corporation. " (b) CERTAIN ODD-LOT TRANSACTIONS.—
"(1) EXEMPTION.—The tax imposed by section 4321 shall not apply to any odd-lot sale by an odd-lot dealer if the shares, certificates, or rights are delivered or transferred to a broker pursuant to an order of a customer of such broker for such shares, certificates, or rights. "(2) DEFINITIONS.—For purposes of paragraph (l) — " (A) The term 'odd-lot sale' means an odd-lot transaction under the rules of the securities exchange of which the oddlot dealer is a member. " (B) The term 'odd-lot dealer' means a person who is (i) a member of a securities exchange which is registered with the Securities and Exchange Commission as a national securities exchange, and (ii) registered under the rules of such exchange as an odd-lot dealer or as a specialist. 98395-59-PT. 1-82
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