1434 ac'cfumJ'^'^
etc-t^exemp^ld'"' securities. An^e ^*°*7 i^g^^' Post, p! 1498.
68A Stat. 134; 114^^8*0^8131. 157?! 26 USC 404!
68 Stat. 684. 15 USC 77e.
"Bank."
Savings and
PUBLIC LAW 91.547-DEC. 14, 1970
[84 STAT.
" (14] The term 'separate account* means an account established and maintained by an insurance company pursuant to the laws of any State or territory of the United States, the District of Columbia, or of Canada or any province thereof, under which income, gains and losses, whether or not realized, from assets allocated to such account, are, in accordance with the applicable contract, credited to or charged against such account without regard to other income, gains, or losses of the insurance company." i^) Section 3(a)(2) of such Act (15 U.S.C. 77c(a)(2)) is amended to read as follows: " (^) ^^^^^ sccurity issued or guaranteed by the United States or any territory thereof, or by the District of Columbia, or by any State of the United States, or by any political subdivision of a State or territory or by any public instrumentality of one or more States or territories, or by any person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing; or any security issued or guaranteed by any bank; or any security issued by or representing an interest in or a direct obligation of a Federal Reserve bank; or any interest or )articipation in any common trust fund or similar fund maintained )y a bank exclusively for the collective investment and reinvestment of assets contributed thereto by such bank in its capacity as trustee, executor, administrator, or guardian; or any interest or participation in a single or collective trust fund maintained by a bank or in a separate account maintained by an insurance company which interest or participation is issued in connection with (A) a stock bonus, pension, or profit-sharing plan which meets the requirements for qualification under section 401 of the Internal Revenue Code of 1954, or (B) an annuity plan which meets the requirements for the deduction of the employer's contribution under section 404(a)(2) of such Code, other ^'^^^"^ ^'^"^y P^^^^ described in clause (A) or (B) of this paragraph (i) under which an amount in excess of the. employer's contribution for any period is allocated to the purchase of securities issued by the employer or any company directly or indirectly controlling, controlled by or under common control with the employer or (ii) which covers employees some or all of whom are employees within the meaning of section 401(c)(1) of such Code. The Commission, by rules and regulations or order, shall exempt from the provisions of section 5 of this title any interest or participation issued in connection with a stock bouus, peusion, profit-sharing, or annuity plan which covers employees some or all of whom are employees within the meaning of section 401 (c)(1) of the Internal Revenue Code of 1954, if and to the extent that the Commission determines this to be necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of this title. For the purposes of this paragraph, a security issued or guaranteed by a bank shall not include any interest or participation ]2i any collective trust fund maintained by a bank; and the term 'bank' means any national bank, or any banking institution organized under the laws of any State, territory, or the District of Columbia, the business of which is substantially confined to banking and is supervised by the State or territorial banking commission or similar official; except that in the case of a common trust fund or similar fund, or a. collective trust fund, the term 'bank' has the same meaning as in the Investment Company Act of 1940." (c) Sections 3(a)(5) of such Act (15 U.S.C. 77c(a)(5)) is amended
loan associations,
.
^
i
j
s
n
\ / \ / /
exempted securities. ^.. 48 Stat. 76. " " "' ""
to read as follows: "(^) -'^^y security issued (A) by a savings and loan association, building and loan association, cooperative bank, homestead associa-
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