15 U.S. Code § 80a–4. Classification of investment companies
For the purposes of this subchapter, investment companies are divided into three principal classes, defined as follows:
“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 directors, and (C) issues only redeemable securities, each of which represents an undivided interest in a unit of specified securities; but does not include a voting trust.
(Aug. 22, 1940, ch. 686, title I, § 4, 54 Stat. 799.)