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:
(1) “Face-amount certificate company” means an investment company which is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or which has been engaged in such business and has any such certificate outstanding.
(2) “Unit investment trust” means an investment company which
(A) is organized under a trust indenture, contract of custodianship or agency, or similar instrument,
(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.
Source(Aug. 22, 1940, ch. 686, title I, § 4,54 Stat. 799.)
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