PUBLIC LAWS-CH. 686 --AUG. 22 , 1940 Sales literature. Prospectuses. 48 Stat. 81 . 15 U. S. C. §77j; Supp. V, § 77j. Form and order of items. Exemption provi- sions. 48 Stat. 76. 15U.S.C.§77c (a) (8). 48 Stat. 906 . 15U.S.C.577c (a) (11). (b) It shall be unlawful for any of the following companies, or for any underwriter for such a company, in connection with a public offering of any security of which such company is the issuer, to make use of the mails or any means or instrumentalities of interstate com- merce, to transmit any advertisement, pamphlet, circular, form letter, or other sales literature addressed to or intended for distribution to prospective investors unless three copies of the full text thereof have been filed with the Commission or are filed with the Commission within ten days thereafter: (1) any registered open-end company; (2) any registered unit investment trust; or (3) any registered face-amount certificate company. (c) In addition to the powers relative to prospectuses granted the Commission by section 10 of the Securities Act of 1933, the Com- mission is authorized to require, by rules and regulations or order, that the information contained in any prospectus relating to any periodic payment plan certificate or face-amount certificate registered under the Securities Act of 1933 on or after the effective date of this title be presented in such form and order of items, and such prospectus contain such summaries of any portion of such information, as are necessary or appropriate in the public interest or for the protection of investors. (d) The exemption provided by paragraph (8) of section 3 (a) of the Securities Act of 1933 shall not apply to any security of which an investment company is the issuer. The exemption provided by paragraph (11) of said section 3 (a) shall not apply to any security of which a registered investment company is the issuer, except a security sold or disposed of by the issuer or bona fide offered to the public prior to the effective date of this title, and with respect to a security so sold, disposed of, or offered, shall not apply to any new offering thereof on or after the effective date of this title. PLANS OF REORGANIZATION CoFilssiongo'S ith SEC. 25. (a) Any person who, by use of the mails or any means or instrumentality of interstate commerce or otherwise, solicits or per- mits the use of his name to solicit any proxy, consent, authorization, power of attorney, ratification, deposit, or dissent in respect of any plan of reorganization of any registered investment company shall file with, or mail to, the Commission for its information, within twenty-four hours after the commencement of any such solicitation, a copy of such plan and any deposit agreement relating thereto and of any proxy, consent, authorization, power of attorney, ratification instrument of deposit, or instrument of dissent in respect thereto, ii or to the extent that such documents shall not already have been filed with the Commission. Advisory reports. (b) The Commission is authorized, if so requested, prior to any solicitation of security holders with respect to any plan of reor- ganization, by any registered investment company which is, or any of the securities of which are, the subject of or is a participant in any such plan, or if so requested by the holders of 25 per centum of any class of its outstanding securities, to render an advisory report in respect of the fairness of any such plan and its effect upon any Copies to security class or classes of security holders. In such event any registered investment company, in respect of which the Commission shall have rendered any such advisory report, shall mail promptly a copy of such advisory report to all its security holders affected by any such Ti°me;mitation. plan: Provided, That such advisory report shall have been received by it at least forty-eight hours (not including Sundays and holi- 826 [54 STAT.
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