78 STAT. ]
PUBLIC LAW 88-467-AUG. 20, 1964
567
section on which the issuer has total assets exceeding $1,000,000 and a class of equity security (other than an exempted security) held of record by seven hundred and fifty or more persons; and " (B) within one hundred and twenty days after the last day of its first fiscal year ended after two years from the effective date of this subsection on which the issuer has total assets exceeding $1,000,000 and a class of equity security (other than an exempted security) held of record by five hundred or more but less than seven hundred and fifty persons, register such security hj filing with the Commission a registration statement (and such copies thereof as the Commission may require) with respect to such security containing such information and documents as the Commission may specify comparable to that which is required in an application to register a security pursuant to subsection (b) of this section. Each such registration statement shall become effective sixty days after filing with the Commission or within such shorter period as the Commission may direct. Until such registration statement becomes effective it shall not be deemed filed for the purposes of section 18 of this title. Any issuer may register any class ^| ^^^ ^9j7. of equity security not required to be registered by filing a registration statement pursuant to the provisions of this paragraph. The Commission is authorized to extend the date upon which any issuer or class of issuers is required to register a security pursuant to the provisions of this paragraph. "(2) The provisions of this subsection shall not apply in respect ^.Nonappiicaof— " (A) any security listed and registered on a national securities exchange. " (B) any security issued by an investment company registered pursuant to section 8 of the Investment Company Act of 1940. ^^ ^^^ |°^^_" (C) any security, other than permanent stock, guaranty stock, 15 USC 80a-8. permanent reserve stock, or any similar certificate evidencing nonwithdrawable capital, issued by a savings and loan association, building and loan association, cooperative bank, homestead association, or similar institution, which is supervised and examined by State or Federal authority having supervision over any such institution. " (D) any security of an issuer organized and operated exclusively for religious, educational, benevolent, fraternal, charitable, or reformatory purposes and not for pecuniary profit, and no part of the net earnings of which inures to the benefit of any private shareholder or individual. " (E) any security of an issuer which is a 'cooperative association' as defined in the Agricultural Marketing Act, approved 11. June 15, 1929, as amended, or a federation of such cooperative 46 Stat. 114112 USC associations, if such federation possesses no greater powers or pur- i iVij. poses than cooperative associations so defined. " (F) any security issued by a mutual or cooperative organization which supplies a commodity or service primarily for the benefit of its members and operates not for pecuniary profit, but only if the security is part of a class issuable only to persons who purchase commodities or services from the issuer, the security is transferable only to a successor in interest or occupancy of premises serviced or to be served by the issuer, and no dividends are payable to the holder of the security. (G) any security issued by an insurance company if all of the following conditions are met: " (i) Such insurance company is required to and does file an annual statement with the Commissioner of Insurance (or 31-667 0-65—39
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