TRANSFERS OF PROPERTY TO INVESTMENT COMPANIES CONTROLLED BY TRANSFERORS.

SEC. 203. TRANSFERS OF PROPERTY TO INVESTMENT COMPANIES CONTROLLED BY TRANSFERORS. (a) Transfers to Investment Companies.— The first sentence of section 351(a) (relating to transfer to corporation controlled by the transferor) is amended by striking out “to a corporation” and inserting in lieu thereof “to a corporation (including, in the case of transfers made on or before June 30, 1967, an investment company)”. (b) Investment Companies Required to File Registration Statement With the S.E.C.—Section 351 is amended by redesignating subsection (d) as subsection (e) and by inserting after subsection (c) the following new subsection: “(d) Application of June 30, 1967, Date.— For purposes of this section, if, in connection with the transaction, a registration statement is required to be filed with the Securities and Exchange Commission, a transfer of property to an investment company shall be treated as made on or before June 30, 1967, only if— “(1) such transfer is made on or before such date, “(2) the registration statement was filed with the Securities and Exchange Commission before January 1, 1967, and the aggregate issue price of the stock and securities of the investment company which are issued in the transaction does not exceed the aggregate amount therefor specified in the registration statement as of the close of December 31, 1966, and “(3) the transfer of property to the investment company in the transaction includes only property deposited before May 1, 1967.” (c) Effective Date.— The amendments made by subsections (a) and (b) shall apply with respect to transfers of property to investment companies whether made before, on, or after the date of the enactment of this Act.