925 or after the date described in subsection (a), holders of Settlement Common Stock shall be excluded from the calculation of the number of shareholders of record pursuant to section 12(g) of that Act. (d)(1) Notwithstanding any other provision of law, prior to January 1, 2001, the provisions of the Investment Company Act of 1940 shall not apply to any Native Corporation or any subsidiary of such corporation if such subsidiary is wholly owned (as that term is defined in the Investment Company Act of 1940) by the corporation and the corporation owns at least 95 per centum of the equity of the subsidiary. (2) The Investment Company Act of 1940 shall not apply to any Settlement Trust. (3) If, but for this section, a Native Corproation would qualify as an Investment Company under the Investment Company Act of 1940, it shall be entitled to voluntarily register pursuant to such Act and any such corporation which so registered shall thereafter comply with the provisions of such Act. REGIONAL RAIL REORGANIZATION ACT OF 1973, AS * AMENDED (Pub. L. 93-236, Jan. 2, 1974, 87 Stat. 1000) OBLIGATIONS OF THE ASSOCIATION SEC. 210. [45 U.S.C. 720] (a) *** (g) LAWFUL INVESTMENTS.-All obligations issued by the Association shall be lawful investments and may be accepted as security for all fiduciary, trust, and public funds, the investment or deposit of which shall be under the authority and control of the United States or any officer or officers thereof. All such obligations issued pursuant to this section shall be exempt securities within the meaning of laws administered by the Securities and Exchange Commission. * * * * * COMMUNICATIONS ACT OF 1934, AS AMENDED (Chapter 652, June 19, 1934, 48 Stat. 1065) TITLE I-GENERAL PROVISIONS SEC. 3. [47 U.S.C. 153] DEFINITIONS. For the purposes of this Act, unless the context otherwise requires― (10) COMMON CARRIER.-The term "common carrier" or "carrier" means any person engaged as a common carrier for hire, in interstate or foreign communication by wire or radio or in interstate or foreign radio transmission of energy, except where reference is made to common carriers not subject to this Act; but a person engaged in radio broadcasting shall not, insofar as such person is so engaged, be deemed a common carrier. (41) STATE COMMISSION.-The term "State commission" means the commission, board, or official (by whatever name designated) which under the laws of any State has regulatory jurisdiction with respect to intrastate operations of carriers. § 11367. Application of other laws (a) Section 14(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78n(a)) does not apply to a solicitation related to a proposed change under this subchapter. (b) If the Interstate Commerce Commission finds an issuance of a security, that is an interest in a railroad equipment trust as defined in section 3(a)(6) of the Securities Act of 1933 (15 U.S.C. 77c(a)(6)), under this subchapter complies with section 11301 of this title, it is considered to be an issuance subject to section 11301 within the meaning of section 3(a)(6). Section 5 of that Act (15 U.S.C. 77e) does not apply to the issuance, sale, or exchange of certificates of deposit representing securities of, or claims against, a carrier that are issued by committees in proceedings under this subchapter. Those certificates and transactions under this subchapter are exempt from that Act (15 U.S.C. 77a et seq.). REGULATORY DEFINITION OF "SEPARATELY IDENTIFIABLE DEPARTMENT OR DIVISION OF A BANK" Section 15B(b)(2)(H) of the Securities Exchange Act of 1934 (15 U.S.C. 780-4(b)(2)(H)), provides that the Municipal Securities Rulemaking Board shall define the term "separately identifiable department or division of a bank”, as that term is used in section 3(a)(30) of that Act (15 U.S.C. 78c(a)(30)). Pursuant to this provision, the Municipal Securities Rulemaking Board has adopted Rule G-1, which is set forth below: RULE G-1. (a) A separately identifiable department or division of a bank, as such term is used in section 3(a)(30) of the Act, is that unit of a bank which conducts all of the activities of the bank relating to the conduct of business as a municipal securities dealer ("municipal securities dealer activities"), as such activities are hereinafter defined, provided that: (1) Such unit is under the direct supervision of an officer or officers designated the board of directors of the bank as responsible for the day-to-day conduct of the bank's municipal securities dealer activities, including the supervision of all bank employees engaged in the performance of such activities; and (2) There are separately maintained in or separately extractable from such unit's own facilities or the facilities of the bank, all of the records relating to the bank's municipal securities dealer activities, and further provided that such records are so maintained or otherwise accessible as to permit independent examination thereof and enforcement of applicable provisions of the Act, the rules and regulations thereunder and the rules of the Board. (b) For purposes of this rule, the activities of the bank which shall constitute municipal securities dealer activities are as follows: (1) underwriting, trading and sales of municipal securities; (2) financial advisory and consultant services for issuers in connection with the issuance of municipal securities; (3) processing and clearance activities with respect to municipal securities; (4) research and investment advice with respect to municipal securities; (5) any activities other than those specifically enumerated above which involve communication, directly or indirectly, with public investors in municipal securities; and (6) maintenance of records pertaining to the activities described in paragraphs (1) through (5) above; provided, however, that the activities enumerated in paragraphs (4) and (5) above shall be limited to such activities as they relate to the activities enumerated in paragraphs (1) and (2) above. (c) The fact that directors and senior officers of the bank may from time to time set broad policy guidelines affecting the bank as |