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[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1533 Referred in Senate (RFS)]

  1st Session
                                H. R. 1533

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                           September 4, 2003

Received; read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 AN ACT

 
   To amend the securities laws to permit church pension plans to be 
                     invested in collective trusts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CONFORMING AMENDMENTS FOR CHURCH PLAN PARTICIPATION IN 
              COLLECTIVE FUNDS.

    (a) Amendment to the Investment Company Act of 1940.--Section 
3(c)(11) of the Investment Company Act of 1940 (15 U.S.C. 80a-3(c)(11)) 
is amended by striking ``such trusts or government plans, or both'' and 
inserting ``one or more of such trusts, government plans, or church 
plans, companies or accounts that are excluded from the definition of 
an investment company under paragraph (14) of this subsection''.
    (b) Amendments to the Securities Act of 1933.--Section 3(a)(2) of 
the Securities Act of 1933 (15 U.S.C. 77c(a)(2)) is amended--
            (1) by striking ``or'' at the end of clause (B); and
            (2) by inserting before ``other than any plan described in 
        clause (A)'' the following: ``or (D) a church plan, company, or 
        account that is excluded from the definition of an investment 
        company under section 3(c)(14) of the Investment Company Act of 
        1940,''.
    (c) Amendments to the Securities Exchange Act of 1934.--
            (1) Section 3(a)(12)(C) of the Securities Exchange Act of 
        1934 (15 U.S.C. 78c(a)(12)(C)) is amended--
                    (A) by striking ``or'' at the end of clause (ii); 
                and
                    (B) by inserting before ``other than any plan 
                described in clause (i)'' the following: ``or (iv) a 
                church plan, company, or account that is excluded from 
                the definition of an investment company under section 
                3(c)(14) of the Investment Company Act of 1940,''.
            (2) Section 12(g)(2)(H) of the Securities Exchange Act of 
        1934 (15 U.S.C. 78l(g)(2)(H)) is amended--
                    (A) by striking ``or'' at the end of clause (i); 
                and
                    (B) by inserting before the period at the end the 
                following: ``, or (iii) a church plan, company, or 
                account that is excluded from the definition of an 
                investment company under section

                3(c)(14) of the Investment Company Act of 1940''.

            Passed the House of Representatives September 3, 2003.

            Attest:

                                                 JEFF TRANDAHL,

                                                                 Clerk.
```