An Act to amend the District of Columbia Credit Unions Act
PL 83-576 (S.3683), enacted 08/10/1954

682 
PUBLIC LAW 576-AUG. 10, 1954 
[68 STAT. 
Requirements. 
^-^0. 3. All tankers coDstructed pursuant to sections 1 and 2 of this 
Act shall be approximately twenty-five thousand deadweight tons each, 
shall have a speed of not less than eighteen knots, and shall be con-
structed in private shipyards within the continental tFnited States. 
The construction of the tankers shall be, so far as practicable, of 
materials and equipment produced or manufactured in the United 
States. 
Not more than three tankers authorized by this Act shall be 
constructed in any one shipyard. 
Approved August 10, 1954. 
August 10, 1954 
[S. 3683] 
Public Law 576 
CHAPTER 666 
AN ACT 
To amend the District of Columbia Credit Unions Act. 
D. C. 
c r e d i t 
unions. 
47 Stat. 327. 
D. C. Code 26-
504. 
D. C. Code 26-
506. 
Supervision. 
Reports. 
D. 
C. 
505. 
Code 26-
Examination. 
D. C. Code 26-
505. 
License. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Corigress assembled, That section 4 of 
the District of Columbia Credit Unions Act is hereby amended by 
striking out "Comptroller of the Currency" and inserting in lieu 
thereof "Director of the Bureau of Federal Credit Unions". 
SEC. 2. Section 6 of such Act is hereby amended to read as follows: 
"SEC. 6. (a) Credit unions established under this Act shall be under 
the supervision of the Director of the Bureau of Federal Credit 
Unions. 
They shall make such financial reports to him (at least 
annually) as he may require. 
"(b) Not later than January 31 of each calendar year each credit 
union established under this Act shall pay to the Bureau of Federal 
Credit Unions, for the preceding calendar year, a supervision fee in 
accordance with the scale prescribed for Federal credit unions. All 
such fees shall be deposited with the Treasurer of the United States 
for the account of the Bureau in the special fund created by section 5 
of the Federal Credit Union Act and may be expended by the Director 
for such administrative and other expenses incurred in carrying out 
the provisions hereof as he may determine to be proper, the purpose 
of such fees being to defray, as far as practical, the administrative and 
supervisory costs of the Bureau incident to the execution of its func-
tions under this Act. 
"(c) Each credit union established under this Act shall be subject 
to examination by, and for this purpose shall make its books and 
records accessible to, any person designated by the Director. 
The 
scale of examination fees prescribed for Federal credit unions shall 
also be applicable to credit unions established under this Act which 
fees shall be assessed against and paid by each credit union established 
under this Act promptly after the completion of such examination. 
Examination fees collected under the provisions of this section shall 
be deposited to the credit of the special fund created by section 5 of 
the Federal Credit Union Act, and shall be available for the purposes 
specified in subsection (b) of this section. 
"(d) It shall be unlawful for any credit union established under this 
Act to transact business in the District of Columbia without procuring 
a license from the District of Columbia; and all such credit unions 
shall pay a license tax of $5 per annum to the District of Columbia. 
No license shall be granted for a longer period than one year: Pro-
vided, That the Commissioners of the District of Columbia may sus-
pend or revoke a license upon proof of the bankruptcy or insolvency 
of any such credit union or upon conviction of a violation of any pro-
vision of this Act or any law or regulation of the District of Columbia 
or of the United States." 
68 
S T A T . ] 
PUBLIC LAW 577-AUG. 10, 1954 
683 
SEC. 3. Section 12 of such Act is hereby amended by striking out 
"Comptroller of the Currency" and inserting in lieu thereof "Director 
of the Bureau of Federal Credit Unions". 
Approved August 10, 1954. 
D. 
512. C. Code 26-
Public Law 577 
CHAPTER 667 
AN ACT 
To amend certain provisions of the Securities Act of 1933, as amended, the 
Securities Exchange Act of 1934, as amended, the Trust Indenture Act of 
1939, and the Investment Company Act of 1940. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assemhled^ 
TITLE I—AMENDMENTS TO SECURITIES ACT OF 1933, AS 
AMENDED 
August 10, 1954 
[S. 2846] 
Securities acts, 
etc. 
Amendments. 
SECTION 1. Paragraph (3) of section 2 of the Securities Act of 1933 
is amended to read as follows: 
"(3) The term 'sale" or 'sell' shall include every contract of sale or 
disposition of a security or interest in a security, for value. 
The term 
'offer to sell', 'offer for sale', or 'offer' shall include every attempt or 
offer to dispose of, or solicitation of an offer to buy, a security or 
interest in a security, for value. The terms defined in this paragraph 
and the term 'offer to buy' as used in subsection (c) of section 5 shall 
not include preliminary negotiations or agreements between an issuer 
(or any person directly or indirectly controlling or controlled by an 
issuer, or under direct or indirect common control with an issuer) and 
any underwriter or among underwriters who are or are to be in privity 
of contract with an issuer (or any person directly or indirectly con-
trolling or controlled by an issuer, or under direct or indirect common 
control with an issuer). Any security given or delivered with, or as 
a bonus on account of, any purchase of securities or any other thing, 
shall be conclusively presumed to constitute a part of the subject of 
such purchase and to have been offered and sold for value. The issue 
or transfer of a right or privilege, when originally issued or trans-
ferred with a security, giving the holder of such security the right to 
convert such security into another security of the same issuer or of 
another person, or giving a right to subscribe to another security of 
the same issuer or of another person, which right cannot be exercised 
until some future date, shall not be deemed to be an offer or sale of 
such other security; but the issue or transfer of such other security 
upon the exercise of such right of conversion or subscription shall be 
deemed a sale of such other security." 
SEO. 2. Paragraph (8) of section 2 of the Securities Act of 1933 
is amended to read as follows: 
"(8) The term 'registration statement' means the statement pro-
vided for in section 6, and includes any amendment thereto and any 
report, document, or memorandum filed as part of such statement or 
incorporated therein by reference." 
SEC. 3. Paragraph (10) of section 2 of the Securities Act of 1933, 
as amended, is amended to read as follows: 
"(10) The term 'prospectus' means any prospectus, notice, circular, 
advertisement, letter, or communication, w^ritten or by radio or tele-
vision, which offers any security for sale or confirms the sale of any 
security; except that (a) a communication sent or given after the 
effective date of the registration statement (other than a prospectus 
48 Stat. 74. 
15 u s e 77b. 
"Sale", etc. 
Post, p. 685. 
15 u s e 77b. 
"R eg is tr ati on 
statement." 
15 u s e 77f. 
15 u s e 77b. 
"Prospectus."