An Act to amend the Investment Company Act of 1940, as amended
PL 92-165 (S.2216), enacted 11/23/1971

85 STAT. ] 
PUBLIC LAW 92-166-NOV. 24, 1971 
487 
Public Law 92-165 
AN ACT 
To amend the Investment Company Act of 1940, as amended. 
Be it enacted hy the Senate and House of RepreHentatives of the 
United States of America in Congress assembled^ That section 27(f) 
of the Investment Company Act of 1940, as amended (15 U.S.C. 
80a-27(f)), is amended to read as follows: 
"(f) With respect to any periodic payment plan (other than a plan 
under which the amount of sales load deducted from any payment 
thereon does not exceed 9 per centum of such payment), the custodian 
bank for such plan shall mail to each certificate holder, within sixty 
days after the issuance of the certificate, a statement of charges to be 
deducted from the projected payments on the certificate and a notice of 
his right of withdrawal as specified in this section. The Commission 
may make rules specifying the method, form, and contents of the 
notice required by this subsection. The certificate holder may within 
forty-five days of the mailing of the notice specified in this subsection 
surrender his certificate and receive in payment thereof, in cash, the 
sum of (1) the value of his account, and (2) an amount, from the 
underwriter or depositor, equal to the difference between the gross 
payments made and the net amount invested. The Commission may 
make rules and regulations applicable to vinderwriters and depositors 
of companies issuing any such certificate specifying such reserve 
requirements as it deems necessary or appropriate in order for such 
underwriters and depositors to carry out the obligations to refund 
sales charges required by this subsection.*' 
Approved November 23, 1971. 
November 23,1971 
[S.2216] 
Investment Com-
pany Act of 1940, 
amendment, 
84 Stat. 1424. 
Public Law 92-166 
AN ACT 
„ 
^ 
o^ ,o,i 
November 24, 1971 
To amend section "JIOT of title TO, Fnited States C<Kle, to provide additional 
[H. R. 4729] 
Reserve officers" Ti-aining Corps scholarships for the Army, Xavy, and Air 
Force, and other pnri>oses. 
Be it cntuted by tlie Seiiate and Uouse of Repre-^entatlces of the 
United States of America in Congress assembled. That section 2107 of 
title 10, L'nited States Code, is amended as follows: 
(1) By amending the second sentence of subsection (a) to read as 
follows: "Not more than 20 percent of the persons appointed as cadets 
«)r midshipmen by the Secretary in any year may be appointed from 
persons in the two-year Senior Eeserve Officers' Training Corps 
course."' 
(2) By adding a second sentence to subsection (c) to read as fol-
lows: "At least 50 percent of the cadets and midshipmen appointed 
under this section must qualify for in-State tuition rates at their respec-
tive institutions and will receive tuition benefits at that rate." 
(3) By striking out "5500*' whenever it appears in subsections (d) 
and (f). 
(4) By striking out "5500" whenever it appears in subsection (h) 
and inserting "6500" after "Army program", "6000" after "Xavy pro-
gram", and "6500" after "Air Force program". 
SKC. 2. This Act is effective July 1, 1971. 
Approved November 24, 1971. 
Reserve Offi-
cers' Training 
Corps. 
Additional schol-
arships, 
78 Stat. 1066. 
Effective date.