An Act relating to the rate of tax on the issuance of shares or certificates of stock by regulated investment companies
PL 86-416 (H.R.6132), enacted 04/08/1960

36 
PUBLIC LAW 86-416-APR. 8, 1960 
[74 STAT. 
"(2) In the case of a monthly benefit for a month prior to that in 
which the individual, on whose wages and self-employment income 
such benefit is based, dies, the waiver must be filed by such individual; 
and such waiver shall be irrevocable and shall constitute a waiver on 
behalf of himself, his wife, and his children. If such individual did 
not file such a waiver before he died, then in the case of a benefit for 
the month in which he died or any month thereafter, such waiver must 
be filed by his widow, if any, and by or on behalf of all his children, 
if any; and such waivers shall be irrevocable. Such a waiver by a 
child shall be filed by his legal guardian or guardians, or, in the 
absence thereof, by the person (or persons) who has the child in his 
care." 
EFFECTIVE DATES 
SEC. 8. (a) The amendments made by sections 2 and 5(b) shall 
become effective July 1,1960. 
(b) The amendment made by section 4 shall become effective on the 
date of enactment of this Act in the case of commissioned officers of 
the Kegular Corps of the Public Health Service, and on July 1,1960, 
in the case of commissioned officers of the Reserve Corps of the Public 
Health Service. 
(c) An officer in the Regular Corps on active duty on the date of 
enactment of this Act may be retired and have his retired pay com-
puted under section 211 of the Public Health Service Act, as amended 
by this Act, or, if he so elects, under such section as in effect prior to 
the date of enactment of this Act. 
(d) The limitation under subsection (f) of section 211 of the Public 
Health Service Act, as amended by this Act, on the amount of active 
service with the Public Health Service, other than as a commissioned 
officer, which may be counted for purposes of retirement or separation 
for physical disability, shall not apply in the case of any officer of the 
Reserve Corps of the Public Health Service on active duty on June 
30, 1960. 
Approved April 8, 1960. 
Public Law 86-416 
April 8, 1960 
AN ACT 
[H. R. 6132] 
Relating to the rate of tax on the issuance of shares or certificates of stock by 
regulated investment companies. 
Be it enacted hy the Senate and House of Representatives 
of the 
Btam''ta™ra?e°'^ United States of America in Congress assembled, That the first sen-
^ T^^tat^^ 7293. 
tence of section 4301 of the Internal Revenue Code of 1954 (relating 
26 use 4301. 
^^ imposition of documentary stamp tax on original issue of shares or 
certificates of stock) is amended by inserting before the period at the 
end thereof the following: "; except that such rate shall be 4 cents 
instead of 10 cents in the case of shares or certificates issued by a cor-
68A Stat. 268; 72 poratiou to which subchapter M of chapter 1 applies for the taxable 
^^26 usc*85^f-855. year during which such share or certificate is issued". 
SEC. 2. The amendment made by the first section of this Act shall 
apply with respect to shares and certificates issued after the date of 
the enactment of this Act. 
Approved April 8, 1960. 
Ante, p. 33. 
Ante, p. 34.