{"identifier":"/us/usc/t15/s80a\u20133a","title":15,"num":"\u00a7\u202f80a\u20133a.","heading":"Protection of philanthropy under State law","text":"\u00a7\u202f80a\u20133a.\nProtection of philanthropy under State law\n(a)\nRegistration requirements\nA security issued by or any interest or participation in any pooled income fund, collective trust fund, collective investment fund, or similar fund that is excluded from the definition of an investment company under\nsection 80a\u20133(c)(10)(B) of this title\n(b)\nTreatment of charitable organizations\nNo charitable organization, or any trustee, director, officer, employee, or volunteer of a charitable organization acting within the scope of such person\u2019s employment or duties, shall be required to register as, or be subject to regulation as, a dealer, broker, agent, or investment adviser under the securities laws of any State because such organization or person buys, holds, sells, or trades in securities for its own account in its capacity as trustee or administrator of, or otherwise on behalf of or for the account of one or more of the following:\n(1) a charitable organization;\n(2) a fund that is excluded from the definition of an investment company under\nsection 80a\u20133(c)(10)(B) of this title\n(3) a trust or other donative instrument described in\nsection 80a\u20133(c)(10)(B) of this title\n(c)\nState action\nNotwithstanding subsections (a) and (b), during the 3-year period beginning on\nDecember 8, 1995\n(d)\nDefinitions\nFor purposes of this section\u2014\n(1) the term \u201ccharitable organization\u201d means an organization described in paragraphs (1) through (5) of section 170(c) or\nsection 501(c)(3) of title 26\n(2) the term \u201csecurity\u201d has the same meaning as in\nsection 78c of this title\n(3) the term \u201cState\u201d means each of the several States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands.","url":"https://projectusc.org/usc/t15/s80a\u20133a.html","content":[{"t":"sec","id":"/us/usc/t15/s80a\u20133a","children":[{"t":"num","text":"\u00a7\u202f80a\u20133a."},{"t":"heading","text":"Protection of philanthropy under State law"},{"t":"subsec","id":"/us/usc/t15/s80a\u20133a/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Registration requirements"},{"t":"content","children":[{"t":"p","text":"A security issued by or any interest or participation in any pooled income fund, collective trust fund, collective investment fund, or similar fund that is excluded from the definition of an investment company under ","children":[{"t":"ref","text":"section 80a\u20133(c)(10)(B) of this title","href":"/us/usc/t15/s80a\u20133/c/10/B","tail":", and the offer or sale thereof, shall be exempt from any statute or regulation of a State that requires registration or qualification of securities."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t15/s80a\u20133a/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Treatment of charitable organizations"},{"t":"chapeau","text":"No charitable organization, or any trustee, director, officer, employee, or volunteer of a charitable organization acting within the scope of such person\u2019s employment or duties, shall be required to register as, or be subject to regulation as, a dealer, broker, agent, or investment adviser under the securities laws of any State because such organization or person buys, holds, sells, or trades in securities for its own account in its capacity as trustee or administrator of, or otherwise on behalf of or for the account of one or more of the following:"},{"t":"para","id":"/us/usc/t15/s80a\u20133a/b/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" a charitable organization;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s80a\u20133a/b/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" a fund that is excluded from the definition of an investment company under ","children":[{"t":"ref","text":"section 80a\u20133(c)(10)(B) of this title","href":"/us/usc/t15/s80a\u20133/c/10/B","tail":"; or"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s80a\u20133a/b/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" a trust or other donative instrument described in ","children":[{"t":"ref","text":"section 80a\u20133(c)(10)(B) of this title","href":"/us/usc/t15/s80a\u20133/c/10/B","tail":", or the settlors (or potential settlors) or beneficiaries of any such trusts or other instruments."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t15/s80a\u20133a/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"State action"},{"t":"content","children":[{"t":"p","text":"Notwithstanding subsections (a) and (b), during the 3-year period beginning on ","children":[{"t":"text","text":"December 8, 1995","tail":", a State may enact a statute that specifically refers to this section and provides prospectively that this section shall not preempt the laws of that State referred to in this section."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t15/s80a\u20133a/d","children":[{"t":"num","text":"(d)"},{"t":"heading","text":"Definitions"},{"t":"chapeau","text":"For purposes of this section\u2014"},{"t":"para","id":"/us/usc/t15/s80a\u20133a/d/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" the term \u201ccharitable organization\u201d means an organization described in paragraphs (1) through (5) of section 170(c) or ","children":[{"t":"ref","text":"section 501(c)(3) of title 26","href":"/us/usc/t26/s501/c/3","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s80a\u20133a/d/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" the term \u201csecurity\u201d has the same meaning as in ","children":[{"t":"ref","text":"section 78c of this title","href":"/us/usc/t15/s78c","tail":"; and"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s80a\u20133a/d/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" the term \u201cState\u201d means each of the several States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}