Case Information
*1 R-373 Arix-rmiw 11. TEXAS April 25, 1947 Rex #he sppZioab1lit.y of, the Securitfes Act to a group retirement plan issued by s non- profit group* *2 Bon. ?sul H:l!tpwn - F+age 2, W-165
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eamttnga Oc .any ooaptbny, fnvea,tment con- tmot, or any other fnstrument commonly Ifnan na a sauaurlty, vhether similar to tborhbmn we& t0 0~ ti0t."
Xt will be noted that the “certificate” a- buw WfopP8d to i8 A& transferable either on its race 03 rm84lr l&o prooI#iahs of the Plan, but on the Ot4@fml7 i1 MRIlJ ertti0 of the fact that the em- p&wee mrrd tharsfn IS a aubsctilber to or a member of the noa eulbjwt to lta tense, sad provfsfons.
ft doe@ not appeer from either ,the Plan S@b8iCkd W fraa ottisr infoxvuatian that the employee i.8 fa m btmbp 8dioltad by the employer or the com- rlttw to W.W a member of the Plan but such member- shtp f.a made qvaflable to him after he has (1) com- iW&@at& in rfit1ng’t.o the committee of his acceptance of the %eJlm: 8nd caadltions of the Plan on the form ppcrided by the Wmwlttee end (2) authorized the em- ployer ko lfritin@ to dedwt from his compensation the awtplbruticm spsotfbd In the Plan (See Article II, 2 ob tin Wan). kll caattibutions to the P@mg~W@t $wzrF C?n Ilm am to lab plrae in the State
D (8W brC;Po’la ?III, hramph 7 o? the ?lrnf
~l!he bsasffafsl iatepest op shape of the em- ~l!he bsasffafsl interest op shape of the em- ployee In tha Plaa fa payable to him in va~fng ployee In tha Plaa fa payable to him in va~fng amounta e&xl dependent upen certain contingencies 6 amounta e&xl dependent upen certain contingencies 6 l’V 8nd V of the Plan). l’V 8nd V of the Plan). Such interest Such interest (8ee Articlea (8ee Articlea
the the Paragraph 2 of the Pian)~,
Atthough Mu Plan oontmfxu many fertures fn glWIp ratlrametat Inawnce, such as contribu- Cowon Wfth tPoltlr by employer and employee, baaed on length of sexv- ice 08 other staflar olassiflostfow, and providing for e aua pilpble upon aetiain condftfoas upon the happening of aerts%n eventwlftles, nevePtheleas it is not an an- nuity ma sWLI tepm La gknerelly understood.
!i%a legal effect of the Plan fs to create a sevfngs fand for the bruefft of the employee, the mansge- ment enb oontrol of which is vested in the employer, the committee and the tpuatee, which fund 1s to be disposed of by the trustee upon the contiagenofea set forth In Articles Iv and V of the Plan end thepefore, the Employee *3 - Page 3, v-165 Iton. taul H. Bran
Thw Tsvs sw0urfflws Act ia not sppli- orblw fo thw YSaplqww Rwtlreawnt tlsn of Safwway Stoma, Imu., the 3(1'mw bwfw,s non- pmtlt rwtlmmmt pl8a with cwrtlficetes to aalw, fnnsfwr 0~ assfgnment. subject nbt ~~~~~l;~,dp~~~~~~~~~~ll ep- Yaur3 vwry truly ATTQm @BSBRAL OF TEKAS C. K. Richards Aesfstent