Any employees’ securities company which files an application for an order of exemption under section 6(b) of the Act (54 Stat. 801; 15 U.S.C. §§ 80a-6) shall be exempt, pending final determination of such application by the Commission, from all provisions of the Act applicable to investment companies as such.

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[Rule N-6B-1, 6 FR 6126, Dec. 2, 1941]