A bill to amend section 22 of the Investment Company Act of 1940.

Provides, under the Investment Act of 1940, that no registered investment company shall redeem any securities of which it is the issuer other than for cash except under such circumstances as the Securities and Exchange Commission may permit by rules and regulations or orders for the protection of investors. Requires such rules and regulations to insure that such redemptions are made in a manner or on a basis which does not unfairly discriminate against shareholders of such company who are redeeming their shares, and those who are not.