15 U.S.C. § 80a: Protection of philanthropy under State law

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 section 80a–3(c)(10)(B) of this title , and the offer or sale thereof, shall be exempt from any statute or regulation of a State that requires registration or qualification of securities. a charitable organization; a fund that is excluded from the definition of an investment company under section 80a–3(c)(10)(B) of this title ; or a trust or other donative instrument described in section 80a–3(c)(10)(B) of this title , or the settlors (or potential settlors) or beneficiaries of any such trusts or other instruments. Notwithstanding subsections (a) and (b), during the 3-year period beginning on December 8, 1995 , 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. the term “charitable organization” means an organization described in paragraphs (1) through (5) of section 170(c) or section 501(c)(3) of title 26 ; the term “security” has the same meaning as in section 78c of this title ; and the term “State” 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.