(1) When used in this title, "investment company" means any issuer which---

                (A) is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in securities;

                (B)is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or has been engaged in such business and has any such certificate outstanding; or

                (C) is engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes to acquire investment securities having a value exceeding 40 per centum of the value of such issuer's total assets (exclusive of Government securities and cash items) on an unconsolidated basis.

          (2) As used in this section, "investment securities" includes all securities except

                (A) Government securities,

                (B) securities issued by employees' securities companies, and

                (C) securities issued by majority-owned subsidiaries of the owner which

                    are not investment companies, and

                    are not relying on the exception from the definition of investment company in paragraph (1) or (7) of subsection (c).