Page:United States Statutes at Large Volume 48 Part 1.djvu/109

 73d CONGRESS. SESS. I. CH. 38. DIAL' 27, 1933. 83 investi gation, reas onable groun d to b elieve and di d beli eve, a t the time such part of the registration statement became effective, that the statements therein were true and that there was no No omitted nor n,

o- omission to state a material fact required to be stated therein or leading statements. necessary to make the statements therein not misleading, or (ii) such part of the registration statement did not fairly Registration state- represent his statement as an expert or was not a fair copy me°tat variance, e c oft or extract from his report or valuation as an expert ; and (C) as regards any part of the registration statement purport- Statement of expert ing to be made on the authority of an expert (other than him- °P0sttpa9himself). self) or purporting to be a copy of or extract from a report or valuation of an expert (other than himself), he had reasonable ground to believe and did believe, at the time such part of the registration statement became effective, that the statements therein were true and that there was no omission to state a material fact required to be stated therein or necessary to make the state ments ther ein not m islea ding, and that suc h par t of the registration statement fairly represented the statement of the expert or was a fair copy of or extract from the report or valuation of the expert ; and (D) as regards any part of Puf l ic oCi_ii ., or the re gistra tion s tateme nt to be a statement made do cume nts . purporting P°t,l, . . by an official person or purporting to be a copy of or extract from a public official document, lie had reasonable ground to believe and did believe, at the time such part of the registration stat ement beca me ef fect ive, that the state ments the rein were true, and that there was no omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and that such part of the registration statem ent fa irly r eprese nted t he sta tement made b y the offici al person or was a fair copy of or extract from the public official document. Reasonable investi- (c) In determining, for the purpose of paragraph (3) of sub- gati on or gronnA for section (b) of this section, what constitutes reasonable investiga- ti on tion and reasonable ground for belief, the standard of reasonable- ness shall be that required of a person occupying a fiduciary relationship. becoming under- (d) If any person becomes an underwriter with respect to the v.riter after liability security after the part of the registration statement with respect to attaehe. which his liabilit y is asse rted has become ef fective, then for the pur- poses of paragraph (3) of subsection (b) of this section such part of the registration statement shall be considered as having become effective with respect to such person as of the time when he became an un derwr iter. suit s auth or .z si (e) The suit authorized under subsection (a) may be either (1) h erein - Security payment to recover the consideration paid for such security with interest post, p.907. thereon, less the amount of any income received thereon, upon the tender of such security, or (2) for damages if the person suing no Damages. longer owns the security. (f) All or any one or more of the persons specified in subsection several joint aid (a) shall be jointly and severally liable, and every person who be- comes liable to make any payment under this section may recover Contribution. contribution as in cabes of contract from any person who, if sued separately, would have been liable to make the same payment, unless the person who has become liable was, and the other was not, guilty E'' pt '°°- of fraudulent misrepresentation. (g) In no case shall the amount recoverable under this section Recovery limi tation. exceed the price at which the security was offered to the public.