Page:United States Statutes at Large Volume 48 Part 1.djvu/928

 902 73d C ONGRESS. SESS. II. CH. 404. JU NE 6, 1934 . resides or has his principal place of business, or in the Court of Appeals of the District of Columbia, by filing in such court, within sixty days after the entry of such order, a written petition praying that the order of the Commission be modified or set aside in whole or Se rvi ce of petition in part. A copy of such petition shall be forthwith served upon upon commission. any member of the Commission, and thereupon the Commission shall certify and file in the court a transcript of the record upon which the order complained of was entered. Upon the filing of such tran- script such court shall have exclusive jurisdiction to affirm, modify, Objections limited. and enforce or set aside such order, in whole or in part. No objec- tion to the order of the Commission shall be considered by the court Commission's find- unless such objection shall have been urged before the Commission. s nes on facts conclu- The finding of the Commission as to the facts, if supported by sub- Leave to adduce ad- stantial evidence, shall be conclusive. If either party shall apply ditional evidence. t o the court for leave to adduce additional evidence, and shall show to the satisfaction of the court that such additional evidence is mate- rial and that there were reasonable grounds for failure to adduce such evidence in the hearing before the Commission, the court may order such ad ditional evid ence to be tak en before the Commission an d to be adduced upon the hearing in such manner and upon such terms Commission may and c onditions as to the court m ay seem prope r. The Com mission modify its findings as to facts. may modify its findings as to the facts, by reason of the additional evidence so taken, and it shall file such modified or new findings, which, if supported by substantial evidence, shall be conclusive, and its recommendation, if any, for the modification or setting aside of Finality of court's the original order. The judgment and decree of the court, affirming, decision; review by Supreme Court. modifyin, and enforcing or setting aside, in whole or in part, any such order' of the Commission, shall be final, subject to review by the Vol. 36, p. 1157; Vol. Supreme Court of the United States upon certiorari or certification 43 u.s .C, p. 906. as provided in sections 239 and 240 of the Judicial Code, as amended (U.S .C ., title 28, sees . 346 and 347). Proceedings not to (b) The commencement of proceedings under subsection (a) shall operate as a stay of Commission's order. not, unless specifically ordered by the court, operate as a stay of the Commission's order. Unlawful representa- tions. Action or inaction by Commission,construed. Representations con- cerni ng, to pr ospec tive purchaser. UNLAWFUL REPRESENTATIONS SEC. 26 . No action or failure to act by the Commission or the Fed- eral Reserve Board, in the administration of this title shall be con- strued to mean that the particular authority has in any way passed upon the merits of, or given approval to, any security or any transac- tion or transactions therein, nor shall such action or failure to act with regard to any statement or report filed with or examined by such authority pursuant to this title or rules and regulations there- under, be deemed a finding by such authority that such statement or report is true and accurate on its face or that it is not false or mislead- ing. It shall be unlawful to make, or cause to be made, to any pro- spective purchaser or seller of a security any representation that any such action or failure to act by any such authority is to be so con- strued or has such effect. Jurisdiction of of- JUR ISDICT ION OF OFFENSE S AND SUITS fenses and suits. Enf orc eme nt pro vi- lions. SEc. 27 . The district courts of the United States, the Supreme Court of the District of Columbia, and the United States courts of any Territory or other place subject to the jurisdiction of the United States shall have exclusive jurisdiction of violations of this title or the rules and regulations thereunder, and of all suits in equity and actions at law brought to enforce any liability or duty created by