Page:United States Statutes at Large Volume 49 Part 1.djvu/1425

 1380 Acts do ne or omitted in good faith in con- formitre to regulations, et c. Penalties. Vol.48,p.904. Failure to file re- quired information, etc. Status of present reg- istered brokers, etc. V ol. 48, p. 89 5. Ante, p. 1377. Prior liabil ities. Effectiv e dates. Ante, p. 1375 . Ante, p. 1377 . Mare 27, 1936. [H. R. 8599.] [Public, No. 622 .] Department of C om- merce. Bureau of Naviga- tion and Steamboat I nspec tion. Change in designa- tion of. 74vu CONGRESS. SESS. II. CI-IS. 462, 463. MAY 27, 1936. in them by this title, and may for such purpose classify issuers, secu- rities, exchanges, and other persons or matters within their respec- tive jurisdictions. No provision of this title imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule or re gulation of the Commi ssion or the Board of Governors of the Fe deral Reserve System, notwithstanding that such rule or regulation may, after such act or omission, be amended or resc inded o r be det ermined by judi cial or other authorit y to be invalid for any reason ." SEC. 9 . Section 32 of such Act is amended by striking out "SEC. 32 ." and inserting in lieu thereof "SEC. 32. (a)" ; by inserting imme- diately before the comma following the phrase "filed under this title or any rule or regulation thereunder" the following : "or any undertaking contained in a registration statement as provided in subsection (d) of section 15 of this title" ; and by adding thereto a new subsection (b) to read as follows : "(b) Any issuer which fails to file information, documents, or reports pursuant to an undertaking contained in a registration state- ment as provided in subsection (d) of section 15 of this title shall forfeit to the United States the sum of $100 for each and every day such failure to file s hall continue. Such forfeiture, which shall be in lieu of any criminal penalty for such failure to file which might be deeme d to aris e un der s ubse ction (a) of t his secti on, shall be pay- able into the Treasury of the United States and shall be recoverable in a civil suit in the name of the United States ." SEC . 10 . All brokers and dealers for whom registration is in effect on the date of enactme nt of t his Act in acco rdance with rul es and regulations of the Commission prescribed pursuant to section 15 of the Securities Exchange Act of 1934 shall be deemed to be reg- istered pursuant to sec tion' 15 of such Act as amended by section 3 of this Act . SEC . 11 . Nothing in this Act shall be deemed to extinguish any liability which may have arisen prior to the effective date of this Act by reason of any violation of section 15 of the Securities Excha nge Act of 1934 or of any rule or reg ulation thereun der . SEc . 12 . This Act shall become effective immediately upon the enactment thereof ; except that clause (2) of subsection (f) of section 12 of the Securities Exchange Act of 1934, as amended by section 1 hereof, and subsections (a) and (d) of section 15 of such Act, as amended by section 3 hereof, shall become effective ninety days after the enactment of this Act, and that clause (3) of said subsection (f), as am ended b y sectio n 1 her eof, sha ll beco me effec tive si x months after the enactment of this Act. Approved, May 27, 1936. [CH APTER 463 .1 AN ACT To provide for a change in the designation of the Bureau of Navigation and Steamboat Inspection, to create a marine casualty investigation board and increase efficiency in administration of the steamboat inspection laws, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Bureau of Navigation and Steamboat Inspection in the Department of Commerce shall hereafter be known as the "Bureau of Marine Inspection and Navigation