Page:United States Statutes at Large Volume 53 Part 2.djvu/673

 53 STAT.] 76TH CONG., 1ST SESS.-CHS. 410, 411-AUG. 2, 3, 1939 (2) Any person violating the provisions of this section shall be immediately removed from the position or office held by him, and thereafter no part of the funds appropriated by any Act of Congress for such position or office shall be used to pay the compensation of such person. SEC. 10. All provisions of this Act shall be in addition to, not in substitution for, of existing law. SEC. 11. If any provision of this Act, or the application of such provision to any person or circumstance, is held invalid, the remain- der of the Act, and the application of such provision to other persons or circumstances, shall not be affected thereby. Approved, August 2, 1939, 11:50 a. m ., E. S. T. [CHAPTER 411] AN ACT To provide for the regulation of the sale of certain securities in interstate and foreign commerce and through the mails, and the regulation of the trust in- dentures under which the same are issued, and for other purposes. Be it enacted by the Senate and House of Representaties of the UnitedStates of America in Congressassembled, That the Act entitled "An Act to provide full and fair disclosure of the character of securities sold in interstate and foreign commerce and through the mails, and to prevent frauds in the sale thereof, and for other pur- poses, approved May 27, 1933, as amended, is amended by adding at the end thereof the following: "TITLE III 1149 Penalty for viola- tion. Provisions supple- mentary to existing law. Saving clause. August 3, 1939 [S. 2065 [Public, No. 263 48 Stat. 74. 15 U. S. C.§§ 77a- 77mm; Supp. IV, ch. 2A. " SHORT TITLE "SEC. 301. This title, divided into sections as follows, may be cited Trust Indenture as the 'Trust Indenture Act of 1939': TABLE OF CONTENTS TITLE III Sec. 301. Short title. Sec. 302. Necessity for regulation. Sec. 303. Definitions. Sec. 304. Exempted securities anid transactions. Sec. 305. Securities required to be registered under Securities Act. Sec. 300. Securities not registered under Securities Act. Sec. 307. Qualification of indentures covering securities not required to be registered. Sec. 308. Integration of procedure with Securities Act and other Acts. Sec. 309. When qualification becomes effective; effect of qualification. Sec. 310. Eligibility and disqualification of trustee. (a) Persons eligible for appointment as trustee. (b) Disqualification of trustee. (c) Applicability of section. Sec. 311. Preferential collection of claims against obligor. Sec. 312. Bondholders' lists. Sec. 313. Reports by indenture trustee. Sec. 314. Reports by obligor; evidence of compliance with indenture provisions. (a) Periodic reports. (b) Evidence of recording of indenture. (c) Evidence of compliance with conditions precedent. (d) Certificates of fair value. (e) Recitals as to basis of certificate or opinion. (f) Parties may provide for additional evidence. Sec. 315. Duties and responsibility of the trustee. (a) Duties prior to default. (b) Notice of defaults. (c) Duties of the trustee in case of default. (d) Responsibility of the trustee. (e) Undertaking for costs.

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