Page:United States Statutes at Large Volume 53 Part 2.djvu/681

 53 STAT.] 76TH CONG., 1 ST SESS.-CH. 411 -AUG. 3, 1939 "(b) The Commission, by such rules and regulations or orders as it deems necessary or appropriate in the public interest or for the protection of investors, shall provide for the consolidation of applica- tions, reports, and proceedings under this title with registration state- ments, applications, reports, and proceedings under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Public Utility Holding Company Act of 1935. " W HE N QUALIFICATION BECOMES EFFECTIVE; EFFECT OF QUALIFICATION "SEC. 309. (a) The indenture under which a security has been or is to be issued shall be deemed to have been qualified under this title- "(1) when registration becomes effective as to such security; or "(2) when an application for the qualification of such inden- ture becomes effective, pursuant to section 307. "(b) After qualification has become effective as to the indenture under which a security has been or is to be issued, no stop order shall be issued pursuant to section 8 (d) of the Securities Act of 1933, suspending the effectiveness of the registration statement relating to such security or of the application for qualification of such indenture, except on one or more of the grounds specified in section 8 of such Act. "(c) The making, amendment, or rescission of a rule, regulation, or order under the provisions of this title (except to the extent authorized by subsection (a) of section 314 with respect to rules and regulations prescribed pursuant to such subsection) shall not affect the qualification, form, or interpretation of any indenture as to which qualification became effective prior to the making, amendment, or rescission of such rule, regulation, or order. "(d) No trustee under an indenture which has been qualified under this title shall be subject to any liability because of any failure of such indenture to comply with any of the provisions of this title, or any rule, regulation, or order thereunder. "(e) Nothing in this title shall be construed as empowering the Commission to conduct an investigation or other proceeding for the plupose of determining whether the provisions of an indenture which has been qualified under this title are being complied with, or to enforce such provisions. 4"EJIGIBIITY ANT) IISQlTALIFI('ATION OF TItUSTEE "Persons Eligible for Appointment as Trustee "SEC. 310. (a) (1) Tlhe indenture to be qualified shall require that there shall at all times be one or more trustees thereunder, at least one of whom shall at all times be a corporation organized and doing business under the laws of the United States or of any State or Territory or of the District of Columbia (referred to in this title as the institutional trustee), which (A) is authorized under such laws to exercise corporate trust powers, and (B) is subject to super- vision or examination by Federal, State, Territorial, or District of Columbia authority. "(2) The indenture to be qualified shall require that such institu- tional trustee shall have at all times a combined capital and surplus of a specified minimum amount, which shall not be less than $150,000. If such institutional trustee publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, the indenture may provide that, for the purposes of this paragraph, the combined capital and surplus of Consolidation of ap- plications, reports, etc. When qualification becomes effective. Limitation on issu- ance of stop order. 48 Stat. 79. 15 U.S .C .§77h (d). Indenture not af- fected by subsequent rule, etc.; exception. Post, p. 1167. Liability of trustee for noncompliance of indenture. Powers of (oinmis- sion to enllifore pro- visions of ilnlIetIluret At least one trustee under the indenture to be government su- pervised corporation. Institutional trus- tee, financial status. E vidence of. 1157

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