Page:United States Statutes at Large Volume 53 Part 2.djvu/698

 PUBLIC LAWS-CH. 411-AUG. 3, 1939 Scope. When effective. 49 Stat. 600. 44 U. S. C., Supp. IV, §§ 301-314. Exemption from li- ability for action tak- en in good faith in conforming to any rule, etc. Hearings. Power to summon witnesses; production of books, etc. Powers with respect to investigations and hearings. 48 Stat. 86, 87. 15U.S.C.§77t, 77v (b), (c); Supp. IV , § 77t, 77v. Designated ofices to make available re- ports, records, etc. visions of this title, including rules and regulations defining account- ing, technical, and trade terms used in this title. Among other things, the Commission shall have authority, (1) by rules and regu- lations, to prescribe for the purposes of section 310 (b) the method (to be fixed in indentures to be qualified under this title) of calculating percentages of voting securities and other securities; (2) by rules and regulations, to prescribe the definitions of the terms 'cash transac- tion' and 'self-liquidating paper' which shall be included in inden- tures to be qualified under this title, which definitions shall include such of the creditor relationships referred to in paragraphs (4) and (6) of subsection (b) of section 311 as to which the Commission deter- mines that the application of subsection (a) of such section is not necessary in the public interest or for the protection of investors, having due regard for the purposes of such subsection; and (3) for the purposes of this title, to prescribe the form or forms in which information required in any statement, application, report, or other document filed with the Commission shall be set forth. For the pur- pose of its rules or regulations the Commission may classify per- sons, securities, indentures, and other matters within its jurisdiction and prescribe different requirements for different classes of persons, securities, indentures, or matters. "(b) Subject to the provisions of the Federal Register Act and regulations prescribed under the authority thereof, the rules and regulations of the Commission under this title shall be effective upon publication in the manner which the Commission shall prescribe, or upon such later date as may be provided in such rules and regulations. "(c) No provision of this title imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule, regulation, or order of the Commission, notwithstanding that such rule, regulation, or order may, after such act or omission, be amended or rescinded or be determined by judicial or other authority to be invalid for any reason. "H EARINGS BY COMMISSION "SEC. 320. Hearings may be public and may be held before the Commission, any member or members thereof, or any officer or officers of the Commission designated by it, and appropriate records thereof shall be kept. "SPECIAL POWERS OF THE COMMISSION "SEC. 321. (a) For the purpose of any investigation or any other proceeding which, in the opinion of the Commission, is necessary and proper for the enforcement of this title, any member of the Commis- sion, or any officer thereof designated by it, is empowered to admin- ister oaths and affirmations, subpena witnesses, compel their attend- ance, take evidence, and require the production of any books, papers, correspondence, memoranda, contracts, agreements, or other records which the Commission deems relevant or material to the inquiry. Such attendance of witnesses and the production of any such books, papers, correspondence, memoranda, contracts, agreements, or other records may be required from any place in the United States or in any Territory at any designated place of investigation or hearing. In addition, the Commission shall have the powers with respect to investigations and hearings, and with respect to the enforcement of, and offenses and violations under, this title and rules and regulations and orders prescribed under the authority thereof, provided in sec- tions 20, 22 (b), and 22 (c) of the Securities Act of 1933. "(b) The Treasury Department, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal 1174 [53 STAT.

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