Page:United States Statutes at Large Volume 54 Part 1.djvu/876

 [54 STAT. PUBLIC LAWS-CH. 686 -AUG. 22, 1940 Publication. 49 Stat. 500. 44 U. S. C., Supp. V, §§ 301-314. Issuance of orders, requirements. Notice. Admissibility of ap- plication in evidence. Admission of inter- ested State, etc., as party to proceeding. fearings. Investigations. Powers of members of Commission. Attendance of wit- nesses. Contumacy. RULES AND REGULATIONS; PROCEDURE FOR ISSUANCE SEC. 39. 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, and amendments thereof, 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. ORDERS; PROCEDURE FOR ISSUANCE SEC. 40. (a) Orders of the Commission under this title shall be issued only after appropriate notice and opportunity for hearing. Notice to the parties to a proceeding before the Commission shall be given by personal service upon each party or by registered mail or confirmed telegraphic notice to the party's last known business address. Notice to interested persons, if any, other than parties may be given in the same manner or by publication in the Federal Register. (b) The Commission may provide, by appropriate rules or regu- lations, that an application verified under oath may be admissible in evidence in a proceeding before the Commission and that the record in such a proceeding may consist, in whole or in part, of such application. (c) In any proceeding before the Commission, the Commission, in accordance with such rules and regulations as it may prescribe, shall admit as a party any interested State or State agency, and may admit as a party any representative of interested security holders, or any other person whose participation in the proceeding may be in the public interest or for the protection of investors. HEARINGS BY COMMISSION SEC. 41. Hearings may be public and may be held before the Com- mission, any member or members thereof, or any officer or officers of the Commission designated by it, and appropriate records thereof shall be kept. ENFORCEMENT OF TITLE SEC. 42. (a) The Commission may make such investigations as it deems necessary to determine whether any person has violated or is about to violate any provision of this title or of any rule, regulation, or order hereunder, or to determine whether any action in any court or any proceeding before the Commission shall be instituted under this title against a particular person or persons, or with respect to a particular transaction or transactions. The Commission shall permit any person to file with it a statement in writing, under oath or otherwise as the Commission shall determine, as to all the facts and circumstances concerning the matter to be investigated. (b) For the purpose of any investigation or any other proceeding under this title, any member of the Commission, or any officer thereor designated by it, is empowered to administer oaths and affirmations, subpena witnesses, compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, con- tracts, agreements, or other records which are relevant or material to the inquiry. Such attendance of witnesses and the production of any such records may be required from any place in any State or in any Territory or other place subject to the jurisdiction of the United States at any designated place of hearing. (c) In case of contumacy by, or refusal to obey a subpena issued to, any person, the Commission may invoke the aid of any court of the 842

�