Page:United States Statutes at Large Volume 92 Part 1.djvu/322

 9 2 STAT. 2 6 8

PUBLIC LAW 95-283—MAY 21, 1978 " (e) JURISDICTION OF DISTRICT COURTS.—After S I P C has published

notice of the institution of a direct payment procedure under this section, any person aggrieved by any determination of S I P C with respect to h i s claim under subsection (c) may, within six months following mailing by S I P C of its determination with respect to such claim, seek a final adjudication of such claim. The district courts of the I ' n i t e d States shall have original and exclusive jurisdiction of any civil action for the adjudication of such claim, without regard to the citizenship of the parties or the amount in controversy. Any such action shall be brought in the judicial district where the head office of the debtor is located. Any determination of the rights of a customer under subsection (c) shall not prejudice any other right or remedy •"* of the customer against the member. " (f) DiscoxTixuAXCE OF DiRECT P A Y M E X T PROCEDURES.—If, a t any time after the institution of a direct payment procedure with respect to a member, S I P C determines, in its discretion, that continuation of such direct payment procedure is not appropriate, S I P C may cease such direct payment procedure and. uix)n so doing, may seek a protec15 USC 78eee. five decree pursuant to section 5. To the extent payments of cash, distributions of securities, o r determinations with respect to the validity of a customer's claim are made under this section, such payments, distributions, and determinations shall be recognized and given full eifect in the event of any subsequent liquidation proceeding. Any action brought under subsection (e) and pending at the time of the appointment of a trustee under section 5(b)(3) shall be permanently stayed by the court a t the time of such appointment, and the court shall enter an order directing the transfer or removal to i t of such suit. Upon such removal or transfer the complaint in such action shall constitute > the plaintiff's claim in the liquidation proceeding, if appropriate, and shall be deemed received by the trustee on the date of his appointment regardless of the date of actual transfer or removal of such action. " (g) REFERENCES.—For purposes of this section, a n v reference Post, p. 271. to the trustee in sections 7(b)(1). 8 (d), 8 (f), 9 (a). 16(5)^and 16(12) shall be deemed a reference to S I P C. and any reference to the date of publication of notice under section 8(a) shall be deemed a reference to the publication of notice under this section.". COMMISSION FUNCTIONS

SEC. 10. Section 1 1 (a) of such Act (15 U.S.C. 7 8 g g g (a)), as redesignated by this Act, is amended by striking out "or regulations pursuant to section 3(e) and section 9(f) " and inserting "pursuant to section 3(e)(3) and section 13(f)*'. EXAMINING AUTHORITY FUNCTIONS

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SEC. 11. Section 12 of such Act (15 U.S.C. 7 8 h h h), as redesignated by this Act, is amended— (1) by inserting ", or collection agent if a collection agent has been designated pursuant to section 1 3 (a), " immediately after "examining authority " the first place it a p p e a r s; and (2) by inserting " o r collection agent" immediately after "examining authority " the second place it appears.

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