§ 77dd. — Powers and duties of Corporation, generally.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC77dd]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER II--FOREIGN SECURITIES
Sec. 77dd. Powers and duties of Corporation, generally
The Corporation shall have power to adopt, alter, and use a
corporate seal; to make contracts; to lease such real estate as may be
necessary for the transaction of its business; to sue and be sued, to
complain and to defend, in any court of competent jurisdiction, State or
Federal; to require from trustees, financial agents, or dealers in
foreign securities information relative to the original or present
holders of foreign securities and such other information as may be
required, and to issue subpenas therefor; to take over the functions of
any fiscal and paying agents of any foreign securities in default; to
borrow money for the purposes of this subchapter, and to pledge as
collateral for such loans any securities deposited with the Corporation
pursuant to this subchapter; by and with the consent and approval of the
Commission to select, employ, and fix the compensation of officers,
directors, members of committees, employees, attorneys, and agents of
the Corporation, without regard to the provisions of other laws
applicable to the employment and compensation of officers or employees
of the United States; to define their authority and duties, require
bonds of them and fix the penalties thereof, and to dismiss at pleasure
such officers, employees, attorneys, and agents; and to prescribe,
amend, and repeal, by its board of directors, bylaws, rules, and
regulations governing the manner in which its general business may be
conducted and the powers granted to it by law may be exercised and
enjoyed, together with provisions for such committees and the functions
thereof as the board of directors may deem necessary for facilitating
its business under this subchapter. The board of directors of the
Corporation shall determine and prescribe the manner in which its
obligations shall be incurred and its expenses allowed and paid.
(May 27, 1933, ch. 38, title II, Sec. 203, 48 Stat. 93.)
Section Referred to in Other Sections
This section is referred to in section 77hh of this title.
