§ 77ee. — Directors of Corporation, powers and duties 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: 15USC77ee]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER II--FOREIGN SECURITIES
Sec. 77ee. Directors of Corporation, powers and duties generally
The board of directors may--
(1) Convene meetings of holders of foreign securities.
(2) Invite the deposit and undertake the custody of foreign
securities which have defaulted in the payment either of principal
or interest, and issue receipts or certificates in the place of
securities so deposited.
(3) Appoint committees from the directors of the Corporation
and/or all other persons to represent holders of any class or
classes of foreign securities which have defaulted in the payment
either of principal or interest and determine and regulate the
functions of such committees. The chairman and vice chairman of the
board of directors shall be ex officio chairman and vice chairman of
each committee.
(4) Negotiate and carry out, or assist in negotiating and
carrying out, arrangements for the resumption of payments due or in
arrears in respect of any foreign securities in default or for
rearranging the terms on which such securities may in future be held
or for converting and exchanging the same for new securities or for
any other object in relation thereto; and under this paragraph any
plan or agreement made with respect to such securities shall be
binding upon depositors, providing that the consent of holders
resident in the United States of 60 per centum of the securities
deposited with the Corporation shall be obtained.
(5) Undertake, superintend, or take part in the collection and
application of funds derived from foreign securities which come into
the possession of or under the control or management of the
Corporation.
(6) Collect, preserve, publish, circulate, and render available
in readily accessible form, when deemed essential or necessary,
documents, statistics, reports, and information of all kinds in
respect of foreign securities, including particularly records of
foreign external securities in default and records of the progress
made toward the payment of past-due obligations.
(7) Take such steps as it may deem expedient with the view of
securing the adoption of clear and simple forms of foreign
securities and just and sound principles in the conditions and terms
thereof.
(8) Generally, act in the name and on behalf of the holders of
foreign securities the care or representation of whose interests may
be entrusted to the Corporation; conserve and protect the rights and
interests of holders of foreign securities issued, sold, or owned in
the United States; adopt measures for the protection, vindication,
and preservation or reservation of the rights and interests of
holders of foreign securities either on any default in or on breach
or contemplated breach of the conditions on which such foreign
securities may have been issued, or otherwise; obtain for such
holders such legal and other assistance and advice as the board of
directors may deem expedient; and do all such other things as are
incident or conducive to the attainment of the above objects.
(May 27, 1933, ch. 38, title II, Sec. 204, 48 Stat. 94.)
Section Referred to in Other Sections
This section is referred to in section 77hh of this title.
