§ 77o. — Liability of controlling persons.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC77o]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER I--DOMESTIC SECURITIES
Sec. 77o. Liability of controlling persons
Every person who, by or through stock ownership, agency, or
otherwise, or who, pursuant to or in connection with an agreement or
understanding with one or more other persons by or through stock
ownership, agency, or otherwise, controls any person liable under
sections 77k or 77l of this title, shall also be liable jointly and
severally with and to the same extent as such controlled person to any
person to whom such controlled person is liable, unless the controlling
person had no knowledge of or reasonable ground to believe in the
existence of the facts by reason of which the liability of the
controlled person is alleged to exist.
(May 27, 1933, ch. 38, title I, Sec. 15, 48 Stat. 84; June 6, 1934, ch.
404, title II, Sec. 208, 48 Stat. 908.)
Amendments
1934--Act June 6, 1934, exempted from liability controlling persons
having no knowledge or reasonable grounds for belief.
