§ 80a-32. — Filing of documents with Commission in civil actions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC80a-32]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER I--INVESTMENT COMPANIES
Sec. 80a-32. Filing of documents with Commission in civil
actions
Every registered investment company which is a party and every
affiliated person of such company who is a party defendant to any action
or claim by a registered investment company or a security holder thereof
in a derivative or representative capacity against an officer, director,
investment adviser, trustee, or depositor of such company, shall file
with the Commission, unless already so filed, (1) a copy of all
pleadings, verdicts, or judgments filed with the court or served in
connection with such action or claim, (2) a copy of any proposed
settlement, compromise, or discontinuance of such action, and (3) a copy
of such motions, transcripts, or other documents filed in or issued by
the court or served in connection with such action or claim as may be
requested in writing by the Commission. If any document referred to in
clause (1) or (2)--
(A) is delivered to such company or party defendant, such
document shall be filed with the Commission not later than ten days
after the receipt thereof; or
(B) is filed in such court or delivered by such company or party
defendant, such documents shall be filed with the Commission not
later than five days after such filing or delivery.
(Aug. 22, 1940, ch. 686, title I, Sec. 33, 54 Stat. 839; Pub. L. 91-547,
Sec. 19, Dec. 14, 1970, 84 Stat. 1428.)
Amendments
1970--Pub. L. 91-547 inserted provision for party acting in
representative capacity and substituted provisions for prompt filing
with the Commission of copies of all pleadings, verdicts, judgments,
settlements, compromises, or discontinuances served or filed in suits by
a registered investment company or a security holder thereof against an
officer, director, investment adviser, trustee, or depositor of such
company and of copies of motions, transcripts, or other documents if the
Commission requests them for prior requirement that registered companies
and their affiliated persons who are defendants in derivative suits
involving an alleged breach of official duty transmit to the Commission
copies of the pleadings and the record in such actions after a
settlement or compromise of the action has been approved by a court of
competent jurisdiction or a verdict or final judgment on the merits has
been rendered, Commission use of information, and nondisclosure of
identity of persons.
Effective Date of 1970 Amendment
Amendment by Pub. L. 91-547 effective Dec. 14, 1970, see section 30
of Pub. L. 91-547, set out as a note under section 80a-52 of this title.
Transfer of Functions
For transfer of functions of Securities and Exchange Commission,
with certain exceptions, to Chairman of such Commission, see Reorg. Plan
No. 10 of 1950, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat.
1265, set out under section 78d of this title.
Section Referred to in Other Sections
This section is referred to in sections 80a-6, 80a-58 of this title.
