§ 80a-42. — Court review of orders.
[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-42]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER I--INVESTMENT COMPANIES
Sec. 80a-42. Court review of orders
(a) Any person or party aggrieved by an order issued by the
Commission under this subchapter may obtain a review of such order in
the United States court of appeals within any circuit wherein such
person resides or has his principal place of business, or in the United
States Court of Appeals for the District of Columbia, by filing in such
court, within sixty days after the entry of such order, a written
petition praying that the order of the Commission be modified or set
aside in whole or in part. A copy of such petition shall be forthwith
transmitted by the clerk of the court to any member of the Commission or
any officer thereof designated by the Commission for that purpose, and
thereupon the Commission shall file in the court the record upon which
the order complained of was entered, as provided in section 2112 of
title 28. Upon the filing of such petition such court shall have
jurisdiction, which upon the filing of the record shall be exclusive, to
affirm, modify, or set aside such order, in whole or in part. No
objection to the order of the Commission shall be considered by the
court unless such objection shall have been urged before the Commission
or unless there were reasonable grounds for failure so to do. The
findings of the Commission as to the facts, if supported by substantial
evidence, shall be conclusive. If application is made to the court for
leave to adduce additional evidence, and it is shown to the satisfaction
of the court that such additional evidence is material and that there
were reasonable grounds for failure to adduce such evidence in the
proceeding before the Commission, the court may order such additional
evidence to be taken before the Commission and to be adduced upon the
hearing in such manner and upon such terms and conditions as to the
court may seem proper. The Commission may modify its findings as to the
facts by reason of the additional evidence so taken, and it shall file
with the court such modified or new findings, which, if supported by
substantial evidence, shall be conclusive, and its recommendation, if
any, for the modification or setting aside of the original order. The
judgment and decree of the court affirming, modifying, or setting aside,
in whole or in part, any such order of the Commission shall be final,
subject to review by the Supreme Court of the United States upon
certiorari or certification as provided in section 1254 of title 28.
(b) The commencement of proceedings under subsection (a) of this
section to review an order of the Commission issued under section 80a-
8(e) of this title shall operate as a stay of the Commission's order
unless the court otherwise orders. The commencement of proceedings under
subsection (a) of this section to review an order of the Commission
issued under any provision of this subchapter other than section 80a-
8(e) of this title shall not operate as a stay of the Commission's order
unless the court specifically so orders.
(Aug. 22, 1940, ch. 686, title I, Sec. 43, 54 Stat. 844; June 25, 1948,
ch. 646, Sec. 32(a), 62 Stat. 991; May 24, 1949, ch. 139, Sec. 127, 63
Stat. 107; Pub. L. 85-791, Sec. 25, Aug. 28, 1958, 72 Stat. 949; Pub. L.
91-547, Sec. 21, Dec. 14, 1970, 84 Stat. 1430.)
Amendments
1970--Pub. L. 91-547 substituted reference to ``section 1254'' for
``sections 346 and 347'' of title 28.
1958--Subsec. (a). Pub. L. 85-791, in second sentence, substituted
``transmitted by the clerk of the court to any member of the Commission
or'' for ``served upon any member of the Commission or upon'',
substituted ``file in the court'' for ``certify and file in the court a
transcript of'', and inserted ``as provided in section 2112 of title
28'' and, in third sentence, substituted ``petition'' for
``transcript'', and ``jurisdiction, which upon the filing of the record
shall be exclusive'' for ``exclusive jurisdiction''.
Change of Name
Act June 25, 1948, eff. Sept. 1, 1948, as amended by act May 24,
1949, substituted ``court of appeals'' for ``circuit court of appeals''.
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-9, 80a-58 of this
title.
