§ 80b-15. — Validity of contracts.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC80b-15]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER II--INVESTMENT ADVISERS
Sec. 80b-15. Validity of contracts
(a) Waiver of compliance as void
Any condition, stipulation, or provision binding any person to waive
compliance with any provision of this subchapter or with any rule,
regulation, or order thereunder shall be void.
(b) Rights affected by invalidity
Every contract made in violation of any provision of this subchapter
and every contract heretofore or hereafter made, the performance of
which involves the violation of, or the continuance of any relationship
or practice in violation of any provision of this subchapter, or any
rule, regulation, or order thereunder, shall be void (1) as regards the
rights of any person who, in violation of any such provision, rule,
regulation, or order, shall have made or engaged in the performance of
any such contract, and (2) as regards the rights of any person who, not
being a party to such contract, shall have acquired any right thereunder
with actual knowledge of the facts by reason of which the making or
performance of such contract was in violation of any such provision.
(Aug. 22, 1940, ch. 686, title II, Sec. 215, 54 Stat. 856.)
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.
