15 U.S.C. § 154 — Investigations by registrar; revocation of certificate of incorporation

submitted 104 years ago by ch. 346 to r/title-15-COMMERCE-AND-TRADE · 153 words · no verdicts yet

in plain englishAI-generated · not legal advice

The registrar can investigate a China Trade Act corporation if it may be breaking the law or its own rules. If the registrar finds real violations, the registrar can ask a court to cancel the corporation's certificate. The court can also issue orders while the case is pending.

This section lets a government official called the registrar look into a "China Trade Act corporation," a type of company set up under this law. The registrar can investigate if the company's business might break a rule in this chapter, another law, a U.S. treaty, or the company's own articles of incorporation or bylaws. If the registrar becomes satisfied that the company really is breaking one of these rules, the registrar can start a case in the United States Court for China. The registrar asks the court to cancel, or "revoke," the company's certificate of incorporation. The court can revoke the certificate if it agrees the company broke the rules. While the case is still going on, the court can step in early. At any time before a final decision, either the registrar or the court itself can issue orders about how the company should run its affairs, to protect people while the case is pending.

the actual law source: uscode.house.gov ↗public domain

The registrar may, in order to ascertain if the affairs of a China Trade Act corporation are conducted contrary to any provision of this chapter, or any other law, or any treaty of the United States, or the articles of incorporation or bylaws of the corporation, investigate the affairs of the corporation. The registrar, whenever he is satisfied that the affairs of any China Trade Act corporation are or have been so conducted, may institute in the United States Court for China proceedings for the revocation of the certificate of incorporation of the corporation. The court may revoke such certificate if it finds the affairs of such corporation have been so conducted. Pending final decision in the revocation proceedings the court may at any time, upon application of the registrar or upon its own motion, make such orders in respect to the conduct of the affairs of the corporation as it deems advisable.

Source credit: (Sept. 19, 1922, ch. 346, § 14, 42 Stat. 853.)

history & why it existsrecord from the source credit

1922Enacted · Act of Sept. 19, 1922, ch. 346 · 42 Stat. 853

A history note hasn’t been published yet. The record shows enactment by ch. 346 on 1922-09-19.

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