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12 U.S.C. § 617 — Engaging in commerce or trade in commodities; price fixing; forfeiture of charter; acts forbidden to directors, officers, agents, or employees

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 147 words · no verdicts yet

in plain englishAI-generated · not legal advice

A corporation organized under this subchapter may not trade in commodities except as specifically allowed, or control or fix their prices. Violations can lead to charter forfeiture and criminal penalties for responsible people.

A corporation organized under this subchapter may not engage in commodity commerce or trade except as this subchapter specifically allows. It may not directly or indirectly control, fix, or try to control or fix commodity prices. A violating corporation's charter may be forfeited as this subchapter provides. A director, officer, agent, or employee may not use or conspire to use the corporation's credit, money, or power to fix or control such prices. A violator may, at the court's discretion, be fined $1,000 to $5,000, imprisoned for one to five years, or both.
the actual law source: uscode.house.gov ↗public domain

No corporation organized under this subchapter shall engage in commerce or trade in commodities except as specifically provided in this subchapter, nor shall it, either directly or indirectly, control or fix or attempt to control or fix the price of any such commodities. The charter of any corporation violating this provision shall be subject to forfeiture in the manner provided in this subchapter. It shall be unlawful for any director, officer, agent, or employee of any such corporation to use or to conspire to use the credit, the funds, or the power of the corporation to fix or control the price of any such commodities, and any such person violating this provision shall be liable to a fine of not less than $1,000 and not exceeding $5,000 or imprisonment not less than one year and not exceeding five years, or both, in the discretion of the court.

Source credit: (Dec. 23, 1913, ch. 6, § 25A (par.), formerly § 25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378; renumbered § 25A, Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 41 Stat. 378
  • 1991Amended · Pub. L. 102-242 · 105 Stat. 2281

A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.

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