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15 U.S.C. § 717k — Officials dealing in securities

submitted 88 years ago by ch. 556 to r/title-15-COMMERCE-AND-TRADE · 88 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section prohibits an officer or director of a natural-gas company from personally benefiting from specified security transactions or from paying certain dividends out of capital funds.

It must be unlawful for any officer or director of any natural-gas company to receive for his own benefit, directly or indirectly, any money or thing of value in respect to the negotiation, hypothecation, or sale by such natural-gas company of any security issued, or to be issued, by such natural-gas company, or to share in any of the proceeds thereof, or to participate in the making or paying of any dividends, other than liquidating dividends, of such natural-gas company from any funds properly included in capital account.
the actual law source: uscode.house.gov ↗public domain

It shall be unlawful for any officer or director of any natural-gas company to receive for his own benefit, directly or indirectly, any money or thing of value in respect to the negotiation, hypothecation, or sale by such natural-gas company of any security issued, or to be issued, by such natural-gas company, or to share in any of the proceeds thereof, or to participate in the making or paying of any dividends, other than liquidating dividends, of such natural-gas company from any funds properly included in capital account.

Source credit: (June 21, 1938, ch. 556, § 12, 52 Stat. 827.)

history & why it existsrecord from the source credit
  • 1938Enacted · Act of June 21, 1938, ch. 556 · 52 Stat. 827

A history note hasn’t been published yet. The record shows enactment by ch. 556 on 1938-06-21.

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