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22 U.S.C. § 617Liability of officers

submitted 88 years ago by ch. 327 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 197 words · no verdicts yet

in plain englishAI-generated · not legal advice

Officers and directors of a nonindividual agent of a foreign principal must make sure the agent files required registrations and follows this subchapter. Dissolution does not remove those duties, and failures may lead to prosecution.

Each officer, person performing an officer's functions, director, and person performing a director's functions of an agent of a foreign principal that is not an individual must ensure that the agent files registration statements and supplements when required by section 612(a) and (b). They must also ensure compliance with sections 614(a) and (b), section 615, and all other requirements of this subchapter. Dissolving the organization does not release those people from this section. If the agent fails to meet a requirement, each such officer and director, including each person performing those functions, may be prosecuted.
the actual law source: uscode.house.gov ↗public domain

Each officer, or person performing the functions of an officer, and each director, or person performing the functions of a director, of an agent of a foreign principal which is not an individual shall be under obligation to cause such agent to execute and file a registration statement and supplements thereto as and when such filing is required under subsections (a) and (b) of section 612 of this title and shall also be under obligation to cause such agent to comply with all the requirements of sections 614(a) and (b) and 615 of this title and all other requirements of this subchapter. Dissolution of any organization acting as an agent of a foreign principal shall not relieve any officer, or person performing the functions of an officer, or any director, or person performing the functions of a director, from complying with the provisions of this section. In case of failure of any such agent of a foreign principal to comply with any of the requirements of this subchapter, each of its officers, or persons performing the functions of officers, and each of its directors, or persons performing the functions of directors, shall be subject to prosecution therefor.

Source credit: (June 8, 1938, ch. 327, § 7, 52 Stat. 633; Apr. 29, 1942, ch. 263, § 1, 56 Stat. 256; Aug. 3, 1950, ch. 524, § 2, 64 Stat. 400.)

history & why it existsrecord from the source credit
  • 1938Enacted · Act of June 8, 1938, ch. 327 · 52 Stat. 633
  • 1942Amended · Act of Apr. 29, 1942, ch. 263 · 56 Stat. 256
  • 1950Amended · Act of Aug. 3, 1950, ch. 524 · 64 Stat. 400

A history note hasn’t been published yet. The record shows enactment by ch. 327 on 1938-06-08.

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