
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC77ee]

 
                      TITLE 15--COMMERCE AND TRADE
 
               CHAPTER 2A--SECURITIES AND TRUST INDENTURES
 
                    SUBCHAPTER II--FOREIGN SECURITIES
 
Sec. 77ee. Directors of Corporation, powers and duties generally

    The board of directors may--
        (1) Convene meetings of holders of foreign securities.
        (2) Invite the deposit and undertake the custody of foreign 
    securities which have defaulted in the payment either of principal 
    or interest, and issue receipts or certificates in the place of 
    securities so deposited.
        (3) Appoint committees from the directors of the Corporation 
    and/or all other persons to represent holders of any class or 
    classes of foreign securities which have defaulted in the payment 
    either of principal or interest and determine and regulate the 
    functions of such committees. The chairman and vice chairman of the 
    board of directors shall be ex officio chairman and vice chairman of 
    each committee.
        (4) Negotiate and carry out, or assist in negotiating and 
    carrying out, arrangements for the resumption of payments due or in 
    arrears in respect of any foreign securities in default or for 
    rearranging the terms on which such securities may in future be held 
    or for converting and exchanging the same for new securities or for 
    any other object in relation thereto; and under this paragraph any 
    plan or agreement made with respect to such securities shall be 
    binding upon depositors, providing that the consent of holders 
    resident in the United States of 60 per centum of the securities 
    deposited with the Corporation shall be obtained.
        (5) Undertake, superintend, or take part in the collection and 
    application of funds derived from foreign securities which come into 
    the possession of or under the control or management of the 
    Corporation.
        (6) Collect, preserve, publish, circulate, and render available 
    in readily accessible form, when deemed essential or necessary, 
    documents, statistics, reports, and information of all kinds in 
    respect of foreign securities, including particularly records of 
    foreign external securities in default and records of the progress 
    made toward the payment of past-due obligations.
        (7) Take such steps as it may deem expedient with the view of 
    securing the adoption of clear and simple forms of foreign 
    securities and just and sound principles in the conditions and terms 
    thereof.
        (8) Generally, act in the name and on behalf of the holders of 
    foreign securities the care or representation of whose interests may 
    be entrusted to the Corporation; conserve and protect the rights and 
    interests of holders of foreign securities issued, sold, or owned in 
    the United States; adopt measures for the protection, vindication, 
    and preservation or reservation of the rights and interests of 
    holders of foreign securities either on any default in or on breach 
    or contemplated breach of the conditions on which such foreign 
    securities may have been issued, or otherwise; obtain for such 
    holders such legal and other assistance and advice as the board of 
    directors may deem expedient; and do all such other things as are 
    incident or conducive to the attainment of the above objects.

(May 27, 1933, ch. 38, title II, Sec. 204, 48 Stat. 94.)

                  Section Referred to in Other Sections

    This section is referred to in section 77hh of this title.
