Trust Indenture Act: Hearings Before a Subcommittee of the Committee on Banking and Currency, United States Senate, Seventy-sixth Congress, First Session, on S. 477, a Bill to Provide for the Regulation of the Sale of Certain Securities in Interstate and Foreign Commerce and Through the Mails, and the Regulation of the Trust Indentures Under which the Same are Issued, and for Other Purposes. February 7, 8, and 9, 1939 |
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Page 13
... negligent action or failure to act , or for its own willful misconduct , except that— " ( 1 ) The indenture may provide that , prior to default , the trustee shall be liable for the performance of only such duties as shall be ...
... negligent action or failure to act , or for its own willful misconduct , except that— " ( 1 ) The indenture may provide that , prior to default , the trustee shall be liable for the performance of only such duties as shall be ...
Page 29
... negligent action or failure to act , or for its own willful misconduct . Included in this prohibition , of course , are provi- sions relieving the trustee from liability for the negligence of its employees , except to the extent that ...
... negligent action or failure to act , or for its own willful misconduct . Included in this prohibition , of course , are provi- sions relieving the trustee from liability for the negligence of its employees , except to the extent that ...
Page 35
... negligence ; and indentures still fail to contain adequate prohibitions against the possession by the trustee of interests which materially conflict with those of the bondholders . The record of the House hearings on the former bill ...
... negligence ; and indentures still fail to contain adequate prohibitions against the possession by the trustee of interests which materially conflict with those of the bondholders . The record of the House hearings on the former bill ...
Page 37
... negligence . The trustee was generally given ample power to bring suit to collect the principal of the bonds , and almost invariably it was vested with the exclusive power to enforce the rights under the indenture against the property ...
... negligence . The trustee was generally given ample power to bring suit to collect the principal of the bonds , and almost invariably it was vested with the exclusive power to enforce the rights under the indenture against the property ...
Page 47
... negligence , as is frequently done . You mentioned the fact that trustees have not enforced the foreclosure provisions soon enough , or at times have not told the bondholders about the conditions that existed . I can see that those are ...
... negligence , as is frequently done . You mentioned the fact that trustees have not enforced the foreclosure provisions soon enough , or at times have not told the bondholders about the conditions that existed . I can see that those are ...
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Common terms and phrases
abuses action AMBERG amendment American Bankers Association authority Banking and Currency bankruptcy Barkley bill bondholders borrower BURKE CANRIGHT CHAIRMAN Chicago Commissioner EICHER conflicting interest Congress contain provisions corporate trustee denture duties effect Exchange Commission exempted exercise Federal Reserve Federal Reserve System fiduciary filed financing going HANES hearings inden indenture security holders indenture trustee institutions interest of investors Investment Bankers issuer judgment legislation liability matter MITCHUM National Bank necessary negligence notice of default obligations obligor outstanding paragraph percent person principal amount prior to default proposed protection of investors prudent public interest question reason reference registration respect responsibility ROBERT F rules and regulations section 312 Securities Act Securities and Exchange securities issued Senator BARKLEY Senator HUGHES Senator MALONEY Senator TAFT STARKWEATHER statement subsection SULLIVAN thereof thereunder thing tion trust company trust indentures underwriter United States Senate voting securities
Popular passages
Page 15 - System, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
Page 6 - If it appears to the Commission at any time that the registration statement includes any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading...
Page 17 - Commission under authority thereof, or any person who willfully, in a registration statement filed under this title, makes any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, shall upon conviction be fined not more than $10,000 or imprisoned not more than five years, or both.
Page 17 - If any provision of this Act, or the application of such provision to any person or circumstance, shall be held invalid, the remainder of this Act, or the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby.
Page 5 - ... (2) to carry or cause to be carried through the mails or in interstate commerce, by any means or instruments of transportation, any such security for the purpose of sale or for delivery after sale.
Page 15 - The Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation...
Page 5 - The Information contained In or filed with any registration statement shall be made available to the public under such regulations as the Commission may prescribe...
Page 3 - underwriter" means any person who has purchased from an issuer with a view to, or offers or sells for an issuer in connection with, the distribution of any security, or participates or has a direct or indirect participation in any such undertaking, or participates or has a participation in the direct or indirect underwriting of any such undertaking...
Page 4 - ... if it finds that the enforcement of this title with respect to such securities is not necessary in the public interest and for the protection of investors...
Page 5 - ... shall not be deemed to have taken place unless it is accompanied by a United States postal money order or a certified bank check or cash for the amount of the fee required under subsection (b).