15 U.S.C. § 689l: Injunctions and other orders

Summary

The Administrator can go to a federal court to stop a New Markets Venture Capital company or any person from breaking the rules in this law or from about to break them. If the Administrator shows they have broken or will break the rules, the court must issue a temporary or permanent order to stop the actions or make them follow the rules, and the court does not have to require a bond. The court can take control of the company and its assets, wherever they are, and can appoint someone to hold or manage those assets for the court. The Administrator may serve as that manager, and the court will appoint the Administrator unless it finds that would be unfair or clearly inappropriate.

Title 15, §689l

Commerce and Trade, Source: USLM XML via OLRC

(a)In general

Whenever, in the judgment of the Administrator, a New Markets Venture Capital company or any other person has engaged or is about to engage in any acts or practices which constitute or will constitute a violation of any provision of this chapter, or of any rule or regulation under this chapter, or of any order issued under this chapter, the Administrator may make application to the proper district court of the United States or a United States court of any place subject to the jurisdiction of the United States for an order enjoining such acts or practices, or for an order enforcing compliance with such provision, rule, regulation, or order, and such courts shall have jurisdiction of such actions and, upon a showing by the Administrator that such New Markets Venture Capital company or other person has engaged or is about to engage in any such acts or practices, a permanent or temporary injunction, restraining order, or other order, shall be granted without bond.

(b)Jurisdiction

In any proceeding under subsection (a), the court as a court of equity may, to such extent as it deems necessary, take exclusive jurisdiction of the New Market Venture Capital company and the assets thereof, wherever located, and the court shall have jurisdiction in any such proceeding to appoint a trustee or receiver to hold or administer under the direction of the court the assets so possessed.

(c)Administrator as trustee or receiver

(1)Authority

The Administrator may act as trustee or receiver of a New Markets Venture Capital company.

(2)Appointment

Upon request of the Administrator, the court may appoint the Administrator to act as a trustee or receiver of a New Markets Venture Capital company unless the court deems such appointment inequitable or otherwise inappropriate by reason of the special circumstances involved.

§689l Injunctions and Other Orders

Summary

Title 15, §689l

Notes & Related Subsidiaries

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