§689l — Title 15 Commerce and Trade | U.S. Code

Summary

If the Administrator believes a New Markets Venture Capital company or any other person is breaking or is about to break the rules, the Administrator can ask a federal court to stop the behavior or force compliance. If the court is persuaded, it can issue temporary or permanent orders to stop the conduct, and the Administrator does not have to post a bond. The court may take full control of the company and its assets anywhere and can appoint a trustee or receiver to manage them under the court’s direction. The Administrator may act as that trustee or receiver, and the court can appoint the Administrator on request unless doing so would be unfair or inappropriate.

Title 15, §689l

Commerce and Trade — Source: USLM XML via OLRC

(a)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)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)(1)The Administrator may act as trustee or receiver of a New Markets Venture Capital company.

(2)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

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