Title 15 — Commerce and TradeRelease 119-73not60

§77dd Powers and Duties of Corporation, Generally

Title 15 › Chapter 2A— SECURITIES AND TRUST INDENTURES › Subchapter II— FOREIGN SECURITIES › § 77dd

Last updated Apr 3, 2026|Official source

Summary

The Corporation can adopt a corporate seal, make contracts, lease real estate, sue and be sued, and require information from trustees, financial agents, or dealers in foreign securities — even by issuing subpoenas. It can take over the work of fiscal or paying agents for foreign securities in default, borrow money for its duties, and use deposited securities as collateral for loans. With the Commission's approval, the Corporation can hire and set pay for officers, directors, committee members, employees, attorneys, and agents without following other federal hiring laws. It can set their duties, require bonds, dismiss them at will, make bylaws and rules for running its business, and the board decides how obligations are made and expenses are paid.

Full Legal Text

Title 15, §77dd

Commerce and Trade — Source: USLM XML via OLRC

The Corporation shall have power to adopt, alter, and use a corporate seal; to make contracts; to lease such real estate as may be necessary for the transaction of its business; to sue and be sued, to complain and to defend, in any court of competent jurisdiction, State or Federal; to require from trustees, financial agents, or dealers in foreign securities information relative to the original or present holders of foreign securities and such other information as may be required, and to issue subpenas therefor; to take over the functions of any fiscal and paying agents of any foreign securities in default; to borrow money for the purposes of this subchapter, and to pledge as collateral for such loans any securities deposited with the Corporation pursuant to this subchapter; by and with the consent and approval of the Commission to select, employ, and fix the compensation of officers, directors, members of committees, employees, attorneys, and agents of the Corporation, without regard to the provisions of other laws applicable to the employment and compensation of officers or employees of the United States; to define their authority and duties, require bonds of them and fix the penalties thereof, and to dismiss at pleasure such officers, employees, attorneys, and agents; and to prescribe, amend, and repeal, by its board of directors, bylaws, rules, and regulations governing the manner in which its general business may be conducted and the powers granted to it by law may be exercised and enjoyed, together with provisions for such committees and the functions thereof as the board of directors may deem necessary for facilitating its business under this subchapter. The board of directors of the Corporation shall determine and prescribe the manner in which its obligations shall be incurred and its expenses allowed and paid.

Reference

Citations & Metadata

Citation

15 U.S.C. § 77dd

Title 15 — Commerce and Trade

Last Updated

Apr 3, 2026

Release point: 119-73not60