Sec. 321. special powers of the commission
732 words·~3 min read·
/statute-compilations/comps-1888/sec-321A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## Sec. 321 special powers of the commission **[**77uuu**]** ###
(a)For the purpose of any investigation or any other proceeding which, in the opinion of the Commission, is necessary and proper for the enforcement of this title, any member of the Commission, or any officer thereof designated by it, is empowered to administer oaths and affirmations, subpena witnesses, compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, contracts, agreements, or other records which the Commission deems relevant or material to the inquiry. Such attendance of witnesses and the production of any such books, papers, correspondence, memoranda, contracts, agreements, or other records may be required from any place in the United States or in any Territory at any designated place of investigation or hearing. In addition, the Commission shall have the powers with respect to investigations and hearings, and with respect to the enforcement of, and offenses and violations under, this title and rules and regulations and orders prescribed under the authority thereof, provided in sections 20, 22(b), and 22(c) of the Securities Act of 1933. ###
(b)The Treasury Department, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Reserve Banks, and the Federal Deposit Insurance Corporation are hereby authorized, under such conditions as they may prescribe, to make available to the Commission such reports, records, or other information as they may have available with respect to trustees or prospective trustees under indentures qualified or to be qualified under this title, and to make through their examiners or other employees for the use of the Commission, examinations of such trustees or prospective trustees. Every such trustee or prospective trustee shall, as a condition precedent to qualification of such indenture, consent that reports of examinations by Federal, State, Territorial, or District authorities may be furnished by such authorities to the Commission upon request therefor. Notwithstanding any provision of this title, no report, record, or other information made available to the Commission under this subsection, no report of an examination made under this subsection for the use of the Commission, no report of an examination made of any trustee or prospective trustee by any Federal, State, Territorial, or District authority having jurisdiction to examine or supervise such trustee, no report made by any such trustee or prospective trustee to any such authority, and no correspondence between any such authority and any such trustee or prospective trustee, shall be divulged or made known or available by the Commission or any member, officer, agent, or employee thereof, to any person other than a member, officer, agent, or employee of the Commission: *Provided, *That the Commission may make available to the Attorney General of the United States, in confidence, any information obtained from such records, reports of examination, other reports, or correspondence, and deemed necessary by the Commission, or requested by him, for the purpose of enabling him to perform his duties under this title. ###
(c)Any investigation of a prospective trustee, or any proceeding or requirement for the purpose of obtaining information regarding a prospective trustee, under any provision of this title, shall be limited— ####
(1)to determining whether such prospective trustee is qualified to act as trustee under the provisions of subsection
(b)of section 310; ####
(2)to requiring the inclusion in the registration statement or application of information with respect to the eligibility of such prospective trustee under paragraph
(1)of subsection
(a)of such section 310; and ####
(3)to requiring the inclusion in the registration statement or application of the most recent published report of condition of such prospective trustee, as described in paragraph
(2)of such subsection (a), or, if the indenture does not contain the provision with respect to combined capital and surplus authorized by the last sentence of paragraph
(2)of subsection
(a)of such section 310, to determining whether such prospective trustee is eligible to act as such under such paragraph (2). ###
(d)The provisions section 4(b)) of the Securities Exchange Act of 1934 shall be applicable with respect to the power of the Commission— ####
(1)to appoint and fix the compensation of such employees as may be necessary for carrying out its functions under this title, and ####
(2)to lease and allocate such real property as may be necessary for carrying out its functions under this title.