CITE

    15 USC Sec. 77ee                                            01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2A - SECURITIES AND TRUST INDENTURES
    SUBCHAPTER II - FOREIGN SECURITIES

HEAD

    Sec. 77ee. Directors of Corporation, powers and duties generally

STATUTE

      The board of directors may -
        (1) Convene meetings of holders of foreign securities.
        (2) Invite the deposit and undertake the custody of foreign
      securities which have defaulted in the payment either of
      principal or interest, and issue receipts or certificates in the
      place of securities so deposited.
        (3) Appoint committees from the directors of the Corporation
      and/or all other persons to represent holders of any class or
      classes of foreign securities which have defaulted in the payment
      either of principal or interest and determine and regulate the
      functions of such committees. The chairman and vice chairman of
      the board of directors shall be ex officio chairman and vice
      chairman of each committee.
        (4) Negotiate and carry out, or assist in negotiating and
      carrying out, arrangements for the resumption of payments due or
      in arrears in respect of any foreign securities in default or for
      rearranging the terms on which such securities may in future be
      held or for converting and exchanging the same for new securities
      or for any other object in relation thereto; and under this
      paragraph any plan or agreement made with respect to such
      securities shall be binding upon depositors, providing that the
      consent of holders resident in the United States of 60 per centum
      of the securities deposited with the Corporation shall be
      obtained.
        (5) Undertake, superintend, or take part in the collection and
      application of funds derived from foreign securities which come
      into the possession of or under the control or management of the
      Corporation.
        (6) Collect, preserve, publish, circulate, and render available
      in readily accessible form, when deemed essential or necessary,
      documents, statistics, reports, and information of all kinds in
      respect of foreign securities, including particularly records of
      foreign external securities in default and records of the
      progress made toward the payment of past-due obligations.
        (7) Take such steps as it may deem expedient with the view of
      securing the adoption of clear and simple forms of foreign
      securities and just and sound principles in the conditions and
      terms thereof.
        (8) Generally, act in the name and on behalf of the holders of
      foreign securities the care or representation of whose interests
      may be entrusted to the Corporation; conserve and protect the
      rights and interests of holders of foreign securities issued,
      sold, or owned in the United States; adopt measures for the
      protection, vindication, and preservation or reservation of the
      rights and interests of holders of foreign securities either on
      any default in or on breach or contemplated breach of the
      conditions on which such foreign securities may have been issued,
      or otherwise; obtain for such holders such legal and other
      assistance and advice as the board of directors may deem
      expedient; and do all such other things as are incident or
      conducive to the attainment of the above objects.

SOURCE

    (May 27, 1933, ch. 38, title II, Sec. 204, 48 Stat. 94.)