CITE

    15 USC Sec. 77o                                             01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2A - SECURITIES AND TRUST INDENTURES
    SUBCHAPTER I - DOMESTIC SECURITIES

HEAD

    Sec. 77o. Liability of controlling persons

STATUTE

      Every person who, by or through stock ownership, agency, or
    otherwise, or who, pursuant to or in connection with an agreement
    or understanding with one or more other persons by or through stock
    ownership, agency, or otherwise, controls any person liable under
    sections 77k or 77l of this title, shall also be liable jointly and
    severally with and to the same extent as such controlled person to
    any person to whom such controlled person is liable, unless the
    controlling person had no knowledge of or reasonable ground to
    believe in the existence of the facts by reason of which the
    liability of the controlled person is alleged to exist.

SOURCE

    (May 27, 1933, ch. 38, title I, Sec. 15, 48 Stat. 84; June 6, 1934,
    ch. 404, title II, Sec. 208, 48 Stat. 908.)

AMENDMENTS

      1934 - Act June 6, 1934, exempted from liability controlling
    persons having no knowledge or reasonable grounds for belief.