15 U.S.C. § 717k
Officials dealing in securities
It shall be unlawful for any officer or director of any natural-gas company to receive for his own benefit, directly or indirectly, any money or thing of value in respect to the negotiation, hypothecation, or sale by such natural-gas company of any security issued, or to be issued, by such natural-gas company, or to share in any of the proceeds thereof, or to participate in the making or paying of any dividends, other than liquidating dividends, of such natural-gas company from any funds properly included in capital account.
Notes of Decisions
Cited in 2
cases, 1980–1988 · leading case: Schneidewind v. ANR Pipeline Co., 485 U.S. 293 (1988).
Schneidewind v. ANR Pipeline Co., 485 U.S. 293 (1988). “See § 12, 15 U. S. C. § 717k. No company may abandon any service or facility without FERC approval, including a finding by FERC that either the available gas supply is depleted, or “the present or future public convenience or necessity permit such abandonment.”
United Gas Pipe Line Co. v. Fed. Energy Regulatory Comm'n, 618 F.2d 1127 (5th Cir. 1980). “” 15 U.S.C. § 717k. 10 . This argument is undercut by United’s assertion, elsewhere in its brief, that no rational investor would have expected that the Commission would require United to return the $15 million equity contribution without receiving the refund of its preferred…”
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