U.S. Code » Title 15 » Chapter CHAPTER 2A— SECURITIES AND TRUST INDENTURES › Subchapter SUBCHAPTER II— FOREIGN SECURITIES

15 U.S.C. § 77cc

Directors of Corporation; appointment, term of office, and removal

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The control and management of the Corporation shall be vested in a board of six directors, who shall be appointed and hold office in the following manner: As soon as practicable after the date this chapter takes effect the Federal Trade Commission (hereinafter in this subchapter called “Commission”) shall appoint six directors, and shall designate a chairman and a vice chairman from among their number. After the directors designated as chairman and vice chairman cease to be directors, their successors as chairman and vice chairman shall be elected by the board of directors itself. Of the directors first appointed, two shall continue in office for a term of two years, two for a term of four years, and two for a term of six years, from the date this chapter takes effect, the term of each to be designated by the Commission at the time of appointment. Their successors shall be appointed by the Commission, each for a term of six years from the date of the expiration of the term for which his predecessor was appointed, except that any person appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed only for the unexpired term of such predecessor. No person shall be eligible to serve as a director who within the five years preceding has had any interest, direct or indirect, in any corporation, company, partnership, bank, or association which has sold or offered for sale any foreign securities. The office of a director shall be vacated if the board of directors shall, at a meeting specially convened for that purpose, by resolution passed by a majority of at least two-thirds of the board of directors, remove such member from office, provided that the member whom it is proposed to remove shall have seven days’ notice sent to him of such meeting, and that he may be heard.

Notes of Decisions
Cited in 2 cases, 2005–2005 · leading case: Dresner v. Util.. Com, Inc., 371 F. Supp. 2d 476 (S.D.N.Y. 2005).
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Dresner v. Util.. Com, Inc., 371 F. Supp. 2d 476 (S.D.N.Y. 2005). “Plaintiffs maintain that Section 29(a) of Exchange Act, 15 U.S.C. § 77cc(a), precludes enforcement of any waiver of Exchange Act claims, and that the merger clause is therefore invalid.”
Kaufman v. Guest Capital, L.L.C., 386 F. Supp. 2d 256 (S.D.N.Y. 2005). “evaluate whether non-reliance clauses constitute forbidden waivers under the Section 29(a) of the Securities Exchange Act, 15 U.S.C. § 77cc(a), which provides that “[a]ny condition, stipulation, or provision binding any person to waive compliance with any provision of this…”
— 15 U.S.C. § 77cc(a) — 2 cases
Dresner v. Util.. Com, Inc., 371 F. Supp. 2d 476 (S.D.N.Y. 2005). “Plaintiffs maintain that Section 29(a) of Exchange Act, 15 U.S.C. § 77cc(a), precludes enforcement of any waiver of Exchange Act claims, and that the merger clause is therefore invalid.”
Kaufman v. Guest Capital, L.L.C., 386 F. Supp. 2d 256 (S.D.N.Y. 2005). “evaluate whether non-reliance clauses constitute forbidden waivers under the Section 29(a) of the Securities Exchange Act, 15 U.S.C. § 77cc(a), which provides that “[a]ny condition, stipulation, or provision binding any person to waive compliance with any provision of this…”
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