US (United States) Code. Title 15. Chapter 4: China Trade

Codificación normativa de EEUU (Estados Unidos). Legislación federal estadounidense # Commerce and Trade

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  • Idioma: inglés
  • País: Estados Unidos Estados Unidos
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-CITE-

15 USC CHAPTER 4 - CHINA TRADE 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

.

-HEAD-

CHAPTER 4 - CHINA TRADE

-MISC1-

Sec.

141. Short title.

142. Definitions.

143. Registrar; designation; station; supervision by Secretary of

Commerce.

144. China trade corporations.

(a) Incorporation.

(b) Articles of incorporation.

(c) Prohibited transactions.

(d) Capital stock requirements.

144a. Incorporation fee for perpetual existence.

145. Certificate of incorporation.

146. General powers of corporation.

146a. Jurisdiction of suits by or against China Trade Act

corporation.

147. Stock; issuance at par value.

148. Payment of stock in real or personal property.

149. Bylaws.

150. Stockholders' meetings.

(a) Time of first meeting; quorum.

(b) Questions for determination only by stockholders.

(c) Authorization of amendments to articles of

incorporation.

(d) Filing of bylaws and amendments and minutes of

stockholders' meetings with registrar.

151. Directors.

152. Reports; records for public inspection.

153. Dividends.

154. Investigations by registrar; revocation of certificate of

incorporation.

155. Authority of registrar in obtaining evidence.

(a) Subpena for attendance of witness and production

of records, etc.

(b) Aid of Federal district court.

(c) Repealed.

(d) Access of registrar or his employee to books and

records.

156. Dissolution of corporation; trustees.

157. Regulations and fees; disposition of fees and penalties.

158. False or fraudulent statements prohibited; penalties.

159. Unauthorized use of legend; penalty.

160. Maintenance of agent for service.

161. Alteration, amendment, or repeal.

162. Creation of China corporations restricted.

-SECREF-

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in title 26 sections 246, 992, 1504,

6072, 6091.

-CITE-

15 USC Sec. 141 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 141. Short title

-STATUTE-

This chapter may be cited as the ''China Trade Act, 1922.''

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 1, 42 Stat. 849.)

-REFTEXT-

REFERENCES IN TEXT

This chapter, referred to in text, was in the original ''this

Act'', meaning act Sept. 19, 1922, ch. 346, 42 Stat. 849. The Act

(except sections 21 to 27) is classified to this chapter. Sections

21 to 27 of the Act amended title II of the Revenue Act of 1921,

which was repealed by section 1100 of the Revenue Act of 1924 (43

Stat. 352).

-CITE-

15 USC Sec. 142 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 142. Definitions

-STATUTE-

When used in this chapter, unless the context otherwise indicates

-

(a) The term ''person'' includes individual, partnership,

corporation, and association;

(b) The term ''China'' means (1) China including Manchuria,

Tibet, Mongolia, and any territory leased by China to any foreign

government, (2) the Crown Colony of Hong Kong, and (3) the Province

of Macao;

(c) The terms ''China Trade Act corporation'' and ''corporation''

mean a corporation chartered under the provisions of this chapter;

(d) The term ''Federal district court'' means any Federal

district court, and the United States District Court for the

District of Columbia;

(e) The term ''Secretary'' means the Secretary of Commerce; and

(f) The term ''registrar'' means the China Trade Act registrar

appointed under section 143 of this title.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 2, 42 Stat. 849; June 25, 1936, ch.

804, 49 Stat. 1921; Treaty Jan. 11, 1943, 57 Stat. 767; June 25,

1948, ch. 646, Sec. 32(a), 62 Stat. 991; May 24, 1949, ch. 139,

Sec. 127, 63 Stat. 107.)

-COD-

CODIFICATION

Words ''the United States Court for China'' deleted from

definition of ''Federal district court'' under the authority of

Treaty between the United States and the Republic of China, 57

Stat. 767, which was signed in Washington, Jan. 11, 1943, ratified

by the United States Senate on Feb. 11, 1943, ratified by the

President on May 4, 1943, and ratified by the Republic of China on

Feb. 4, 1943, by which the United States relinquished all

extraterritorial jurisdiction and rights in China.

Congress by private act Dec. 22, 1944, ch. 691, 58 Stat. 1086,

provided for the relief of certain former employees of the United

States Court for China for the period of July 1, 1942 to May 20,

1943, on which date the Court ceased to exist.

-CHANGE-

CHANGE OF NAME

Act June 25, 1948, eff. Sept. 1, 1948, as amended by act May 24,

1949, substituted ''United States District Court for the District

of Columbia'' for ''district court of the United States for the

District of Columbia''.

Act June 25, 1936, substituted ''district court of the United

States for the District of Columbia'' for ''Supreme Court of the

District of Columbia''.

-CITE-

15 USC Sec. 143 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 143. Registrar; designation; station; supervision by Secretary

of Commerce

-STATUTE-

The Secretary of Commerce may authorize such Foreign Service

officer as Secretary of State shall make available to perform

duties of China Trade Act Registrar under his direction. The

official station of the registrar shall be in China at a place to

be designated by the Secretary. All functions vested in the

registrar by this chapter shall be administered by him under the

supervision of the Secretary; except that upon appeal to the

Secretary in such manner as he shall by regulation prescribe, any

action of the registrar may be affirmed, modified, or set aside by

the Secretary as he deems advisable.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 3, 42 Stat. 850; 1939 Reorg. Plan

No. II, Sec. 1(d), eff. July 1, 1939, 4 F.R. 2731, 53 Stat. 1431.)

-TRANS-

TRANSFER OF FUNCTIONS

Secretary of Commerce may authorize such Foreign Service officer

as Secretary of State shall make available to perform duties of

China Trade Act Registrar under direction of Secretary of Commerce

to conform to 1939 Reorg. Plan No. II, set out in the Appendix to

Title 5, Government Organization and Employees.

Responsibilities of Secretary of Commerce with regard to China

Trade Act Registrar are exercised by Deputy Assistant Secretary for

International Commerce in Domestic and International Business

Administration of the Department of Commerce, with the power of

redelegation.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 142 of this title; title

18 section 6001.

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15 USC Sec. 144 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 144. China trade corporations

-STATUTE-

(a) Incorporation

Three or more individuals (hereinafter in this chapter referred

to as ''incorporators''), a majority of whom are citizens of the

United States, may, as hereinafter in this chapter provided, form a

District of Columbia corporation for the purpose of engaging in

business within China.

(b) Articles of incorporation

The incorporators may adopt articles of incorporation which shall

be filed with the Secretary at his office in the District of

Columbia and may thereupon make application to the Secretary for a

certificate of incorporation in such manner and form as shall be by

regulation prescribed. The articles of incorporation shall state -

(1) The name of the proposed China Trade Act corporation, which

shall end with the legend, ''Federal Inc. U.S.A.'', and which

shall not, in the opinion of the Secretary, be likely in any

manner to mislead the public;

(2) The location of its principal office, which shall be in the

District of Columbia;

(3) The particular business in which the corporation is to

engage;

(4) The amount of the authorized capital stock, the designation

of each class of stock, the terms upon which it is to be issued,

and the number and par value of the shares of each class of

stock;

(5) The duration of the corporation, which may be perpetual or

for a limited period;

(6) The names and addresses of at least three individuals (a

majority of whom, at the time of designation and during their

term of office, shall be citizens of the United States), to be

designated by the incorporators, who shall serve as temporary

directors; and

(7) The fact that an amount equal to 25 per centum of the

amount of the authorized capital stock has been in good faith

subscribed to.

(c) Prohibited transactions

A China Trade Act corporation shall not engage in the business of

discounting bills, notes, or other evidences of debt, of receiving

deposits, of buying and selling bills of exchange, or of issuing

bills, notes, or other evidences of debt, for circulation as money;

nor engage in any other form of banking business; nor engage in any

form of insurance business; nor engage in, nor be formed to engage

in, the business of owning or operating any vessel, unless the

controlling interest in such corporation is owned by citizens of

the United States, within the meaning of sections 802 and 803 of

title 46, Appendix.

(d) Capital stock requirements

No certificate of incorporation shall be delivered to a China

Trade Act corporation and no incorporation shall be complete until

at least 25 per centum of its authorized capital stock has been

paid in cash, or, in accordance with the provisions of section 148

of this title, in real or personal property which has been placed

in the custody of the directors, and such corporation has filed a

statement to this effect under oath with the registrar within six

months after the issuance of its certificate of incorporation,

except that the registrar may grant additional time for the filing

of such statement upon application made prior to the expiration of

such six months. If any such corporation transacts business in

violation of this subdivision of this section or fails to file such

statement within six months, or within such time as the registrar

prescribes upon such application, the registrar shall institute

proceedings under section 154 of this title for the revocation of

the certificate.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 4, 42 Stat. 850; Feb. 26, 1925, ch.

345, Sec. 1-5, 43 Stat. 995; June 25, 1938, ch. 696, Sec. 1, 52

Stat. 1195.)

-MISC1-

AMENDMENTS

1938 - Subsec. (b)(5). Act June 25, 1938, amended par. (5)

generally.

1925 - Act Feb. 26, 1925 amended subsecs. (a), (b)(6), (7), and

(c), and added subsec. (d).

EFFECTIVE DATE OF 1938 AMENDMENT

Act June 25, 1938, provided that the amendment shall apply to all

China Trade Act corporations created after the date of enactment of

the act.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 148 of this title.

-CITE-

15 USC Sec. 144a 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 144a. Incorporation fee for perpetual existence

-STATUTE-

Any China Trade Act corporation existing on June 25, 1938, may

make its existence perpetual only upon application to the Secretary

of Commerce to amend its charter in that respect and upon payment

of a fee equivalent to the incorporation fee. Upon receipt of such

application and the payment of such prescribed fee, the Secretary

shall approve such application and the charter of the corporation

shall be amended accordingly.

-SOURCE-

(June 25, 1938, ch. 696, Sec. 2, 52 Stat. 1196.)

-COD-

CODIFICATION

Section was not enacted as part of the China Trade Act, 1922,

which comprises this chapter.

-CITE-

15 USC Sec. 145 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 145. Certificate of incorporation

-STATUTE-

The Secretary shall, upon the filing of such application, issue a

certificate of incorporation certifying that the provisions of this

chapter have been complied with and declaring that the

incorporators are a body corporate, if (a) an incorporation fee of

$100 has been paid him; (b) he finds that the articles of

incorporation and statements therein conform to the requirements

of, and that the incorporation is authorized by, this chapter; and

(c) he finds that such corporation will aid in developing markets

in China for goods produced in the United States. A copy of the

articles of incorporation shall be made a part of the certificate

of incorporation and printed in full thereon. Any failure,

previous to the issuance of the certificate of incorporation, by

the incorporators or in respect to the application for the

certificate of incorporation, to conform to any requirement of law

which is a condition precedent to such issuance, may not subsequent

thereto be held to invalidate the certificate of incorporation or

alter the legal status of any act of a China Trade Act corporation,

except in proceedings instituted by the registrar for the

revocation of the certificate of incorporation.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 5, 42 Stat. 850.)

-CITE-

15 USC Sec. 146 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 146. General powers of corporation

-STATUTE-

In addition to the powers granted elsewhere in this chapter, a

China Trade Act corporation -

(a) Shall have the right of succession during the existence of

the corporation;

(b) Shall have a corporate seal and may, with the approval of the

Secretary, alter it;

(c) May sue and be sued;

(d) Shall have the right to transact the business authorized by

its articles of incorporation and such further business as is

properly connected therewith or necessary and incidental thereto;

(e) May make contracts and incur liabilities;

(f) May acquire and hold real or personal property, necessary to

effect the purpose for which it is formed, and dispose of such

property when no longer needed for such purposes;

(g) May borrow money and issue its notes, coupon or registered

bonds, or other evidences of debt, and secure their payment by a

mortgage of its property; and

(h) May establish such branch offices at such places in China as

it deems advisable.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 6, 42 Stat. 851; Feb. 26, 1925, ch.

345, Sec. 6, 43 Stat. 996.)

-MISC1-

AMENDMENTS

1925 - Par. (b). Act Feb. 26, 1925, substituted ''Shall'' for

''May''.

TREATY

Par. (h) of this section has been affected by the 1943 Treaty

between United States of America and the Republic of China, 57

Stat. 767, in which the United States relinquished all

extraterritorial jurisdiction and rights in China. See Codification

note set out under section 142 of this title.

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15 USC Sec. 146a 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 146a. Jurisdiction of suits by or against China Trade Act

corporation

-STATUTE-

The Federal district courts shall have exclusive original

jurisdiction of all suits to which a China Trade Act corporation,

or a stockholder, director, or officer thereof in his capacity as

such, is a party. Suit against the corporation may be brought in

the United States District Court for the District of Columbia or in

the Federal district court for any district in which the

corporation has an agent and is engaged in doing business.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 20(a), formerly Sec. 20, 42 Stat.

855; renumbered Sec. 20(a), Feb. 26, 1925, ch. 345, Sec. 10, 43

Stat. 996; June 25, 1936, ch. 804, 49 Stat. 1921; Treaty of Jan.

11, 1943, 57 Stat. 767; June 25, 1948, ch. 646, Sec. 32(a), 62

Stat. 991; May 24, 1949, ch. 139, Sec. 127, 63 Stat. 107.)

-COD-

CODIFICATION

Section comprises subsec. (a) of section 20 of act Sept. 19,

1922, as amended by act Feb. 26, 1925. Subsec. (b) of section 20 is

classified to section 160 of this title.

In the first sentence, the words ''(except as provided by the Act

entitled 'An Act creating a United States Court for China and

prescribing the jurisdiction thereof,' approved June 30, 1906, as

amended)'' have been omitted because that Act (formerly classified

to sections 191 to 197, 199, 200, and 202 of Title 22, Foreign

Relations and Intercourse) was repealed by act June 25, 1948, ch.

646, Sec. 39, 62 Stat. 992, eff. Sept. 1, 1948.

The provision in the second sentence that suits against the China

Trade Act corporation might also be brought in the United States

Court for China was omitted as that court is no longer in

operation. By the treaty of Jan. 11, 1943, between the United

States and China, the United States relinquished extraterritorial

rights in China. See Codification note set out under section 142 of

this title.

Section was formerly classified to section 53 of Title 28 prior

to the general revision and enactment of Title 28, Judiciary and

Judicial Procedure, by act June 25, 1948, ch. 646, Sec. 1, 62 Stat.

869.

-CHANGE-

CHANGE OF NAME

Act June 25, 1948, eff. Sept. 1, 1948, as amended by act May 24,

1949, substituted ''United States District Court for the District

of Columbia'' for ''district court of the United States for the

District of Columbia''.

Act June 25, 1936, changed name of ''Supreme Court of the

District of Columbia'' to ''district court of the United States for

the District of Columbia''.

-CITE-

15 USC Sec. 147 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 147. Stock; issuance at par value

-STATUTE-

Each share of the original or any subsequent issue of stock of a

China Trade Act corporation shall be issued at not less than par

value, and shall be paid for in cash, or in accordance with the

provisions of section 148 of this title, in real or personal

property which has been placed in the custody of the directors. No

such share shall be issued until the amount of the par value

thereof has been paid the corporation; and when issued, each share

shall be held to be full paid and nonassessable; except that if any

share is, in violation of this section, issued without the amount

of the par value thereof having been paid to the corporation, the

holder of such share shall be liable in suits by creditors for the

difference between the amount paid for such share and the par value

thereof.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 7, 42 Stat. 851; Feb. 26, 1925, ch.

345, Sec. 7, 43 Stat. 996.)

-MISC1-

AMENDMENTS

1925 - Act Feb. 26, 1925, substituted ''not less than par value''

for ''par value only''.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 148 of this title.

-CITE-

15 USC Sec. 148 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 148. Payment of stock in real or personal property

-STATUTE-

No share of stock of a China Trade Act corporation shall, for the

purposes of section 147 of this title or of subdivision (d) of

section 144 of this title, be held paid in real or personal

property unless (1) a certificate describing the property and

stating the value at which it is to be received has been filed by

the corporation with the Secretary or the registrar in such manner

as shall be by regulation prescribed, and a fee to be fixed by the

Secretary or the registrar, respectively, to cover the cost of any

necessary investigation has been paid, and (2) the Secretary or the

registrar, as the case may be, finds and has certified to the

corporation that such value is not more than the fair market value

of the property.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 8, 42 Stat. 851.)

-REFTEXT-

REFERENCES IN TEXT

Subdivision (d) of section 144 of this title, referred to in

text, was in the original ''paragraph (7) of subdivision (b) of

section 4'', which is classified to section 144(b)(7) of this

title. Part of the provisions of par. (7) were transferred to

subd. (d) of section 144 by act Feb. 26, 1925, ch. 345, Sec. 3, 5,

43 Stat. 995.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 144, 147 of this title.

-CITE-

15 USC Sec. 149 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 149. Bylaws

-STATUTE-

The bylaws may provide -

(a) The time, place, manner of calling, giving notice, and

conduct of, and determination of a quorum for, the meetings, annual

or special, of the stockholders or directors;

(b) The number, qualifications, and manner of choosing and fixing

the tenure of office and compensation of all directors; but the

number of such directors shall be not less than three, and a

majority of the directors, and the president and the treasurer, or

each officer holding a corresponding office, shall, during their

tenure of office, be citizens of the United States resident in

China.

(c) The manner of calling for and collecting payments upon shares

of stock, the penalties and forfeitures for nonpayment, the

preparation of certificates of the shares, the manner of recording

their sale or transfer, and the manner of their representation at

stockholders' meetings.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 9, 42 Stat. 852; Feb. 26, 1925, ch.

345, Sec. 8, 43 Stat. 996.)

-MISC1-

AMENDMENTS

1925 - Par. (b). Act Feb. 26, 1925, amended par. (b) generally.

-CITE-

15 USC Sec. 150 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 150. Stockholders' meetings

-STATUTE-

(a) Time of first meeting; quorum

Within six months after the issuance of the certificate of

incorporation of a China Trade Act corporation there shall be held

a stockholders' meeting either at the principal office or a branch

office of the corporation. Such meeting shall be called by a

majority of the directors named in the articles of incorporation

and each stockholder shall be given at least ninety days' notice of

the meeting either in person or by mail. The holders of two-thirds

of the voting shares, represented in person or by proxy, shall

constitute a quorum at such meetings authorized to transact

business. At this meeting or an adjourned meeting thereof a code

of bylaws for the corporation shall be adopted by a majority of the

voting shares represented at the meeting.

(b) Questions for determination only by stockholders

The following questions shall be determined only by the

stockholders at a stockholders' meeting:

(1) Adoption of the bylaws;

(2) Amendments to the articles of incorporation or bylaws;

(3) Authorization of the sale of the entire business of the

corporation or of an independent branch of such business;

(4) Authorization of the voluntary dissolution of the

corporation; and

(5) Authorization of application for the extension of the

period of duration of the corporation.

(c) Authorization of amendments to articles of incorporation

The adoption of any such amendment or authorization shall require

the approval of at least two-thirds of the voting shares. No

amendment to the articles of incorporation or authorization for

dissolution or extension shall take effect until (1) the

corporation files a certificate with the Secretary stating the

action taken, in such manner and form as shall be by regulation

prescribed, and (2) such amendment or authorization is found and

certified by the Secretary to conform to the requirements of this

chapter.

(d) Filing of bylaws and amendments and minutes of stockholders'

meetings with registrar

A certified copy of the bylaws and amendments thereof and of the

minutes of all stockholders' meetings of the corporation shall be

filed with the registrar.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 10, 42 Stat. 852; Feb. 26, 1925, ch.

345, Sec. 9, 43 Stat. 996.)

-MISC1-

AMENDMENTS

1925 - Subsec. (a). Act Feb. 26, 1925, inserted '', represented

in person or by proxy,'' in third sentence.

-CITE-

15 USC Sec. 151 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 151. Directors

-STATUTE-

The directors designated in the articles of incorporation shall,

until their successors take office, direct the exercise of all

powers of a China Trade Act corporation except such as are

conferred upon the stockholders by law or by the articles of

incorporation or bylaws of the corporation. Thereafter the

directors elected in accordance with the bylaws of the corporation

shall direct the exercise of all powers of the corporation except

such as are so conferred upon the stockholders. In the exercise of

such powers the directors may appoint and remove and fix the

compensation of such officers and employees of the corporation as

they deem advisable.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 11, 42 Stat. 852.)

-CITE-

15 USC Sec. 152 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 152. Reports; records for public inspection

-STATUTE-

(a) For the purposes of this chapter the fiscal year of a China

Trade Act corporation shall correspond to the calendar year. The

corporation shall make and file with the registrar, in such manner

and form and at such time as shall be by regulation prescribed, a

report of its business for each such fiscal year and of its

financial condition at the close of the year. The corporation

shall furnish a true copy of the report to each of its

stockholders.

(b) The registrar shall file with the Secretary copies of all

reports, certificates, and certified copies received or issued by

the registrar under the provisions of this chapter. The Secretary

shall file with the registrar copies of all applications for a

certificate of incorporation, and certificates received or issued

by the Secretary under the provisions of this chapter. All such

papers shall be kept on record in the offices of the registrar and

the Secretary, and shall be available for public inspection under

such regulations as may be prescribed.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 12, 42 Stat. 853.)

-CITE-

15 USC Sec. 153 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 153. Dividends

-STATUTE-

Dividends declared by a China Trade Act corporation shall be

derived wholly from the surplus profits of its business.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 13, 42 Stat. 853.)

-CITE-

15 USC Sec. 154 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 154. Investigations by registrar; revocation of certificate of

incorporation

-STATUTE-

The registrar may, in order to ascertain if the affairs of a

China Trade Act corporation are conducted contrary to any provision

of this chapter, or any other law, or any treaty of the United

States, or the articles of incorporation or bylaws of the

corporation, investigate the affairs of the corporation. The

registrar, whenever he is satisfied that the affairs of any China

Trade Act corporation are or have been so conducted, may institute

in the United States Court for China proceedings for the revocation

of the certificate of incorporation of the corporation. The court

may revoke such certificate if it finds the affairs of such

corporation have been so conducted. Pending final decision in the

revocation proceedings the court may at any time, upon application

of the registrar or upon its own motion, make such orders in

respect to the conduct of the affairs of the corporation as it

deems advisable.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 14, 42 Stat. 853.)

-REFTEXT-

REFERENCES IN TEXT

United States Court for China, referred to in text, has been

abolished. See Codification note set out under section 142 of this

title.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 144 of this title.

-CITE-

15 USC Sec. 155 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 155. Authority of registrar in obtaining evidence

-STATUTE-

(a) Subpena for attendance of witness and production of records,

etc.

For the efficient administration of the functions vested in the

registrar by this chapter, he may require, by subpoena issued by

him or under his direction, (1) the attendance of any witness and

the production of any book, paper, document, or other evidence from

any place in China at any designated place of hearing in China, or,

if the witness is actually resident or temporarily sojourning

outside of China, at any designated place of hearing within fifty

miles of the actual residence or place of sojourn of such witness,

and (2) the taking of a deposition before any designated person

having power to administer oaths. In the case of a deposition, the

testimony shall be reduced to writing by the person taking the

deposition or under his direction, and shall then be subscribed by

the deponent. The registrar, or any officer, employee, or agent of

the United States authorized in writing by him, may administer

oaths and examine any witness. Any witness summoned or whose

deposition is taken under this section shall be paid the same fees

and mileage as are paid witnesses in the courts of the United

States.

(b) Aid of Federal district court

In the case of failure to comply with any subpoena or in the case

of the contumacy of any witness before the registrar or any

individual so authorized by him, the registrar or such individual

may invoke the aid of any Federal district court. Such court may

thereupon order the witness to comply with the requirements of such

subpoena and to give evidence touching the matter in question. Any

failure to obey such order may be punished by such court as a

contempt thereof.

(c) Repealed. Pub. L. 91-452, title II, Sec. 217, Oct. 15, 1970, 84

Stat. 929

(d) Access of registrar or his employee to books and records

For the efficient administration of the functions vested in the

registrar by this chapter, he, or any officer, employee, or agent

of the United States authorized in writing by him, shall at all

reasonable times, for the purpose of examination, have access to

and the right to copy any book, account, record, paper, or

correspondence relating to the business or affairs of a China Trade

Act corporation. Any person who upon demand refuses the registrar,

or any duly authorized officer, employee, or agent, such access or

opportunity to copy, or hinders, obstructs, or resists him in the

exercise of such right, shall be liable to a penalty of not more

than $5,000 for each such offense. Such penalty shall be

recoverable in a civil suit brought in the name of the United

States.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 15, 42 Stat. 853; Pub. L. 91-452,

title II, Sec. 217, Oct. 15, 1970, 84 Stat. 929.)

-MISC1-

AMENDMENTS

1970 - Subsec. (c). Pub. L. 91-452 struck out subsec. (c) which

granted immunity from prosecution for any natural person testifying

in obedience to a subpoena.

EFFECTIVE DATE OF 1970 AMENDMENT

Amendment by Pub. L. 91-452 effective on sixtieth day following

Oct. 15, 1970, see section 260 of Pub. L. 91-452, set out as an

Effective Date; Savings Provision note under section 6001 of Title

18, Crimes and Criminal Procedure.

SAVINGS PROVISION

Amendment by Pub. L. 91-452 not to affect any immunity to which

any individual is entitled under this section by reason of any

testimony given before the sixtieth day following Oct. 15, 1970,

see section 260 of Pub. L. 91-452, set out as an Effective Date;

Savings Provision note under section 6001 of Title 18, Crimes and

Criminal Procedure.

-CITE-

15 USC Sec. 156 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 156. Dissolution of corporation; trustees

-STATUTE-

In case of the voluntary dissolution of a China Trade Act

corporation or revocation of its certificate of incorporation, the

directors of the corporation shall be trustees for the creditors

and stockholders of the corporation; except that upon application

to the United States Court for China by any interested party, or

upon the motion of any court of competent jurisdiction in any

proceeding pending before it, the court may in its discretion

appoint as the trustees such persons, other than the directors, as

it may determine. The trustees are invested with the powers, and

shall do all acts, necessary to wind up the affairs of the

corporation and divide among the stockholders according to their

respective interests the property of the corporation remaining

after all obligations against it have been settled. For the

purposes of this section the trustees may sue and be sued in the

name of the corporation and shall be jointly and severally liable

to the stockholders and creditors of the corporation to the extent

of the property coming into their hands as trustees.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 16, 42 Stat. 854.)

-REFTEXT-

REFERENCES IN TEXT

United States Court for China, referred to in text, has been

abolished. See Codification note set out under section 142 of this

title.

-CITE-

15 USC Sec. 157 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 157. Regulations and fees; disposition of fees and penalties

-STATUTE-

(a) The Secretary is authorized to make such regulations as may

be necessary to carry into effect the functions vested in him or in

the registrar by this chapter.

(b) The Secretary is authorized to prescribe and fix the amount

of such fees (other than the incorporation fee) to be paid him or

the registrar for services rendered by the Secretary or the

registrar to any person in the administration of the provisions of

this chapter. All fees and penalties paid under this chapter shall

be covered into the Treasury of the United States as miscellaneous

receipts.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 17, 42 Stat. 854.)

-CITE-

15 USC Sec. 158 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 158. False or fraudulent statements prohibited; penalties

-STATUTE-

No stockholder, director, officer, employee, or agent of a China

Trade Act corporation shall make, issue, or publish any statement,

written or oral, or advertisement in any form, as to the value or

as to the facts affecting the value of stocks, bonds, or other

evidences of debt, or as to the financial condition or

transactions, or facts affecting such condition or transactions, of

such corporation if it has issued or is to issue stocks, bonds, or

other evidences of debt, whenever he knows or has reason to believe

that any material representation in such statement or advertisement

is false. No stockholder, director, officer, employee, or agent of

a China Trade Act corporation shall, if all the authorized capital

stock thereof has not been paid in, make, issue, or publish any

written statement or advertisement, in any form, stating the amount

of the authorized capital stock without also stating as the amount

actually paid in, a sum not greater than the amount paid in. Any

person violating any provisions of this section shall, upon

conviction thereof, be fined not more than $5,000 or imprisoned not

more than ten years, or both.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 18, 42 Stat. 855.)

-CITE-

15 USC Sec. 159 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 159. Unauthorized use of legend; penalty

-STATUTE-

No individual, partnership, or association, or corporation not

incorporated under this chapter or under a law of the United

States, shall engage in business within China under a name in

connection with which the legend ''Federal Inc. U.S.A.'' is used.

Any person violating this section shall, upon conviction thereof,

be fined not more than $1,000 for each violation.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 19, 42 Stat. 855.)

-CITE-

15 USC Sec. 160 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 160. Maintenance of agent for service

-STATUTE-

Every China Trade Act corporation shall maintain in the District

of Columbia a person as its accredited agent, upon whom legal

process may be served, in any suit to be brought in the United

States District Court for the District of Columbia, and who is

authorized to enter an appearance in its behalf. In the event of

the death or inability to serve, or the resignation or removal, of

such person, such corporation shall, within such time as the

Secretary by regulation prescribes, appoint a successor. Such

corporation shall file with the Secretary a certified copy of each

power of attorney appointing a person under this section, and a

certified copy of the written consent of each person so appointed.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 20(b), as added Feb. 26, 1925, ch.

345, Sec. 10, 43 Stat. 996; June 25, 1936, ch. 804, 49 Stat. 1921;

June 25, 1948, ch. 646, Sec. 32(a), 62 Stat. 991; May 24, 1949, ch.

139, Sec. 127, 63 Stat. 107.)

-COD-

CODIFICATION

Section comprises subsec. (b) of section 20 of act Sept. 19,

1922, as added by act Feb. 26, 1925. Subsec. (a) of section 20 is

classified to section 146a of this title.

-CHANGE-

CHANGE OF NAME

Act June 25, 1948, eff. Sept. 1, 1948, as amended by act May 24,

1949, substituted ''United States District Court for the District

of Columbia'' for ''district court of the United States for the

District of Columbia.''

Act June 25, 1936, changed name of ''Supreme Court of the

District of Columbia'' to ''district court of the United States for

the District of Columbia''.

-CITE-

15 USC Sec. 161 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 161. Alteration, amendment, or repeal

-STATUTE-

The Congress of the United States reserves the right to alter,

amend, or repeal any provision of this chapter.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 28, 42 Stat. 856.)

-CITE-

15 USC Sec. 162 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 4 - CHINA TRADE

-HEAD-

Sec. 162. Creation of China corporations restricted

-STATUTE-

No corporation for the purpose of engaging in business within

China shall be created under any law of the United States other

than this chapter.

-SOURCE-

(Sept. 19, 1922, ch. 346, Sec. 29, as added Feb. 26, 1925, ch. 345,

Sec. 13, 43 Stat. 997.)

-CITE-