CITE

    15 USC Sec. 80a-32                                          01/05/2009

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
    SUBCHAPTER I - INVESTMENT COMPANIES

HEAD

    Sec. 80a-32. Filing of documents with Commission in civil actions

STATUTE

      Every registered investment company which is a party and every
    affiliated person of such company who is a party defendant to any
    action or claim by a registered investment company or a security
    holder thereof in a derivative or representative capacity against
    an officer, director, investment adviser, trustee, or depositor of
    such company, shall file with the Commission, unless already so
    filed, (1) a copy of all pleadings, verdicts, or judgments filed
    with the court or served in connection with such action or claim,
    (2) a copy of any proposed settlement, compromise, or
    discontinuance of such action, and (3) a copy of such motions,
    transcripts, or other documents filed in or issued by the court or
    served in connection with such action or claim as may be requested
    in writing by the Commission. If any document referred to in clause
    (1) or (2) -
        (A) is delivered to such company or party defendant, such
      document shall be filed with the Commission not later than ten
      days after the receipt thereof; or
        (B) is filed in such court or delivered by such company or
      party defendant, such documents shall be filed with the
      Commission not later than five days after such filing or
      delivery.

SOURCE

    (Aug. 22, 1940, ch. 686, title I, Sec. 33, 54 Stat. 839; Pub. L. 91-
    547, Sec. 19, Dec. 14, 1970, 84 Stat. 1428.)

AMENDMENTS

      1970 - Pub. L. 91-547 inserted provision for party acting in
    representative capacity and substituted provisions for prompt
    filing with the Commission of copies of all pleadings, verdicts,
    judgments, settlements, compromises, or discontinuances served or
    filed in suits by a registered investment company or a security
    holder thereof against an officer, director, investment adviser,
    trustee, or depositor of such company and of copies of motions,
    transcripts, or other documents if the Commission requests them for
    prior requirement that registered companies and their affiliated
    persons who are defendants in derivative suits involving an alleged
    breach of official duty transmit to the Commission copies of the
    pleadings and the record in such actions after a settlement or
    compromise of the action has been approved by a court of competent
    jurisdiction or a verdict or final judgment on the merits has been
    rendered, Commission use of information, and nondisclosure of
    identity of persons.
                     EFFECTIVE DATE OF 1970 AMENDMENT
      Amendment by Pub. L. 91-547 effective Dec. 14, 1970, see section
    30 of Pub. L. 91-547, set out as a note under section 80a-52 of
    this title.

TRANSFER OF FUNCTIONS

      For transfer of functions of Securities and Exchange Commission,
    with certain exceptions, to Chairman of such Commission, see Reorg.
    Plan No. 10 of 1950, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175,
    64 Stat. 1265, set out under section 78d of this title.