CITE
15 USC Sec. 80a-42 01/05/2009
EXPCITE
TITLE 15 - COMMERCE AND TRADE
CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER I - INVESTMENT COMPANIES
HEAD
Sec. 80a-42. Court review of orders
STATUTE
(a) Any person or party aggrieved by an order issued by the
Commission under this subchapter may obtain a review of such order
in the United States court of appeals within any circuit wherein
such person resides or has his principal place of business, or in
the United States Court of Appeals for the District of Columbia, by
filing in such court, within sixty days after the entry of such
order, a written petition praying that the order of the Commission
be modified or set aside in whole or in part. A copy of such
petition shall be forthwith transmitted by the clerk of the court
to any member of the Commission or any officer thereof designated
by the Commission for that purpose, and thereupon the Commission
shall file in the court the record upon which the order complained
of was entered, as provided in section 2112 of title 28. Upon the
filing of such petition such court shall have jurisdiction, which
upon the filing of the record shall be exclusive, to affirm,
modify, or set aside such order, in whole or in part. No objection
to the order of the Commission shall be considered by the court
unless such objection shall have been urged before the Commission
or unless there were reasonable grounds for failure so to do. The
findings of the Commission as to the facts, if supported by
substantial evidence, shall be conclusive. If application is made
to the court for leave to adduce additional evidence, and it is
shown to the satisfaction of the court that such additional
evidence is material and that there were reasonable grounds for
failure to adduce such evidence in the proceeding before the
Commission, the court may order such additional evidence to be
taken before the Commission and to be adduced upon the hearing in
such manner and upon such terms and conditions as to the court may
seem proper. The Commission may modify its findings as to the facts
by reason of the additional evidence so taken, and it shall file
with the court such modified or new findings, which, if supported
by substantial evidence, shall be conclusive, and its
recommendation, if any, for the modification or setting aside of
the original order. The judgment and decree of the court affirming,
modifying, or setting aside, in whole or in part, any such order of
the Commission shall be final, subject to review by the Supreme
Court of the United States upon certiorari or certification as
provided in section 1254 of title 28.
(b) The commencement of proceedings under subsection (a) of this
section to review an order of the Commission issued under section
80a-8(e) of this title shall operate as a stay of the Commission's
order unless the court otherwise orders. The commencement of
proceedings under subsection (a) of this section to review an order
of the Commission issued under any provision of this subchapter
other than section 80a-8(e) of this title shall not operate as a
stay of the Commission's order unless the court specifically so
orders.
SOURCE
(Aug. 22, 1940, ch. 686, title I, Sec. 43, 54 Stat. 844; June 25,
1948, ch. 646, Sec. 32(a), 62 Stat. 991; May 24, 1949, ch. 139,
Sec. 127, 63 Stat. 107; Pub. L. 85-791, Sec. 25, Aug. 28, 1958, 72
Stat. 949; Pub. L. 91-547, Sec. 21, Dec. 14, 1970, 84 Stat. 1430.)
AMENDMENTS
1970 - Pub. L. 91-547 substituted reference to "section 1254" for
"sections 346 and 347" of title 28.
1958 - Subsec. (a). Pub. L. 85-791, in second sentence,
substituted "transmitted by the clerk of the court to any member of
the Commission or" for "served upon any member of the Commission or
upon", substituted "file in the court" for "certify and file in the
court a transcript of", and inserted "as provided in section 2112
of title 28" and, in third sentence, substituted "petition" for
"transcript", and "jurisdiction, which upon the filing of the
record shall be exclusive" for "exclusive jurisdiction".
CHANGE OF NAME
Act June 25, 1948, eff. Sept. 1, 1948, as amended by act May 24,
1949, substituted "court of appeals" for "circuit court of
appeals".
MISCELLANEOUS
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.