CITE

    15 USC Sec. 80a-48                                          01/05/2009

EXPCITE

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

HEAD

    Sec. 80a-48. Penalties

STATUTE

      Any person who willfully violates any provision of this
    subchapter or of any rule, regulation, or order hereunder, or any
    person who willfully in any registration statement, application,
    report, account, record, or other document filed or transmitted
    pursuant to this subchapter or the keeping of which is required
    pursuant to section 80a-30(a) of this title makes any untrue
    statement of a material fact or omits to state any material fact
    necessary in order to prevent the statements made therein from
    being materially misleading in the light of the circumstances under
    which they were made, shall upon conviction be fined not more than
    $10,000 or imprisoned not more than five years, or both; but no
    person shall be convicted under this section for the violation of
    any rule, regulation, or order if he proves that he had no actual
    knowledge of such rule, regulation, or order.

SOURCE

    (Aug. 22, 1940, ch. 686, title I, Sec. 49, 54 Stat. 846; Pub. L. 94-
    29, Sec. 27(e), June 4, 1975, 89 Stat. 163.)

AMENDMENTS

      1975 - Pub. L. 94-29 substituted "or imprisoned not more than
    five years" for "or imprisoned not more than two years".
                     EFFECTIVE DATE OF 1975 AMENDMENT
      Amendment by Pub. L. 94-29 effective June 4, 1975, see section
    31(a) of Pub. L. 94-29, set out as a note under section 78b of this
    title.