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.