15 USC Sec. 80b-15 01/05/2009
TITLE 15 - COMMERCE AND TRADE
CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER II - INVESTMENT ADVISERS
Sec. 80b-15. Validity of contracts
(a) Waiver of compliance as void
Any condition, stipulation, or provision binding any person to
waive compliance with any provision of this subchapter or with any
rule, regulation, or order thereunder shall be void.
(b) Rights affected by invalidity
Every contract made in violation of any provision of this
subchapter and every contract heretofore or hereafter made, the
performance of which involves the violation of, or the continuance
of any relationship or practice in violation of any provision of
this subchapter, or any rule, regulation, or order thereunder,
shall be void (1) as regards the rights of any person who, in
violation of any such provision, rule, regulation, or order, shall
have made or engaged in the performance of any such contract, and
(2) as regards the rights of any person who, not being a party to
such contract, shall have acquired any right thereunder with actual
knowledge of the facts by reason of which the making or performance
of such contract was in violation of any such provision.
(Aug. 22, 1940, ch. 686, title II, Sec. 215, 54 Stat. 856.)
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.