ings the findings of the Trial Examiner as set in his report and being of the opinion that the requirements of Section 10 have been completed with for the reasons set out in such findings;
It is ordered that such acquisition be and the same is hereby approved, on condition that the terms and conditions of such acquisition shall be in the substantial compliance with the terms and conditions of said amended application.
If is further ordered that, promptly upon such acquisition, the applicant shall notify the Commission that the terms and conditions of said amended application have been so complied with and that all proceedings necessary to such acquisition have been completed.
By the Commission.
[Filed, March 14, 1936; 1:25 p. m.]
[For immediate release Saturday, March 14, 1936]
Securities Exchange Act of 1934
Release No. 528 (Class A)
Securities and Exchange Commission, Washington.
The Securities and Exchange Commission, deeming it necessary and appropriate in the public interest and for the protection of investors, and necessary for the execution of the functions vested in it, to exempt from the provisions hereinafter mentioned of the Securities Exchange Act of 1934 the following securities, for the period hereinafter stated and upon the terms and conditions hereinafter specified, pursuant to authority conferred upon it by the Securities Exchange Act of 1934, particularly Sections 3 (a) (12), 10 (b), and 23 (a) thereof, hereby adopts the following rule:
Rule AN20. Temporary exemption from sections 12 (a) and 7 (c) (2) of certain securities evidenced by the same instrument as a listed security; prohibition of use of manipulative or deceptive devices or contrivances with respect thereto. (a) Any other security evidenced by the same instrument as a listed security at the time the latter became or becomes a listed security, except any security created in the same transaction as such listed security, shall be exempt from the operation of Section 12 (a) to the extent necessary to render lawful the effecting of transactions therein on the exchange on which such listed security was listed, until registration pursuant to Section 12 (b), (c), and (d) shall become effective as to such other security, or until the date specified below, whichever shall first occur, for the purposes of this rule, the word "listed" means listed on a national securities exchange, as a security registered pursuant to Sections 12 (b), (c), and (d), or as a security exempted form the operation of Section 12 (a).
(b) The exchange upon which each such listed security was listed shall advise the Commission of any information with respect to the existence of any such other security, promptly after acquiring knowledge thereof.
(c) Such exemption shall terminate as to any other security at the close of business on the tenth day following the dispatch, to such exchange and to the issuer of such listed security, of notice of the entry of any order (to be entered after appropriate notice and opportunity for hearing to the exchange and to such issuer) finding that such other security exists; provided, however, that such termination of the exemption afforded by this rule in such manner shall not affect any exemption accorded by any other rule.
(d) Any security exempted from the operation of Section 12 (a) of paragraph (a) of this Rule shall be exempt from the operation of Section 7 (c) (2) for the period specified in paragraph (c) of the Rule, to the extent necessary to render lawful any direct or indirect extension or maintenance of credit on such security or any direct or indirect arrangement therefor which would not have been unlawful if such security had been a security (other than an exempted security) registered on a national securities exchange.
(e) The term manipulative or deceptive device or contrivance, as used in Section 10 (b), is hereby defined to include any act or omission to act with respect to any security exempted from the operation of Section 12 (a) by paragraph (a) of this Rule which would have been unlawful under Section 9 (a), or any rule or regulation heretofore or hereafter prescribed thereunder, if done or omitted to be done with respect to a security registered on a national securities exchange, and the use of any means or instrumentality of interstate commerce or of the mails or of any facility of any national securities exchange with the purchase or sale of any security exempted by paragraph (a) of this Rule from the operation of Section 12 (a) is hereby prohibited.
The above Rule shall become effective March 13, 1936.
UNITED STATES BOARD OF TAX APPEALS
Amendment to Rules of Practice Before the United States Board of Tax Appeals
Authority:
- Rules of Practice and Procedure prescribed pursuant to the authority of section 907 (a) of the Revenue Act of 2914, as added by section 1000 of the Revenue Act of 1926 (44 Stat. 9, 105), as amended by section 601 of the Revenue Act of 1928 (45 Stat. 791, 871).
- Section 909 (a) (2) of the Revenue Act of 1924, added by section 1000 of the Revenue Act of 1926 (44 Stat. 9, 105).
RULE 47.—DEPOSITIONS UPON WRITTEN INTERROGATORIES
(As Amended February 28, 1936)
Depositions may be taken in the discretion of the Board upon written interrogatories in substantially the same manner as provided in rules 45 and 46 for depositions upon oral examinations. An original and five copies of the interrogatories must be filed with the application. The clerk will serve one copy of the application and of the interrogatories upon the opposite party. If the opposite party desires to file objections or cross-interrogatories, he must do so within ten days after the application and interrogatories have been served upon him. Cross-interrogatories must consist of an original and five copies. The clerk will serve one copy thereof upon the opposite party who, if he has any objection thereto, must file his objections within ten days thereafter. No objections to the interrogatories or cross-interrogatories will be considered at the hearing unless timely filed in accordance with this rule.
No person other than the witness, a stenographic reported, and the officer taking the deposition upon written interrogatories and cross-interrogatories shall be present at the examination of the witness. This fact shall be certified by the officer taking the deposition. That officer shall propound the interrogatories and cross-interrogatories to the witness in their order and reduce the testimony to writing in the witness’s own words.
Depositions obtained in foreign countries must be taken upon written interrogatories, except as otherwise directed by the Board for the cause shown.
[Filed, March 13, 1936; 12:34 p. m.]
