Page:United States Statutes at Large Volume 41 Part 1.djvu/517

496 SIXTY—SIXTH CONGRESS. Suse. II. Ch. 91. 1920. “*·*“"°“*"'°” *°’· standing' . In the case of securities hav' no ar value, the par value for the purposes of this paragraph shalllie the fair market value as N<¤=i¤¤¤¤¤¤ ¤i ism of the date of issue. Withm ten days after the malging of such_notes °"‘°t°°' the carrier issuing the same shall ile with Commission a certificate of notiucation, in such form as inay from time to time be determined and prescribed by the Commission, setting forth as nearly as_may be the same matters as those required in respect of app cations for irunifik re quite authority to issue other securities: Proc•idegZ, That m any subsequent ¤*°¤”· funding of such notes the provisions of this section respecting other securities shall apply. _ _ _ _ Cmgpw wm ¤¤- " (10) The Commission require periodical or special reports }°.?§f’&c.°°"°°’ °”°°°f from each carrier hereafter issuing an securities, including such notes, which shall show, in such detail as the Commission may retqunre, the disposgd;;·1 rpade of such securities and the application 0 the proceeds eo . securiuesh issued " (11) Any securit issued or any obligation or assumed Zi$ix°°¢ir°`iic¤ii°¤iziZiigi°i§ by a carrier, for which under the provisions of this section e authori- '°*'l· zation of the Commission is required, shall be void, if issued or assumed without such authorization therefor having first been obtained, or if issued or assumed contr to any term or condition of such order of authorization as modihgy by any order supplemental thereto Pr¤c¤;1¤r¤d_x;r¤¤¤di¤= entered prior to such issuance or assumption; but no security issued °‘“"' ° °” or obligation orliability assumed in accordance with all the terms and conditions of such an order of authorization therefor as modified by any order supplemental thereto entered prior to such issuance or assumption, sh be rendered void because of failure to comply with any provision of this section relating to procedure and other matters °¤§c1gN*>m;{c_f‘k;¤T;g preceding the entry of such order of authorization. If any security so securities. made void or any security in respect to which the assumption of obligation or liability is so made void, is acquired by any person for value and in good faith and without notice that the issue or assumption is void, such person_may in a suit or action in an court of competent jurisdiction old jointllyuzilnd severally liable for the full amount of the damage sustained by in respect thereof, the carrier which issued the securityso made void, or assumed the obligation or liability so made yoid, and its directors, officers, attorneys, and other agents, who pharticipated in any way in the authorizing, issuing,hypothec ating, or se `ng of the securityso made void or in the authorizing of the m§g§g*°*]{ °{_c°E assumption of the obligation or liability so made void. In case any from asn-ie. · security so made void was directly ac uired from the carrier issuing it the holder may at option rescind lhie transaction and u on the hmmm, 0,dim_ surrender of the security recover the consideration given therefor. tm, ne., inesmeymn- Any du·ector, officer, attorney or agent of the carrier who knowingly §;‘§§f‘§,,,_“ ‘°""d°°“ assents to or concurs in any issue of securities or assumptions of obligation or liability forbidden by this section, or any sale or other disposition of securities contrary to the provisions of the Commissions or er or orders in the premises, or an application not authorized b the Commission of the funds derivecl by the carrier through such sal; or other disposition of such securities, shall be guilty of amisdemeanor and upon conviction shall be punished by a fine of not less than $1,000 nor more than $10,000, or by imprisonment for not less than one year nor more than three years, or by bothsuch Eno and imprison- _ h _ H ment, m the discretion of the court. ‘ m§é‘¢%‘E2i'L"§1°(CiJZE5£ " (12) After December 31, 1921, it shall be unlawful for any person <>¤¤¤¤¤i¤* ¤¤¤¤wf¤r to hold the lposition of officer or director of more than one carrier, unless such olding shall have been authorized by order of the Comgission, upoiéihdue shgwingi) form and manner prescribed by the ommission, at neit er pu 'c nor rivate interests will be adversel ,,,,2§§°’,,§§;,'§§E§” {3 affected thereby. _After this sectioii) takes effect it shall be unlawfnil we °*¤¤¢¤¤¤¤=· €*¤· for any officer or director of any carrier to receive for his own benefit, direc y or indirectly, any money or thing of value in respect of the