73d CONGRESS . SESS. II. CH. 404. JUNE 6, 1934 . SECURITIES AND EXCHANGE COMMISSION SEC . 4 . (a) There is he reby e stabli shed a Securi ties a nd Exc hange Commi ssion (her eina fter refer red to as the " Commission " ) to be composed of five commissioners to be appointed by the President by and with the advice and consent of the Senate . 'Not more than three of such commissioners shall be members of the same political party, and in making appointments members of different political parties shall be appointed alternately as nearly as may be practi- cable . No commissioner shall engage in any other business, vocation, or employment than that of serving as commissioner, nor shall any commissioner participate, directly or indirectly, in any stock-market operations or transactions of a character subject to regulation by the Commission pursuant to this title . Each commissioner shall receive a sal ary at the r ate of $10,0 00 a ye ar and shall hold office for a t erm of five years, excep t that (1) an y comm ission er app ointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed, shall be appointed for the remainder of such term, and (2) the terms of office of the commis- sioners first taking office after the date of enactment of this title shall e xpire, as de signat ed by the Pr esident at th e time of no mina- tion, one at the end of one year, one at the end of two years, one at the end of three years , one at the end of four years, and o ne at the end of five years, after the date of enactment of this title . (b) The Commission is authorized to appoint and fix the com- pensation of such officers, attorneys, examiners, and other experts as may be necessary for carrying out its functions under this Act, without regard to the provisions of other laws applicable to the employment and compensation of officers and employees of the United States, and the Commission may, subject to the civil-service laws, a ppoint such other office rs and employ ees as are n ecessa ry in the exe cution of it s func tions and fi x their salar ies in accor dance with the Classification Act of 1923, as amended . T RANS ACTI ONS ON UNRE GIST ERED EXC HAN GES SEC . 5 . It shall be un lawful for a ny bro ker, de aler, or exc hange, directly or indirectly, to make use of the mails or any means or instrum entali ty of inters tate c ommerc e for t he pur pose o f usin g any facility of an exchange within or subject to the jurisdiction of the United States to effect any transaction in a security, or to report any such transaction, unless such exchange (1) is registered as a national securities exchange under section 6 of this title, or (2) is exemp ted f rom s uch regis trati on u pon a pplic ation by the e xchan ge because, in the opinion of the Commission, by reason of the limited volume of tr ansact ions e ffecte d on s uch exc hange, it is not p racti- cable and not necessary or appropriate in the public interest or foi th e protect ion of in vestors t o require such re gistratio n . REGISTRATION OF NATIONAL SECURITIES EXCHANGES SEC . 6 . (a) Any exchange may be registered with the Commission as a natio nal s ecur ities exch ange unde r the term s an d con ditio ns hereinafter provided in this section, by filing a registration state- ment in such form as the Commission may prescribe, containing the agreements, setting forth the information, and accompanied by the documents, below specified (1) An agreement (which shall not be construed as a waiver of any constitutional right or any right to contest the validity of any rule or regulation) to comply, and to enforce so far as is within its 885 Securities and Ex- change Commission . Establishment, com- position, etc. Political division . Other employment, etc ., by commissioner forbidden . Salary, term of office, fi lling v acancie s, etc . Other officers, ex- perts, etc . Employees . Vol. 46, p. 1003. Unregi stered ex- changes . Use of mails or in- strumentality of inter- state commerce in se- curity transaction on, unlawful . Exemptions author- ized . Registration of na- tional securities ex- changes . R equire ments . Registration state- ment
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a ccompa ny .
