Page:United States Statutes at Large Volume 49 Part 1.djvu/860

74TH CONGRESS . SESS. I . CH. 687 . AUGUST 26, 1935 . application of subsection (a) by or under authority of this sub- section, such holding company or subsidiary company thereof shall file with the Commission a certificate of notification in such form and setting forth such of the information required in a . decla- ration under section 7 as the Commission may by rules and regulations or order prescribe as necessary or appropriate in the public interest or for the protection of investors or consumers . (c) It shall be unlawful, by use of the mails or any means or instrumentality of interstate commerce, or otherwise, for any regis- tered holding company or any subsidiary company thereof, directly or indirectly,- (1) to sell or offer for sale or to cause to be sold or offered for sale, from house to house, any security of such holding company ; or (2) to cause any officer or employee of any subsidiary company of such holding company to sell or cause to be sold any security of su ch holding company . As used in this subsection the term " house " shall not include an office used for business purposes . DECLARAtiONS BY REGISTER ED H OLDIN G AND SU BSI DIA RY COMPANIES IN RESPECT OF SECURITY TRANSACtiONS SEC . 7 . (a) A registered holding company or subsidiary company thereof may file a declaration with the Commission, regarding any of the acts enumerated in subsection (a) of section 6, in such form as the Comm ission m ay by ru les and regulati ons pres cribe as neces- sary or appropriate in the public interest or for the protection of investors or consumers . Such declaration shall include- (1) such of the information and documents which are required to be filed in order to register a security under section 7 of the Securities Act of 1933, as amended, as the Commission may by rules and regulations or order prescribe as necessary or appropriate in the public interest or for the protection of investors or cons umers ; and (2) such add itional informat ion, in such for m and de tail, an d such documents regarding the declarant or any associate company thereof, the particular security and compliance with such State laws as may apply to the act in question as the Commission may by rules and regulations or order prescribe as necessary or appro- priate in the public interest or for the protection of investors or consu mers . (b) A declaration filed under this section shall become effective within such reasonable period of time after the filing thereof as the Commission shall fix by rules and regulations or order, unless the Commission prior to the expiration of such period shall have issued an order to the declarant to show cause why such declaration should become effective . Within a reasonable time after an opportunity for hearing upon an order to show cause under this subsection, unless the d eclarant shall w ithdraw its decl aration, the Com mission shall enter an order either permitting such declaration to become effective as filed or amended, or refusing to permit such declaration to become effective . Amendments to a declaration may be made upon such terms and conditions as the Commission may prescribe . (c) The Commission shall not permit a declaration regarding the issue or sale of a se curity to beco me effective unless it fin ds that- (1) such security is (A) a common stock having a par value and being without preference as to dividends or distribution over, and having at le ast equal voting rights with, any outstanding unlawful sales . House to house. Sal es by o fficers and employ ees . "House" construed. 815 De clarat ions b y re- gistered holding and subsidiary companies respecting sec urity tran sact ions . Filing. Contents. Effective date . Order of Commis- sion . Amendmen ts. Req uir eme nts for effectiveness .