Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a-35&num=0&edition=prelim
Timestamp: 2020-02-21 13:04:34
Document Index: 188459869

Matched Legal Cases: ['§ 80', '§80', '§36', '§20', '§28', '§622', '§929', '§622']

[USC02] 15 USC 80a-35: Breach of fiduciary duty
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15 USC 80a-35: Breach of fiduciary duty Text contains those laws in effect on February 20, 2020
§80a–35. Breach of fiduciary duty
(a) Civil actions by Commission; jurisdiction; allegations; injunctive or other relief
The Commission is authorized to bring an action in the proper district court of the United States, or in the United States court of any territory or other place subject to the jurisdiction of the United States, alleging that a person who is, or at the time of the alleged misconduct was, serving or acting in one or more of the following capacities has engaged within five years of the commencement of the action or is about to engage in any act or practice constituting a breach of fiduciary duty involving personal misconduct in respect of any registered investment company for which such person so serves or acts, or at the time of the alleged misconduct, so served or acted-
(Aug. 22, 1940, ch. 686, title I, §36, 54 Stat. 841 ; Pub. L. 91–547, §20, Dec. 14, 1970, 84 Stat. 1428 ; Pub. L. 94–29, §28(7), June 4, 1975, 89 Stat. 166 ; Pub. L. 100–181, title VI, §622, Dec. 4, 1987, 101 Stat. 1262 ; Pub. L. 111–203, title IX, §929F(f), July 21, 2010, 124 Stat. 1854 .)
2010-Subsec. (a). Pub. L. 111–203, in introductory provisions, substituted "a person who is, or at the time of the alleged misconduct was, serving or acting" for "a person serving or acting" and "for which such person so serves or acts, or at the time of the alleged misconduct, so served or acted" for "for which such person so serves or acts".
1987-Subsec. (b)(4). Pub. L. 100–181, §622(1), substituted "loads" for "loans".
1970-Subsec. (a). Pub. L. 91–547 designated existing provisions as subsec. (a) and substituted in first sentence "has engaged within five years of the commencement of the action or is about to engage in any act or practice constituting a breach of fiduciary duty involving personal misconduct" for "has been guilty, after August 22, 1940, and within five years of the commencement of the action, of gross misconduct or gross abuse of trust" and second sentence reading "If such allegations are established, the court may enjoin such persons from acting in any or all such capacities either permanently or temporarily and award such injunctive or other relief against such person as may be reasonable and appropriate in the circumstances, having due regard to the protection of investors and to the effectuation of the policies declared in section 80a–1(b) of this title" for prior provision reading "If the Commission's allegations of such gross misconduct or gross abuse of trust are established, the court shall enjoin such person from acting in such capacity or capacities either permanently or for such period of time as it in its discretion shall deem appropriate."