Securities Lawyer's Deskbook
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The
Investment Company Act of 1940





Section 43 -- Court Review of Orders


  1. Any person or party aggrieved by an order issued by the Commission under this title may obtain a review of such order in the circuit court of appeals [court of appeals] of the United States within any circuit wherein such person resides or has his principal place of business, or in the United States Court of Appeals for the District of Columbia, by filing in such court, within sixty days after the entry of such order, a written petition praying that the order of the Commission be modified or set aside in whole or in part. A copy of such petition shall be forthwith transmitted by the clerk of the court to any member of the Commission or any officer thereof designated by the Commission for that purpose, and thereupon the Commission shall file in the court the record upon which the order complained of was entered, as provided in section 2112 of title 28, United States Code. Upon the filing of such petition such court shall have jurisdiction, which upon the filing of the record shall be exclusive, to affirm, modify, or set aside such order, in whole or in part. No objection to the order of the Commission shall be considered by the court unless such objection shall have been urged before the Commission or unless there were reasonable grounds for failure so to do. The findings of the Commission as to the facts, if supported by substantial evidence, shall be conclusive. If application is made to the court for leave to adduce additional evidence, and it is shown to the satisfaction of the court that such additional evidence is material and that there were reasonable grounds for failure to adduce such evidence in the proceeding before the Commission, the court may order such additional evidence to be taken before the Commission and to be adduced upon the hearing in such manner and upon such terms and conditions as to the court may seem proper. The Commission may modify its findings as to the facts by reason of the additional evidence so taken, and it shall file with the court such modified or new findings, which, if supported by substantial evidence, shall be conclusive, and its recommendation, if any, for the modification or setting aside of the original order. The judgment and decree of the court affirming, modifying, or setting aside, in whole or in part, any such order of the Commission shall be final, subject to review by the Supreme Court of the United States upon certiorari or certification as provided in section 1254 of title 28, United States Code.

  2. The commencement of proceedings under subsection (a) to review an order of the Commission issued under section 8(e) [15 USCS § 80a-8(e)] shall operate as a stay of the Commission's order unless the court otherwise orders. The commencement of proceedings under subsection (a) to review an order of the Commission issued under any provision of this title other than section 8(e) [15 USCS § 80a-8(e)] shall not operate as a stay of the Commission's order unless the court specifically so orders.


Legislative History


Aug. 22, 1940, ch 686, Title I, § 43, 54 Stat. 844; Aug. 28, 1958, P.L. 85-791, § 25, 72 Stat. 949; Dec. 14, 1970, P.L. 91-547, § 21, 84 Stat. 1430.

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