Securities Lawyer's Deskbook
                         published by The University of Cincinnati College of Law
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The
Investment Company Act of 1940





Section 49 -- Penalties


Any person who willfully violates any provision of this title or of any rule, regulation, or order hereunder, or any person who willfully in any registration statement, application, report, account, record, or other document filed or transmitted pursuant to this title or the keeping of which is required pursuant to section 31(a) [15 USCS § 80a-30(a)] makes any untrue statement of a material fact or omits to state any material fact necessary in order to prevent the statements made therein from being materially misleading in the light of the circumstances under which they were made, shall upon conviction be fined not more than $ 10,000 or imprisoned not more than five years, or both; but no person shall be convicted under this section for the violation of any rule, regulation, or order if he proves that he had no actual knowledge of such rule, regulation, or order.


Legislative History


Aug. 22, 1940, ch 686, Title I, § 49, 54 Stat. 846; June 4, 1975, P.L. 94-29, § 27(e), 89 Stat. 163.


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