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15 U.S.C. § 154 — Investigations by registrar; revocation of certificate of incorporation

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 154 — Investigations by registrar; revocation of certificate of incorporation

The registrar may, in order to ascertain if the affairs of a China Trade Act corporation are conducted contrary to any provision of this chapter, or any other law, or any treaty of the United States, or the articles of incorporation or bylaws of the corporation, investigate the affairs of the corporation. The registrar, whenever he is satisfied that the affairs of any China Trade Act corporation are or have been so conducted, may institute in the United States Court for China proceedings for the revocation of the certificate of incorporation of the corporation. The court may revoke such certificate if it finds the affairs of such corporation have been so conducted. Pending final decision in the revocation proceedings the court may at any time, upon application of the registrar or upon its own motion, make such orders in respect to the conduct of the affairs of the corporation as it deems advisable.

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Source file: Laws/federal/codes/united-states-code/title-15/section-154-investigations-by-registrar-revocation-of-certificate-of-incorporation--d70a67dfb6.md
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Source location: Title 15, Chapter 4, § 154; chapter-004-china-trade.md

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 142 — Definitions

When used in this chapter, unless the context otherwise indicates— **(a)** The term “person” includes individual, partnership, corporation, and association; **(b)** The term “China” means (1) China including Manchuria, Tibet, Mongolia, and any territory leased by China to any foreign government, (2) the Crown Colony of Hong Kong, and (3) the Province of Macao; **(c)** The terms “China Trade Act corporation” and “corporation” mean a corporation chartered under the provisions of this chapter; **(d)** The term “Federal district court” means any Federal district court, and the United States District Court for the District of Columbia; **(e)** The term “Secretary” means the Secretary of Commerce; and **(f)** The term “registrar” means the China Trade Act registrar appointed under [section 143 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section143&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 144 — China trade corporations

**(a) Incorporation** Three or more individuals (hereinafter in this chapter referred to as “incorporators”), a majority of whom are citizens of the United States, may, as hereinafter in this chapter provided, form a District of Columbia corporation for the purpose of engaging in business within China. **(b) Articles of incorporation** The incorporators may adopt articles of incorporation which shall be filed with the Secretary at his office in the District of Columbia and may thereupon make application to the Secretary for a certificate of incorporation in such manner and form as shall be by regulation prescribed. The articles of incorporation shall state— (1) The name of the proposed China Trade Act corporation, which shall end with the legend, “Federal Inc. U.S.A.”, and which shall not, in the opinion of the Secretary, be likely in any manner to mislead the public; (2) The location of its principal office, which shall be in the District of Columbia; (3) The particular business in which the corporation is to engage; (4) The amount of the authorized capital stock, the designation of each class of stock, the terms upon which it is to be issued, and the number and par value of the shares of each class of stock; (5) The duration of the corporation, which may be perpetual or for a limited period; (6) The names and addresses of at least three individuals (a majority of whom, at the time of designation and during their term of office, shall be citizens of the United States), to be designated by the incorporators, who shall serve as temporary directors; and (7) The fact that an amount equal to 25 per centum of the amount of the authorized capital stock has been in good faith subscribed to. **(c) Prohibited transactions** A China Trade Act corporation shall not engage

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 154 — Investigations by registrar; revocation of

Page 625 TITLE 15—COMMERCE AND TRADE § 155 poration except such as are so conferred upon the stockholders. In the exercise of such powers the directors may appoint and remove and fix the compensation of such officers and employees of the corporation as they deem advisable. (Sept. 19, 1922, ch. 346, § 11, 42 Stat. 852.) § 152. Reports; records for public inspection (a) For the purposes of this chapter the fiscal year of a China Trade Act corporation shall cor- respond to the calendar year. The corporation shall make and file with the registrar, in such manner and form and at such time as shall be by regulation prescribed, a report of its business for each such fiscal year and of its financial condi- tion at the close of the year. The corporation shall furnish a true copy of the report to each of its stockholders. (b) The registrar shall file with the Secretary copies of all reports, certificates, and certified copies received or issued by the registrar under the provisions of this chapter. The Secretary shall file with the registrar copies of all applica- tions for a certificate of incorporation, and cer- tificates received or issued by the Secretary under the provisions of this chapter. All such pa- pers shall be kept on record in the offices of the registrar and the Secretary, and shall be avail- able for public inspection under such regulations as may be prescribed. (Sept. 19, 1922, ch. 346, § 12, 42 Stat. 853.) § 153. Dividends Dividends declared by a China Trade Act cor- poration shall be derived wholly from the sur- plus profits of its business. (Sept. 19, 1922, ch. 346, § 13, 42 Stat. 853.) § 154. Investigations by registrar; revocation of certificate of incorporation The registrar may, in order to ascertain if the affairs of a China

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