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15 U.S.C. § 80a–13 — Changes in investment policy

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

15 U.S.C. § 80a–13 — Changes in investment policy

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Stable record: federal_law:legal_authorities:record_usc_6d364d7fb9f500fcc9282e32
Source file: Laws/federal/codes/united-states-code/title-15/section-80a13-changes-in-investment-policy--a2791762d7.md
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Source location: Title 15, Chapter 2D, § 80a–13; chapter-2d-investment-companies-and-advisers.md

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**(a) Prohibited actions for registered investment companies** No registered investment company shall, unless authorized by the vote of a majority of its outstanding voting securities— (1) change its subclassification as defined in section 80a–5(a)(1) and (2) of this title or its subclassification from a diversified to a nondiversified company; (2) borrow money, issue senior securities, underwrite securities issued by other persons, purchase or sell real estate or commodities or make loans to other persons, except in each case in accordance with the recitals of policy contained in its registration statement in respect thereto; (3) deviate from its policy in respect of concentration of investments in any particular industry or group of industries as recited in its registration statement, deviate from any investment policy which is changeable only if authorized by shareholder vote, or deviate from any policy recited in its registration statement pursuant to [section 80a–8(b)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–8/b/3&num=0&edition=prelim); or (4) change the nature of its business so as to cease to be an investment company. **(b) Majority equivalent for common-law trusts** In the case of a common-law trust of the character described in [section 80a–16(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–16/c&num=0&edition=prelim), either written approval by holders of a majority of the outstanding shares of beneficial interest or the vote of a majority of such outstanding shares cast in person or by proxy at a meeting called for the purpose shall for the purposes of subsection (a) be deemed the equivalent of the vote of a majority of the outstanding voting securities, and the provisions of paragraph (42) of [section 80a–2(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–2/a&num=0&edition=prelim) as to a majority shall be applicable to the vote cast at such a meeting. **(c) Limitation on actions** (1) **In general** — Notwithstanding any other provision of Federal or State law, no person may bring any civil, criminal, or administrative action against any registered investment company, or any employee, officer, director, or investment adviser thereof, based solely upon the investment company divesting from, or avoiding investing in, securities issued by persons that the investment company determines, using credible information available to the public— (A) conduct or have direct investments in business operations in Sudan described in section 3(d) of the Sudan Accountability and Divestment Act of 2007 ([50 U.S.C. 1701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section1701&num=0&edition=prelim) note); or (B) engage in investment activities in Iran described in [section 8532(c) of title 22](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section8532/c&num=0&edition=prelim). (2) **Applicability** (A) *Rule of construction* — Nothing in paragraph (1) shall be construed to create, imply, diminish, change, or affect in any way whether or not a private right of action exists under subsection (a) or any other provision of this chapter. (B) *Disclosures* — Paragraph (1) shall not apply to a registered investment company, or any employee, officer, director, or investment adviser thereof, unless the investment company makes disclosures in accordance with regulations prescribed by the Commission. (3) **Person defined** — For purposes of this subsection the term “person” includes the Federal Government and any State or political subdivision of a State.

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

15 U.S.C. § 78b — Necessity for regulation

For the reasons hereinafter enumerated, transactions in securities as commonly conducted upon securities exchanges and over-the-counter markets are effected with a national public interest which makes it necessary to provide for regulation and control of such transactions and of practices and matters related thereto, including transactions by officers, directors, and principal security holders, to require appropriate reports, to remove impediments to and perfect the mechanisms of a national market system for securities and a national system for the clearance and settlement of securities transactions and the safeguarding of securities and funds related thereto, and to impose requirements necessary to make such regulation and control reasonably complete and effective, in order to protect interstate commerce, the national credit, the Federal taxing power, to protect and make more effective the national banking system and Federal Reserve System, and to insure the maintenance of fair and honest markets in such transactions: (1) Such transactions (a) are carried on in large volume by the public generally and in large part originate outside the States in which the exchanges and over-the-counter markets are located and/or are effected by means of the mails and instrumentalities of interstate commerce; (b) constitute an important part of the current of interstate commerce; (c) involve in large part the securities of issuers engaged in interstate commerce; (d) involve the use of credit, directly affect the financing of trade, industry, and transportation in interstate commerce, and directly affect and influence the volume of interstate commerce; and affect the national credit. (2) The prices established and offered in such transactions are generally disseminated and quoted thro

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78b

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

50 U.S.C. § 1701 — Unusual and extraordinary threat; declaration of national emergency; exercise of Presidential authorities

**(a)** Any authority granted to the President by [section 1702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section1702&num=0&edition=prelim) may be exercised to deal with any unusual and extraordinary threat, which has its source in whole or substantial part outside the United States, to the national security, foreign policy, or economy of the United States, if the President declares a national emergency with respect to such threat. **(b)** The authorities granted to the President by [section 1702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section1702&num=0&edition=prelim) may only be exercised to deal with an unusual and extraordinary threat with respect to which a national emergency has been declared for purposes of this chapter and may not be exercised for any other purpose. Any exercise of such authorities to deal with any new threat shall be based on a new declaration of national emergency which must be with respect to such threat.

Source: Supplied U.S. Code snapshot — release unconfirmed · 50 U.S.C. § 1701

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

22 U.S.C. § 8511 — Findings

Congress makes the following findings: (1) The illicit nuclear activities of the Government of Iran, combined with its development of unconventional weapons and ballistic missiles and its support for international terrorism, represent a threat to the security of the United States, its strong ally Israel, and other allies of the United States around the world. (2) The United States and other responsible countries have a vital interest in working together to prevent the Government of Iran from acquiring a nuclear weapons capability. (3) The International Atomic Energy Agency has repeatedly called attention to Iran’s illicit nuclear activities and, as a result, the United Nations Security Council has adopted a range of sanctions designed to encourage the Government of Iran to suspend those activities and comply with its obligations under the Treaty on the Non-Proliferation of Nuclear Weapons, done at Washington, London, and Moscow July 1, 1968, and entered into force March 5, 1970 (commonly known as the “Nuclear Non-Proliferation Treaty”). (4) The serious and urgent nature of the threat from Iran demands that the United States work together with its allies to do everything possible—diplomatically, politically, and economically—to prevent Iran from acquiring a nuclear weapons capability. (5) The United States and its major European allies, including the United Kingdom, France, and Germany, have advocated that sanctions be strengthened should international diplomatic efforts fail to achieve verifiable suspension of Iran’s uranium enrichment program and an end to its nuclear weapons program and other illicit nuclear activities. (6) The Government of Iran continues to engage in serious, systematic, and ongoing violations of human rights, including suppression of freedom

Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 8511

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

22 U.S.C. § 8532 — Definitions

In this subchapter: (1) **Energy sector of Iran** — The term “energy sector of Iran” refers to activities to develop petroleum or natural gas resources or nuclear power in Iran. (2) **Financial institution** — The term “financial institution” has the meaning given that term in section 14 of the Iran Sanctions Act of 1996 (Public Law 104–172; [50 U.S.C. 1701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section1701&num=0&edition=prelim) note). (3) **Iran** — The term “Iran” includes the Government of Iran and any agency or instrumentality of Iran. (4) **Person** — The term “person” means— (A) a natural person, corporation, company, business association, partnership, society, trust, or any other nongovernmental entity, organization, or group; (B) any governmental entity or instrumentality of a government, including a multilateral development institution (as defined in [section 262r(c)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section262r/c/3&num=0&edition=prelim)); and (C) any successor, subunit, parent entity, or subsidiary of, or any entity under common ownership or control with, any entity described in subparagraph (A) or (B). (5) **State** — The term “State” means each of the several States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, the United States Virgin Islands, and any other territory or possession of the United States. (6) **State or local government** — The term “State or local government” includes— (A) any State and any agency or instrumentality thereof; (B) any local government within a State, and any agency or instrumentality thereof; (C) any other governmental instrumentality of

Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 8532

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

22 U.S.C. § 8541 — Authority of State and local governments to divest from certain companies that invest in Iran

**(a) Sense of Congress** It is the sense of Congress that the United States should support the decision of any State or local government that for moral, prudential, or reputational reasons divests from, or prohibits the investment of assets of the State or local government in, a person that engages in investment activities in the energy sector of Iran, as long as Iran is subject to economic sanctions imposed by the United States. **(b) Authority to divest** Notwithstanding any other provision of law, a State or local government may adopt and enforce measures that meet the requirements of subsection (d) to divest the assets of the State or local government from, or prohibit investment of the assets of the State or local government in, any person that the State or local government determines, using credible information available to the public, engages in investment activities in Iran described in subsection (c). **(c) Investment activities described** A person engages in investment activities in Iran described in this subsection if the person— (1) has an investment of $20,000,000 or more in the energy sector of Iran, including in a person that provides oil or liquified natural gas tankers, or products used to construct or maintain pipelines used to transport oil or liquified natural gas, for the energy sector of Iran; or (2) is a financial institution that extends $20,000,000 or more in credit to another person, for 45 days or more, if that person will use the credit for investment in the energy sector of Iran. **(d) Requirements** Any measure taken by a State or local government under subsection (b) shall meet the following requirements: (1) **Notice** — The State or local government shall provide written notice to each person to which a measure is to be applied.

Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 8541

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

22 U.S.C. § 8561 — General provisions

**(a) Sunset** The provisions of this Act (other than sections 105 and 305 [[22 U.S.C. 8514](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section8514&num=0&edition=prelim), 8544] and the amendments made by sections 102, 107, 109, and 205) shall terminate, and [section 80a–13(c)(1)(B) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–13/c/1/B&num=0&edition=prelim), as added by section 203(a), shall cease to be effective, on the date that is 30 days after the date on which the President certifies to Congress that— (1) the Government of Iran has ceased providing support for acts of international terrorism and no longer satisfies the requirements for designation as a state sponsor of terrorism (as defined in section 301 [[22 U.S.C. 8541](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section8541&num=0&edition=prelim)]) under— (A) section 4605(j)(1)(A) 11 See References in Text note below. of title 50 (or any successor thereto); (B) [section 2780(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section2780/d&num=0&edition=prelim); or (C) [section 2371(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section2371/a&num=0&edition=prelim); and (2) Iran has ceased the pursuit, acquisition, and development of, and verifiably dismantled its, nuclear, biological, and chemical weapons and ballistic missiles and ballistic missile launch technology. **(b) Presidential waivers** (1) **In general** — The President may waive the application of sanctions under section 103(b) [[22 U.S.C. 8512(b)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section8512/b&num=0&edition=prelim)], the requiremen

Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 8561

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

50 U.S.C. § 1701 — Unusual and extraordinary threat; dec-

Page 151 TITLE 50—WAR AND NATIONAL DEFENSE § 1701 CHAPTER 35—INTERNATIONAL EMERGENCY ECONOMIC POWERS Sec. 1701. Unusual and extraordinary threat; declara- tion of national emergency; exercise of Presidential authorities. 1702. Presidential authorities. 1703. Consultation and reports. 1704. Authority to issue regulations. 1705. Penalties. 1706. Savings provisions. 1707. Multinational economic embargoes against governments in armed conflict with the United States. 1708. Actions to address economic or industrial es- pionage in cyberspace. 1709. Imposition of sanctions with respect to theft of trade secrets of United States persons. 1710. Confronting asymmetric and malicious cyber activities. § 1701. Unusual and extraordinary threat; dec- laration of national emergency; exercise of Presidential authorities (a) Any authority granted to the President by section 1702 of this title may be exercised to deal with any unusual and extraordinary threat, which has its source in whole or substantial part outside the United States, to the national secu- rity, foreign policy, or economy of the United States, if the President declares a national emergency with respect to such threat. (b) The authorities granted to the President by section 1702 of this title may only be exer- cised to deal with an unusual and extraordinary threat with respect to which a national emer- gency has been declared for purposes of this chapter and may not be exercised for any other purpose. Any exercise of such authorities to deal with any new threat shall be based on a new dec- laration of national emergency which must be with respect to such threat. (Pub. L. 95–223, title II, § 202, Dec. 28, 1977, 91 Stat. 1626.) Statutory Notes and Related Subsidiaries SHORT TITLE

Source: Supplied 2024 U.S. Code historical extraction · 50 U.S.C. § 1701

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