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15 U.S.C. § 41 — Federal Trade Commission established; membership; vacancies; seal

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

15 U.S.C. § 41 — Federal Trade Commission established; membership; vacancies; seal

A commission is created and established, to be known as the Federal Trade Commission (hereinafter referred to as the Commission), which shall be composed of five Commissioners, who shall be appointed by the President, by and with the advice and consent of the Senate. Not more than three of the Commissioners shall be members of the same political party. The first Commissioners appointed shall continue in office for terms of three, four, five, six, and seven years, respectively, from September 26, 1914, the term of each to be designated by the President, but their successors shall be appointed for terms of seven years, except that any person chosen to fill a vacancy shall be appointed only for the unexpired term of the Commissioner whom he shall succeed: Provided, however, That upon the expiration of his term of office a Commissioner shall continue to serve until his successor shall have been appointed and shall have qualified..11 So in original. The President shall choose a chairman from the Commission’s membership. No Commissioner shall engage in any other business, vocation, or employment. Any Commissioner may be removed by the President for inefficiency, neglect of duty, or malfeasance in office. A vacancy in the Commission shall not impair the right of the remaining Commissioners to exercise all the powers of the Commission.

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Stable record: federal_law:legal_authorities:record_usc_b5c08a8451c2d573ca021816
Source file: Laws/federal/codes/united-states-code/title-15/section-41-federal-trade-commission-established-membership-vacancies-seal--409c14f572.md
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Source location: Title 15, Chapter 2, § 41; chapter-002-federal-trade-commission-promotion-of-export-trade-and-prevention-of-unfair-methods-of-competition.md

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

12 U.S.C. § 1818 — Termination of status as insured depository institution

**(a) Termination of insurance** (1) **Voluntary termination** — Any insured depository institution which is not— (A) a national member bank; (B) a State member bank; (C) a Federal branch; (D) a Federal savings association; or (E) an insured branch which is required to be insured under subsection (a) or (b) 11 See References in Text note below. of [section 3104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3104&num=0&edition=prelim), may terminate such depository institution’s status as an insured depository institution if such insured institution provides written notice to the Corporation of the institution’s intent to terminate such status not less than 90 days before the effective date of such termination. (2) **Involuntary termination** (A) *Notice to primary regulator* — If the Board of Directors determines that— (i) an insured depository institution or the directors or trustees of an insured depository institution have engaged or are engaging in unsafe or unsound practices in conducting the business of the depository institution; (ii) an insured depository institution is in an unsafe or unsound condition to continue operations as an insured institution; or (iii) an insured depository institution or the directors or trustees of the insured institution have violated any applicable law, regulation, order, condition imposed in writing by the Corporation in connection with the approval of any application or other request by the insured depository institution, or written agreement entered into between the insured depository institution and the Corporation, the Board of Directors shall notify the appropriate Federal banking agency with respect to such institution (if other than the Corp

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5 U.S.C. § 901 — Purpose

**(a)** The Congress declares that it is the policy of the United States— (1) to promote the better execution of the laws, the more effective management of the executive branch and of its agencies and functions, and the expeditious administration of the public business; (2) to reduce expenditures and promote economy to the fullest extent consistent with the efficient operation of the Government; (3) to increase the efficiency of the operations of the Government to the fullest extent practicable; (4) to group, coordinate, and consolidate agencies and functions of the Government, as nearly as may be, according to major purposes; (5) to reduce the number of agencies by consolidating those having similar functions under a single head, and to abolish such agencies or functions thereof as may not be necessary for the efficient conduct of the Government; and (6) to eliminate overlapping and duplication of effort. **(b)** Congress declares that the public interest demands the carrying out of the purposes of subsection (a) of this section and that the purposes may be accomplished in great measure by proceeding under this chapter, and can be accomplished more speedily thereby than by the enactment of specific legislation. **(c)** It is the intent of Congress that the President should provide appropriate means for broad citizen advice and participation in restructuring and reorganizing the executive branch. **(d)** The President shall from time to time examine the organization of all agencies and shall determine what changes in such organization are necessary to carry out any policy set forth in subsection (a) of this section.

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

15 U.S.C. § 18a — Premerger notification and waiting period

**(a) Filing** Except as exempted pursuant to subsection (c), no person shall acquire, directly or indirectly, any voting securities or assets of any other person, unless both persons (or in the case of a tender offer, the acquiring person) file notification pursuant to rules under subsection (d)(1) and the waiting period described in subsection (b)(1) has expired, if— (1) the acquiring person, or the person whose voting securities or assets are being acquired, is engaged in commerce or in any activity affecting commerce; and (2) as a result of such acquisition, the acquiring person would hold an aggregate total amount of the voting securities and assets of the acquired person— (A) in excess of $200,000,000 (as adjusted and published for each fiscal year beginning after September 30, 2004, in the same manner as provided in [section 19(a)(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section19/a/5&num=0&edition=prelim) to reflect the percentage change in the gross national product for such fiscal year compared to the gross national product for the year ending September 30, 2003); or (B) (i) in excess of $50,000,000 (as so adjusted and published) but not in excess of $200,000,000 (as so adjusted and published); and (ii) (I) any voting securities or assets of a person engaged in manufacturing which has annual net sales or total assets of $10,000,000 (as so adjusted and published) or more are being acquired by any person which has total assets or annual net sales of $100,000,000 (as so adjusted and published) or more; (II) any voting securities or assets of a person not engaged in manufacturing which has total assets of $10,000,000 (as so adjusted and published) or more are being acquired by any person

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

15 U.S.C. § 2079 — Transfers of functions

**(a) Hazardous substances and poisons** The functions of the Secretary of Health, Education, and Welfare under the Federal Hazardous Substances Act [[15 U.S.C. 1261](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1261&num=0&edition=prelim) et seq.] and the Poison Prevention Packaging Act of 1970 [[15 U.S.C. 1471](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1471&num=0&edition=prelim) et seq.] are transferred to the Commission. The functions of the Secretary of Health, Education, and Welfare under the Federal Food, Drug, and Cosmetic Act [[21 U.S.C. 301](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title21-section301&num=0&edition=prelim) et seq.], to the extent such functions relate to the administration and enforcement of the Poison Prevention Packaging Act of 1970, are transferred to the Commission. **(b) Flammable fabrics** The functions of the Secretary of Health, Education, and Welfare, the Secretary of Commerce, and the Federal Trade Commission under the Flammable Fabrics Act [[15 U.S.C. 1191](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1191&num=0&edition=prelim) et seq.] are transferred to the Commission. The functions of the Federal Trade Commission under the Federal Trade Commission Act [[15 U.S.C. 41](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section41&num=0&edition=prelim) et seq.], to the extent such functions relate to the administration and enforcement of the Flammable Fabrics Act, are transferred to the Commission. **(c) Household refrigerators** The functions of the Secretary of Commerce and the Federal Trade Commission under the Act of August 2, 1956 [[15 U.S.C. 1211](https://uscode.house.gov/view.xhtml?req=granuleid:

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

12 U.S.C. § 1813 — Definitions

As used in this chapter— **(a) Definitions of bank and related terms** (1) **Bank** — The term “bank”— (A) means any national bank and State bank, and any Federal branch and insured branch; (B) includes any former savings association. (2) **State bank** — The term “State bank” means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which— (A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and (B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia, including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989. (3) **State** — The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. **(b) Definition of savings associations and related terms** (1) **Savings association** — The term “savings association” means— (A) any Federal savings association; (B) any State savings association; and (C) any corporation (other than a bank) that the Board of Directors and the Comptroller of the Currency jointly determine to be operating in substantially the same manner as a savings association. (2) **Federal savings association** — The term “Federal savings association” means any Federal savings association or Federal savings bank which is chartered under [section 1464 of t

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

5 U.S.C. § 556 — Hearings; presiding employees; powers and duties; burden of proof; evidence; record as basis of decision

**(a)** This section applies, according to the provisions thereof, to hearings required by section 553 or 554 of this title to be conducted in accordance with this section. **(b)** There shall preside at the taking of evidence— (1) the agency; (2) one or more members of the body which comprises the agency; or (3) one or more administrative law judges appointed under [section 3105 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section3105&num=0&edition=prelim). This subchapter does not supersede the conduct of specified classes of proceedings, in whole or in part, by or before boards or other employees specially provided for by or designated under statute. The functions of presiding employees and of employees participating in decisions in accordance with [section 557 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section557&num=0&edition=prelim) shall be conducted in an impartial manner. A presiding or participating employee may at any time disqualify himself. On the filing in good faith of a timely and sufficient affidavit of personal bias or other disqualification of a presiding or participating employee, the agency shall determine the matter as a part of the record and decision in the case. **(c)** Subject to published rules of the agency and within its powers, employees presiding at hearings may— (1) administer oaths and affirmations; (2) issue subpenas authorized by law; (3) rule on offers of proof and receive relevant evidence; (4) take depositions or have depositions taken when the ends of justice would be served; (5) regulate the course of the hearing; (6) hold conferences for the settlement or simplification of the issues by consent of the parties or by the use of alternative mean

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

10 U.S.C. § 8730 — Disposition of products

**(a)** In administering the naval petroleum reserves under this chapter, the Secretary shall use, store, or sell the petroleum produced from the naval petroleum reserves and lands covered by joint, unit, or other cooperative plans. **(b)** (1) Subject to paragraph (2) and notwithstanding any other provision of law, each sale of the United States share of petroleum shall be made by the Secretary at public sale to the highest qualified bidder, at such time, in such amounts, and after such advertising as the Secretary considers proper and without regard to Federal, State, or local regulations controlling sales or allocation of petroleum products. Each sale of the United States share of petroleum shall be for periods of not more than one year, except that a sale of natural gas may be made for a period of more than one year. (2) The Secretary may not sell any part of the United States share of petroleum produced from Naval Petroleum Reserves Numbered 2 and 3 at a price less than the current sales price, as estimated by the Secretary, of comparable petroleum in the same area. (3) For purposes of paragraph (2), the term “petroleum” does not include natural gas liquids. **(c)** In no event shall the Secretary permit the award of any contract which would result in any person obtaining control, directly or indirectly, over more than 20 percent of the estimated annual United States share of petroleum produced from Naval Petroleum Reserve Numbered 1. **(d)** Each proposal for sale under this title shall provide that the terms of every sale of the United States share of petroleum from the naval petroleum reserves shall be so structured as to give full and equal opportunity for the acquisition of petroleum by all interested persons, including major and independent oil producer

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

12 U.S.C. § 1831t — Depository institutions lacking Federal deposit insurance

**(a) Annual independent audit of private deposit insurers** (1) **Audit required** — Any private deposit insurer shall obtain an annual audit from an independent auditor using generally accepted auditing standards. The audit shall include a determination of whether the private deposit insurer follows generally accepted accounting principles and has set aside sufficient reserves for losses. (2) **Providing copies of audit report** (A) *Private deposit insurer* — The private deposit insurer shall provide a copy of the audit report— (i) to each depository institution the deposits of which are insured by the private deposit insurer, not later than 14 days after the audit is completed; (ii) to the appropriate supervisory agency of each State in which such an institution receives deposits, not later than 7 days after the audit is completed; and (iii) in the case of depository institutions described in subsection (e)(2)(A) the deposits of which are insured by the private insurer which are members of a Federal home loan bank, to the Federal Housing Finance Agency, not later than 7 days after the audit is completed. (B) *Depository institution* — Any depository institution the deposits of which are insured by the private deposit insurer shall provide a copy of the audit report, upon request, to any current or prospective customer of the institution. (3) **Enforcement by appropriate State supervisor** — Any appropriate State supervisor of a private deposit insurer, and any appropriate State supervisor of a depository institution which receives deposits that are insured by a private deposit insurer, may examine and enforce compliance with this subsection under the applicable regulatory authority of such supervisor. **(b) Disclosure required** Any deposito

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

12 U.S.C. § 24 — Corporate powers of associations

Upon duly making and filing articles of association and an organization certificate a national banking association shall become, as from the date of the execution of its organization certificate, a body corporate, and as such, and in the name designated in the organization certificate, it shall have power—

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

12 U.S.C. § 5494 — Definitions

Except as otherwise provided in this title,11 See References in Text note below. for purposes of this title,1 the following definitions shall apply: (1) **Affiliate** — The term “affiliate” means any person that controls, is controlled by, or is under common control with another person. (2) **Bureau** — The term “Bureau” means the Bureau of Consumer Financial Protection. (3) **Business of insurance** — The term “business of insurance” means the writing of insurance or the reinsuring of risks by an insurer, including all acts necessary to such writing or reinsuring and the activities relating to the writing of insurance or the reinsuring of risks conducted by persons who act as, or are, officers, directors, agents, or employees of insurers or who are other persons authorized to act on behalf of such persons. (4) **Consumer** — The term “consumer” means an individual or an agent, trustee, or representative acting on behalf of an individual. (5) **Consumer financial product or service** — The term “consumer financial product or service” means any financial product or service that is described in one or more categories under— (A) paragraph (15) and is offered or provided for use by consumers primarily for personal, family, or household purposes; or (B) clause (i), (iii), (ix), or (x) of paragraph (15)(A), and is delivered, offered, or provided in connection with a consumer financial product or service referred to in subparagraph (A). (6) **Covered person** — The term “covered person” means— (A) any person that engages in offering or providing a consumer financial product or service; and (B) any affiliate of a person described in subparagraph (A) if such affiliate acts as a service provider to such person. (7) **Credit** — The term “credit” means the right

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