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 Trade Act corporation are con- ducted contrary to any provision of this chapter, or any other law, or any treaty of the United States, or the articles of incorporation or by- laws 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 pro- ceedings the court may at any time, upon appli- cation 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 advis- able. (Sept. 19, 1922, ch. 346, § 14, 42 Stat. 853.) Editorial Notes REFERENCES IN TEXT United States Court for China, referred to in text, has been abolished. See Codification note set out under sec- tion 142 of this title. § 155. Authority of registrar in obtaining evi- dence (a) Subpena for attendance of witness and pro- duction of records, etc. For the efficient administration of the func- tions vested in the registrar by this chapter, he may require, by subpoena issued by him or under his direction, (1) the attendance of any witness and the production of any book, paper, document, or other evidence from any place in China at any designated place of hearing in China, or, if the witness is actually resident or temporarily sojourning outside of China, at any designated place of hearing within fifty miles of the actual residence or place of sojourn of such witness, and (2) the taking of a deposition before any designated person having power to admin- ister oaths. In the case of a deposition, the testi- mony shall be reduced to writing by the person taking the deposition or under his direction, and shall then be subscribed by the deponent. The registrar, or any officer, employee, or agent of the United States authorized in writing by him, may administer oaths and examine any witness. Any witness summoned or whose deposition is taken under this section shall be paid the same fees and mileage as are paid witnesses in the courts of the United States. (b) Aid of Federal district court In the case of failure to comply with any sub- poena or in the case of the contumacy of any witness before the registrar or any individual so authorized by him, the registrar or such indi- vidual may invoke the aid of any Federal dis- trict court. Such court may thereupon order the witness to comply with the requirements of such subpoena and to give evidence touching the mat- ter in question. Any failure to obey such order may be punished by such court as a contempt thereof. (c) Repealed. Pub. L. 91–452, title II, § 217, Oct. 15, 1970, 84 Stat. 929 (d) Access of registrar or his employee to books and records For the efficient administration of the func- tions vested in the registrar by this chapter, he, or any officer, employee, or agent of the United States authorized in writing by him, shall at all reasonable times, for the purpose of examina- tion, have access to and the right to copy any book, account, record, paper, or correspondence relating to the business or affairs of a China Trade Act corporation. Any person who upon de- mand refuses the registrar, or any duly author- ized officer, employee, or agent, such access or opportunity to copy, or hinders, obstructs, or re- sists him in the exercise of such right, shall be liable to a penalty of not more than $5,000 for each such offense. Such penalty shall be recover- able in a civil suit brought in the name of the United States. (Sept. 19, 1922, ch. 346, § 15, 42 Stat. 853; Pub. L. 91–452, title II, § 217, Oct. 15, 1970, 84 Stat. 929.) Editorial Notes AMENDMENTS 1970—Subsec. (c). Pub. L. 91–452 struck out subsec. (c) which granted immunity from prosecution for any nat- ural person testifying in obedience to a subpoena.