text:
Summa Theologiae/Second Part of the Second Part/Question 77

Treatise On The Cardinal Virtues
(D) BY SINS COMMITTED IN BUYING AND SELLING (Q[77])

Question. 77 - OF CHEATING, WHICH IS COMMITTED IN BUYING AND SELLING (FOUR ARTICLES)
We must now consider those sins which relate to voluntary commutations. First, we shall consider cheating, which is committed in buying and selling: secondly, we shall consider usury, which occurs in loans. In connection with the other voluntary commutations no special kind of sin is to be found distinct from rapine and theft.

Under the first head there are four points of inquiry:

(1) Of unjust sales as regards the price; namely, whether it is lawful to sell a thing for more than its worth?

(2) Of unjust sales on the part of the thing sold;

(3) Whether the seller is bound to reveal a fault in the thing sold?

(4) Whether it is lawful in trading to sell a thing at a higher price than was paid for it?

Art. 1 - Whether it is lawful to sell a thing for more than its worth?
Objection 1: It would seem that it is lawful to sell a thing for more than its worth. In the commutations of human life, civil laws determine that which is just. Now according to these laws it is just for buyer and seller to deceive one another (Cod. IV, xliv, De Rescind. Vend. 8,15): and this occurs by the seller selling a thing for more than its worth, and the buyer buying a thing for less than its worth. Therefore it is lawful to sell a thing for more than its worth

Objection 2: Further, that which is common to all would seem to be natural and not sinful. Now Augustine relates that the saying of a certain jester was accepted by all, "You wish to buy for a song and to sell at a premium," which agrees with the saying of Prov. 20:14, "It is naught, it is naught, saith every buyer: and when he is gone away, then he will boast." Therefore it is lawful to sell a thing for more than its worth.

Objection 3: Further, it does not seem unlawful if that which honesty demands be done by mutual agreement. Now, according to the Philosopher (Ethic. viii, 13), in the friendship which is based on utility, the amount of the recompense for a favor received should depend on the utility accruing to the receiver: and this utility sometimes is worth more than the thing given, for instance if the receiver be in great need of that thing, whether for the purpose of avoiding a danger, or of deriving some particular benefit. Therefore, in contracts of buying and selling, it is lawful to give a thing in return for more than its worth.

On the contrary, It is written (Mat. 7:12): "All things . . . whatsoever you would that men should do to you, do you also to them." But no man wishes to buy a thing for more than its worth. Therefore no man should sell a thing to another man for more than its worth.

I answer that, It is altogether sinful to have recourse to deceit in order to sell a thing for more than its just price, because this is to deceive one's neighbor so as to injure him. Hence Tully says (De Offic. iii, 15): "Contracts should be entirely free from double-dealing: the seller must not impose upon the bidder, nor the buyer upon one that bids against him."

But, apart from fraud, we may speak of buying and selling in two ways. First, as considered in themselves, and from this point of view, buying and selling seem to be established for the common advantage of both parties, one of whom requires that which belongs to the other, and vice versa, as the Philosopher states (Polit. i, 3). Now whatever is established for the common advantage, should not be more of a burden to one party than to another, and consequently all contracts between them should observe equality of thing and thing. Again, the quality of a thing that comes into human use is measured by the price given for it, for which purpose money was invented, as stated in Ethic. v, 5. Therefore if either the price exceed the quantity of the thing's worth, or, conversely, the thing exceed the price, there is no longer the equality of justice: and consequently, to sell a thing for more than its worth, or to buy it for less than its worth, is in itself unjust and unlawful.

Secondly we may speak of buying and selling, considered as accidentally tending to the advantage of one party, and to the disadvantage of the other: for instance, when a man has great need of a certain thing, while an other man will suffer if he be without it. In such a case the just price will depend not only on the thing sold, but on the loss which the sale brings on the seller. And thus it will be lawful to sell a thing for more than it is worth in itself, though the price paid be not more than it is worth to the owner. Yet if the one man derive a great advantage by becoming possessed of the other man's property, and the seller be not at a loss through being without that thing, the latter ought not to raise the price, because the advantage accruing to the buyer, is not due to the seller, but to a circumstance affecting the buyer. Now no man should sell what is not his, though he may charge for the loss he suffers.

On the other hand if a man find that he derives great advantage from something he has bought, he may, of his own accord, pay the seller something over and above: and this pertains to his honesty.

Reply to Objection 1: As stated above (FS, Q[96], A[2]) human law is given to the people among whom there are many lacking virtue, and it is not given to the virtuous alone. Hence human law was unable to forbid all that is contrary to virtue; and it suffices for it to prohibit whatever is destructive of human intercourse, while it treats other matters as though they were lawful, not by approving of them, but by not punishing them. Accordingly, if without employing deceit the seller disposes of his goods for more than their worth, or the buyer obtain them for less than their worth, the law looks upon this as licit, and provides no punishment for so doing, unless the excess be too great, because then even human law demands restitution to be made, for instance if a man be deceived in regard to more than half the amount of the just price of a thing [*Cod. IV, xliv, De Rescind. Vend. 2,8].

On the other hand the Divine law leaves nothing unpunished that is contrary to virtue. Hence, according to the Divine law, it is reckoned unlawful if the equality of justice be not observed in buying and selling: and he who has received more than he ought must make compensation to him that has suffered loss, if the loss be considerable. I add this condition, because the just price of things is not fixed with mathematical precision, but depends on a kind of estimate, so that a slight addition or subtraction would not seem to destroy the equality of justice.

Reply to Objection 2: As Augustine says "this jester, either by looking into himself or by his experience of others, thought that all men are inclined to wish to buy for a song and sell at a premium. But since in reality this is wicked, it is in every man's power to acquire that justice whereby he may resist and overcome this inclination." And then he gives the example of a man who gave the just price for a book to a man who through ignorance asked a low price for it. Hence it is evident that this common desire is not from nature but from vice, wherefore it is common to many who walk along the broad road of sin.

Reply to Objection 3: In commutative justice we consider chiefly real equality. On the other hand, in friendship based on utility we consider equality of usefulness, so that the recompense should depend on the usefulness accruing, whereas in buying it should be equal to the thing bought.

Art. 2 - Whether a sale is rendered unlawful through a fault in the thing sold?
Objection 1: It would seem that a sale is not rendered unjust and unlawful through a fault in the thing sold. For less account should be taken of the other parts of a thing than of what belongs to its substance. Yet the sale of a thing does not seem to be rendered unlawful through a fault in its substance: for instance, if a man sell instead of the real metal, silver or gold produced by some chemical process, which is adapted to all the human uses for which silver and gold are necessary, for instance in the making of vessels and the like. Much less therefore will it be an unlawful sale if the thing be defective in other ways.

Objection 2: Further, any fault in the thing, affecting the quantity, would seem chiefly to be opposed to justice which consists in equality. Now quantity is known by being measured: and the measures of things that come into human use are not fixed, but in some places are greater, in others less, as the Philosopher states (Ethic. v, 7). Therefore just as it is impossible to avoid defects on the part of the thing sold, it seems that a sale is not rendered unlawful through the thing sold being defective.

Objection 3: Further, the thing sold is rendered defective by lacking a fitting quality. But in order to know the quality of a thing, much knowledge is required that is lacking in most buyers. Therefore a sale is not rendered unlawful by a fault (in the thing sold).

On the contrary, Ambrose says (De Offic. iii, 11): "It is manifestly a rule of justice that a good man should not depart from the truth, nor inflict an unjust injury on anyone, nor have any connection with fraud."

I answer that, A threefold fault may be found pertaining to the thing which is sold. One, in respect of the thing's substance: and if the seller be aware of a fault in the thing he is selling, he is guilty of a fraudulent sale, so that the sale is rendered unlawful. Hence we find it written against certain people (Is. 1:22), "Thy silver is turned into dross, thy wine is mingled with water": because that which is mixed is defective in its substance.

Another defect is in respect of quantity which is known by being measured: wherefore if anyone knowingly make use of a faulty measure in selling, he is guilty of fraud, and the sale is illicit. Hence it is written (Dt. 25:13,14): "Thou shalt not have divers weights in thy bag, a greater and a less: neither shall there be in thy house a greater bushel and a less," and further on (Dt. 25:16): "For the Lord . . . abhorreth him that doth these things, and He hateth all injustice."

A third defect is on the part of the quality, for instance, if a man sell an unhealthy animal as being a healthy one: and if anyone do this knowingly he is guilty of a fraudulent sale, and the sale, in consequence, is illicit.

In all these cases not only is the man guilty of a fraudulent sale, but he is also bound to restitution. But if any of the foregoing defects be in the thing sold, and he knows nothing about this, the seller does not sin, because he does that which is unjust materially, nor is his deed unjust, as shown above (Q[59], A[2]). Nevertheless he is bound to compensate the buyer, when the defect comes to his knowledge. Moreover what has been said of the seller applies equally to the buyer. For sometimes it happens that the seller thinks his goods to be specifically of lower value, as when a man sells gold instead of copper, and then if the buyer be aware of this, he buys it unjustly and is bound to restitution: and the same applies to a defect in quantity as to a defect in quality.

Reply to Objection 1: Gold and silver are costly not only on account of the usefulness of the vessels and other like things made from them, but also on account of the excellence and purity of their substance. Hence if the gold or silver produced by alchemists has not the true specific nature of gold and silver, the sale thereof is fraudulent and unjust, especially as real gold and silver can produce certain results by their natural action, which the counterfeit gold and silver of alchemists cannot produce. Thus the true metal has the property of making people joyful, and is helpful medicinally against certain maladies. Moreover real gold can be employed more frequently, and lasts longer in its condition of purity than counterfeit gold. If however real gold were to be produced by alchemy, it would not be unlawful to sell it for the genuine article, for nothing prevents art from employing certain natural causes for the production of natural and true effects, as Augustine says (De Trin. iii, 8) of things produced by the art of the demons.

Reply to Objection 2: The measures of salable commodities must needs be different in different places, on account of the difference of supply: because where there is greater abundance, the measures are wont to be larger. However in each place those who govern the state must determine the just measures of things salable, with due consideration for the conditions of place and time. Hence it is not lawful to disregard such measures as are established by public authority or custom.

Reply to Objection 3: As Augustine says (De Civ. Dei xi, 16) the price of things salable does not depend on their degree of nature, since at times a horse fetches a higher price than a slave; but it depends on their usefulness to man. Hence it is not necessary for the seller or buyer to be cognizant of the hidden qualities of the thing sold, but only of such as render the thing adapted to man's use, for instance, that the horse be strong, run well and so forth. Such qualities the seller and buyer can easily discover.

Art. 3 - Whether the seller is bound to state the defects of the thing sold?
Objection 1: It would seem that the seller is not bound to state the defects of the thing sold. Since the seller does not bind the buyer to buy, he would seem to leave it to him to judge of the goods offered for sale. Now judgment about a thing and knowledge of that thing belong to the same person. Therefore it does not seem imputable to the seller if the buyer be deceived in his judgment, and be hurried into buying a thing without carefully inquiring into its condition.

Objection 2: Further, it seems foolish for anyone to do what prevents him carrying out his work. But if a man states the defects of the goods he has for sale, he prevents their sale: wherefore Tully (De Offic. iii, 13) pictures a man as saying: "Could anything be more absurd than for a public crier, instructed by the owner, to cry: 'I offer this unhealthy horse for sale?'" Therefore the seller is not bound to state the defects of the thing sold.

Objection 3: Further, man needs more to know the road of virtue than to know the faults of things offered for sale. Now one is not bound to offer advice to all or to tell them the truth about matters pertaining to virtue, though one should not tell anyone what is false. Much less therefore is a seller bound to tell the faults of what he offers for sale, as though he were counseling the buyer.

Objection 4: Further, if one were bound to tell the faults of what one offers for sale, this would only be in order to lower the price. Now sometimes the price would be lowered for some other reason, without any defect in the thing sold: for instance, if the seller carry wheat to a place where wheat fetches a high price, knowing that many will come after him carrying wheat; because if the buyers knew this they would give a lower price. But apparently the seller need not give the buyer this information. Therefore, in like manner, neither need he tell him the faults of the goods he is selling.

On the contrary, Ambrose says (De Offic. iii, 10): "In all contracts the defects of the salable commodity must be stated; and unless the seller make them known, although the buyer has already acquired a right to them, the contract is voided on account of the fraudulent action."

I answer that, It is always unlawful to give anyone an occasion of danger or loss, although a man need not always give another the help or counsel which would be for his advantage in any way; but only in certain fixed cases, for instance when someone is subject to him, or when he is the only one who can assist him. Now the seller who offers goods for sale, gives the buyer an occasion of loss or danger, by the very fact that he offers him defective goods, if such defect may occasion loss or danger to the buyer---loss, if, by reason of this defect, the goods are of less value, and he takes nothing off the price on that account---danger, if this defect either hinder the use of the goods or render it hurtful, for instance, if a man sells a lame for a fleet horse, a tottering house for a safe one, rotten or poisonous food for wholesome. Wherefore if such like defects be hidden, and the seller does not make them known, the sale will be illicit and fraudulent, and the seller will be bound to compensation for the loss incurred.

On the other hand, if the defect be manifest, for instance if a horse have but one eye, or if the goods though useless to the buyer, be useful to someone else, provided the seller take as much as he ought from the price, he is not bound to state the defect of the goods, since perhaps on account of that defect the buyer might want him to allow a greater rebate than he need. Wherefore the seller may look to his own indemnity, by withholding the defect of the goods.

Reply to Objection 1: Judgment cannot be pronounced save on what is manifest: for "a man judges of what he knows" (Ethic. i, 3). Hence if the defects of the goods offered for sale be hidden, judgment of them is not sufficiently left with the buyer unless such defects be made known to him. The case would be different if the defects were manifest.

Reply to Objection 2: There is no need to publish beforehand by the public crier the defects of the goods one is offering for sale, because if he were to begin by announcing its defects, the bidders would be frightened to buy, through ignorance of other qualities that might render the thing good and serviceable. Such defect ought to be stated to each individual that offers to buy: and then he will be able to compare the various points one with the other, the good with the bad: for nothing prevents that which is defective in one respect being useful in many others.

Reply to Objection 3: Although a man is not bound strictly speaking to tell everyone the truth about matters pertaining to virtue, yet he is so bound in a case when, unless he tells the truth, his conduct would endanger another man in detriment to virtue: and so it is in this case.

Reply to Objection 4: The defect in a thing makes it of less value now than it seems to be: but in the case cited, the goods are expected to be of less value at a future time, on account of the arrival of other merchants, which was not foreseen by the buyers. Wherefore the seller, since he sells his goods at the price actually offered him, does not seem to act contrary to justice through not stating what is going to happen. If however he were to do so, or if he lowered his price, it would be exceedingly virtuous on his part: although he does not seem to be bound to do this as a debt of justice.

Art. 4 - Whether, in trading, it is lawful to sell a thing at a higher price than what was paid for it?
Objection 1: It would seem that it is not lawful, in trading, to sell a thing for a higher price than we paid for it. For Chrysostom [*Hom. xxxviii in the Opus Imperfectum, falsely ascribed to St. John Chrysostom] says on Mat. 21:12: "He that buys a thing in order that he may sell it, entire and unchanged, at a profit, is the trader who is cast out of God's temple." Cassiodorus speaks in the same sense in his commentary on Ps. 70:15, "Because I have not known learning, or trading" according to another version [*The Septuagint]: "What is trade," says he, "but buying at a cheap price with the purpose of retailing at a higher price?" and he adds: "Such were the tradesmen whom Our Lord cast out of the temple." Now no man is cast out of the temple except for a sin. Therefore such like trading is sinful.

Objection 2: Further, it is contrary to justice to sell goods at a higher price than their worth, or to buy them for less than their value, as shown above (A[1]). Now if you sell a thing for a higher price than you paid for it, you must either have bought it for less than its value, or sell it for more than its value. Therefore this cannot be done without sin.

Objection 3: Further, Jerome says (Ep. ad Nepot. lii): "Shun, as you would the plague, a cleric who from being poor has become wealthy, or who, from being a nobody has become a celebrity." Now trading would net seem to be forbidden to clerics except on account of its sinfulness. Therefore it is a sin in trading, to buy at a low price and to sell at a higher price.

On the contrary, Augustine commenting on Ps. 70:15, "Because I have not known learning," [*Cf. OBJ 1] says: "The greedy tradesman blasphemes over his losses; he lies and perjures himself over the price of his wares. But these are vices of the man, not of the craft, which can be exercised without these vices." Therefore trading is not in itself unlawful.

I answer that, A tradesman is one whose business consists in the exchange of things. According to the Philosopher (Polit. i, 3), exchange of things is twofold; one, natural as it were, and necessary, whereby one commodity is exchanged for another, or money taken in exchange for a commodity, in order to satisfy the needs of life. Such like trading, properly speaking, does not belong to tradesmen, but rather to housekeepers or civil servants who have to provide the household or the state with the necessaries of life. The other kind of exchange is either that of money for money, or of any commodity for money, not on account of the necessities of life, but for profit, and this kind of exchange, properly speaking, regards tradesmen, according to the Philosopher (Polit. i, 3). The former kind of exchange is commendable because it supplies a natural need: but the latter is justly deserving of blame, because, considered in itself, it satisfies the greed for gain, which knows no limit and tends to infinity. Hence trading, considered in itself, has a certain debasement attaching thereto, in so far as, by its very nature, it does not imply a virtuous or necessary end. Nevertheless gain which is the end of trading, though not implying, by its nature, anything virtuous or necessary, does not, in itself, connote anything sinful or contrary to virtue: wherefore nothing prevents gain from being directed to some necessary or even virtuous end, and thus trading becomes lawful. Thus, for instance, a man may intend the moderate gain which he seeks to acquire by trading for the upkeep of his household, or for the assistance of the needy: or again, a man may take to trade for some public advantage, for instance, lest his country lack the necessaries of life, and seek gain, not as an end, but as payment for his labor.

Reply to Objection 1: The saying of Chrysostom refers to the trading which seeks gain as a last end. This is especially the case where a man sells something at a higher price without its undergoing any change. For if he sells at a higher price something that has changed for the better, he would seem to receive the reward of his labor. Nevertheless the gain itself may be lawfully intended, not as a last end, but for the sake of some other end which is necessary or virtuous, as stated above.

Reply to Objection 2: Not everyone that sells at a higher price than he bought is a tradesman, but only he who buys that he may sell at a profit. If, On the contrary, he buys not for sale but for possession, and afterwards, for some reason wishes to sell, it is not a trade transaction even if he sell at a profit. For he may lawfully do this, either because he has bettered the thing, or because the value of the thing has changed with the change of place or time, or on account of the danger he incurs in transferring the thing from one place to another, or again in having it carried by another. In this sense neither buying nor selling is unjust.

Reply to Objection 3: Clerics should abstain not only from things that are evil in themselves, but even from those that have an appearance of evil. This happens in trading, both because it is directed to worldly gain, which clerics should despise, and because trading is open to so many vices, since "a merchant is hardly free from sins of the lips" [*'A merchant is hardly free from negligence, and a huckster shall not be justified from the sins of the lips'] (Ecclus. 26:28). There is also another reason, because trading engages the mind too much with worldly cares, and consequently withdraws it from spiritual cares; wherefore the Apostle says (2 Tim. 2:4): "No man being a soldier to God entangleth himself with secular businesses." Nevertheless it is lawful for clerics to engage in the first mentioned kind of exchange, which is directed to supply the necessaries of life, either by buying or by selling.


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/285

 PUBLIC LAW 95-273—MAY 8, 1978

92 STAT. 231

(b) CONTENT OF THE PROGRAM.—The program required to be estab-

lished under subsection (a) shall include, b u t not be limited to— (1) all projects and activities relating to ocean pollution research and development and monitoring for which the Administrator has responsibility under provisions of law (including, but not limited to, title II of the Marine Protection, Research, and Sanctuaries Act of 1972 (33 U.S.C. 1441-1444)) other than paragraph (2); ^ (2) such projects and activities addressed to the priorities set forth in the P l a n pursuant to section 4(b)(1)(B) that can be appropriately conducted within the Administration; and (3) the provision of financial assistance under section 6.

33 USC 1705.

SEC. 6. F I N A N C I A L A S S I S T A N C E. (a)

GRANTS AND CONTRACTS.—The A d m i n i s t r a to r

may

provide

financial assistance in the form of g r a n t s or contracts for research and development and monitoring projects or activities which are needed to meet priorities set forth in the P l a n pursuant to section 4(b)(1)(B), if such priorities are not being adequately addressed by any Federal department, agency, or instrumentality.

Grants and contracts.

(b) APPLICATIONS FOR ASSISTANCE.—Any person, including institu-

tions of higher education and departments, agencies, and instrumentalities of the Federal Government or of any State o r political subdivision thereof, may apply for financial assistance under this section for the conduct of projects and activities described in subsection (a), and, in addition, specific proposals may be invited. E a c h application for financial assistance shall be made in writing in such form and manner, and contain such information, as the A d m i n i s t r a to r may require. The Administrator may enter into contracts under this section without regard to section 3709 of the Revised Statutes of the United States (41 U.S.C. 5).

Contract authority.

(c) EXISTING PROGRAMS.—The projects and activities s u p p o r t e d by

g r a n t s or contracts made o r entered into under this section shall, to the maximum extent practicable, be administered through existing Federal programs (including, b u t not limited to, the National Sea G r a n t Program) concerned with ocean pollution research and development and monitoring.

.,,,

(d) ACTION BY ADMINISTRATOR.—The A d m i n i s t r a to r shall act upon

each application for a g r a n t or contract under this section within six months after the date on which all required information is received by the Administrator from the applicant. Each g r a n t made o r contract entered into under this section shall be subject to such terms and conditions as the Secretary deems necessary in order to protect the interests of t h c United States. The total amount paid pursuant to any such g r a n t or contract may, in the discretion of the Administrator, be u p to 100 percent of the total cost of the project or activity involved, (e) RECORDS.—Each recipient of financial assistance under this sec- Recordkeeping, tion shall keep such records as the Administrator shall prescribe, including records which fully disclose the amount and disposition by such recipient of the proceeds of such assistance, the total cost of the project o r activity in connection with which such assistance was given or used, the amount of that portion of the cost of the project or activity which was supplied by other sources, and such other records as will facilitate an effective audit. Such records shall be maintained for three years after the completion of such project or activity. The Adminis- Accessibility. t r a to r and the Comptroller General of the United States, or any of their duly authorized representatives, shall have access, for the purpose of audit and examination, to any books, documents, papers, and

�

license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/286

 92 STAT. 232

33 USC 1706.

33 USC 1707.

33 USC 1708.

33 USC 1709.

PUBLIC LAW 95-273—MAY 8, 1978 records of receipts which, in the opinion of the Administrator or of the Comptroller General, may be related or pertinent to such financial assistance. SEC. 7. INTERAGENCY COOPERATION. The head of each department, agency, or other instrumentality of the Federal Government which is engaged in or concerned with, or which has authority over, programs relating to ocean pollution research and development and monitoring— (1) shall cooperate with the Administrator in carrying out the purposes of this Act; (2) may, upon written request from the Administrator or Director, make available to the Administrator or Director, on a reimbursable basis or otherwise, such personnel (with their consent and without prejudice to their position and rating), services, or facilities as may be necessary to assist the Administrator or the Director to achieve the purposes of this Act; and (3) shall, upon a written request from the Administrator or Director, furnish such data or other information as the Administrator or Director deems necessary to fulfill the purposes of this Act. SEC. 8. DISSEMINATION OF INFORMATION. The Administrator shall ensure that the results, findings, and information regarding ocean pollution research and development and monitoring programs conducted or sponsored by the Federal Government be disseminated in a timely manner, and in useful forms, to relevant departments, agencies, and instrumentalities of the Federal Government, and to other persons having an interest in ocean pollution research and development and monitoring. SEC. 9. EFFECT ON OTHER LAWS. Nothing in this Act shall be construed to amend, restrict, or otherwise alter the authority of any Federal department, agency, or instrumentality, under any law, to undertake research and development and monitoring relating to ocean pollution. SEC. 10. AUTHORIZATION OF APPROPRIATIONS. There are authorized to be appropriated to the Administration for the purposes of carrying but this Act not to exceed $5,000,000 for the fiscal year ending September 30, 1979. Approved May 8, 1978.

LEGISLATIVE HISTORY: HOUSE REPORTS: No. 95-626 pt. 1 (Comm. on Science and Technology) and 95-626 pt. 2 (Comm. on Merchant Marine and Fisheries). CONGRESSIONAL RECORD: Vol. 123 (1977): Aug. 3, considered and passed Senate. Vol. 124 (1978): Feb. 28, considered and passed House, amended. Apr. 24, Senate agreed to House amendment.

�


text: Page:Hockey, Canada's Royal Winter Game.djvu/6


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/287

 PUBLIC LAW 95-274—MAY 10, 1978

92 STAT. 233

Public Law 95-274 95th Congress Joint Resolution To provide for the reappointment of A. Leon Higginbotham, Junior, as a citizen regent of the Board of Regents of the Smithsonian Institution.

May lU, ly7a__ [S.J. Res. 106]

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the vacancy in the Smithsonian Board of Regents of the Smithsonian Institution, of the class other Institution, than Members of Congress, which will occur by the expiration of the term of A. Leon Higginbotham, Junior, of Pennsylvania on May 11, 1978, be filled by the reappointment of the present incumbent for the statutory term of six years. Approved May 10, 1978.

LEGISLATIVE HISTORY: HOUSE REPORT No. 95-1064 (Coram, on House Administration). SENATE REPORT No. 95-662 (Comm. on Rules and Administration) CONGRESSIONAL RECORD, Vol. 124 (1978): Mar. 6, considered and passed Senate. May 1, considered and passed House.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/288

 92 STAT. 234

PUBLIC LAW 95-275—MAY 10, 1978

Public Law 95-275 95th Congress Joint Resolution May 10, 197o [S.J. Res. 107]

Smithsonian Institution.

rp^ pi.Qvic[e foj. the reappointment of John Paul Austin as a citizen regent of the Board of Regents of the Smithsonian Institution.

ResoVoed by the Senate and House of Representatives of the United States of America in Congress assembled, That the vacancy in the Board of Regents of the Smithsonian Institution, of the class other than Members of Congress, which will occur by the expiration of the term of John Paul Austin of Georgia on May 11, 1978, be filled by the reappointment of the present incumbent for the statutory term of six years. Approved May 10, 1978.

LEGISLATIVE HISTORY: HOUSE REPORT No. 95-1065 (Coram, on House Administration). SENATE REPORT No. 95-663 (Coram, on Rules and Administration). CONGRESSIONAL RECORD, Vol. 124 (1978): Mar. 6, considered and passed Senate. May 1, considered and passed House.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/289

 PUBLIC LAW 95-276—MAY 10, 1978

92 STAT. 235

Public Law 95-276 95th Congress Joint Resolution To providfe for the appointment of Anne Legendre Armstrong as citizen regent of the Board of Regents of the Smithsonian Institution.

May 10, 1978 [S.J. Res. 108]

Resolved by the Senate arid House of Representatives of the United States of America in Congress assembled, That the vacancy in the Smithsonian Board of Regents of the Smithsonian Institution, of the class other Institution, than Members of Congress, caused by the resignation of Robert Francis Goheen of New Jersey on May 14, 1977, be filled by the appointment of Anne Legendre Armstrong of Texas for the statutory term of six years. Approved May 10, 1978.

LEGISLATIVE HISTORY: HOUSE REPORT No. 95-1066 (Coram, on House Administration). SENATE REPORT No. 95-664 (Coram, on Rules and Administration). CONGRESSIONAL RECORD, Vol. 124 (1978): Mar. 6, considered and passed Senate. May 1, considered and passed House.

39-194 O—80—pt. 1

19: QL3

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/290

 92 STAT. 236

PUBLIC LAW 95-277—MAY 12, 1978

Public Law 95-277 95th Congress An Act May 12, 1978 [S. 2220]

Library of ^°°8res8 Trust un oar.

IJIQ authorize the Secretary of the Treasury to desiguate an Assistant Secretary to serve in his place as a member of the Library of Congress Trust Fund Board.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the first paragraph of the first section of the Act entitled "An Act to create a Library of Congress Trust Fund Board, and for other purposes", approved March 3, 1925 (2 U.S.C. 154), is amended by inserting after "Secretary of the Treasury" the following: "(or an Assistant Secretary designated in writing by the Secretary of the Treasury)". Approved May 12, 1978.

LEGISLATIVE HISTORY: HOUSE REPORT No. 95-1067 (Coram, on House Administration). SENATE REPORT No. 95-616 (Comm. on Rules and Administration). CONGRESSIONAL RECORD, Vol. 124 (1978): Jan. 27, considered and passed Senate. May 1, considered and passed House.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/291

 PUBLIC LAW 95-278—MAY 12, 1978

92 STAT. 237

Public Law 95-278 95th Congress An Act To provide for conveyance of certain lands adjacent to the Gund Ranch, Grass Valley, Nevada, to the University of Nevada.

May 12, 197ig [S. 917]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary University of of the Interior is authorized to convey to the University of Nevada Nevada, upon its application the following lands located in the State of Land conveyance. Nevada, or any portion thereof, under the provisions of the Act of June 14, 1926, as amended (44 Stat. 741, as amended; 43 U.S.C. 869), but notwithstanding the acreage limitations in subsection (b) (ii) or the limitation on disposition in the last sentence of subsection (c) of the first section of that Act: 1. East half southwest quarter, section 7, township 24 north, range 48 east, 80 acres; 2. Southeast quarter northwest quarter, section 7, township 24 north, range 48 east, 40 acres; 3. South half northeast quarter, section 7, township 24 north, range 48 east, 80 acres; 4. South half northwest quarter, section 8, township 24 north, range 48 east, 80 acres; 5. South half southeast quarter, section 8, township 24 north, range 48 east, 80 acres; 6. West half, section 16, township 24 north, range 48 east, 320 acres; 7. West half southeast quarter, section 16, township 24 north, range 48 east, 80 acres; 8. Southwest quarter northeast quarter, section 16, township 24 north, range 48 east, 40 acres; 9. Entire, section 17, township 24 north, range 48 east, 640 acres; 10. Northeast quarter northwest quarter, section 18, township 24 north, range 48 east, 40 acres; 11. North half northeast quarter, section 18, township 24 north, range 48 east, 80 acres; 12. Northwest quarter northwest quarter, section 20, township 24 north, range 48 east, 40 acres; 13. East half northwest quarter, section 20, township 24 north, range 48 east, 80 acres; 14. East half, section 20, township 24 north, range 48 east, 320 acres; 15. West half, section 21, township 24 north, range 48 east, 320 acres; 16. West half northeast quarter, section 21, township 24 north, range 48 east, 80 acres; 17. Northwest quarter southeast quarter, section 21, township 24 north, range 48 east, 40 acres; 18. West half, section 28, township 24 north, range 48 east, 320 acres; 19. East half, section 29, township 24 north, range 48 east, 320 acres; 20. South half northwest quarter, section 4, township 23 north, range 48 east, 80 acres;

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/292

 92 STAT. 238

PUBLIC LAW 95-278—MAY 12, 1978 21. Southwest quarter, section 4, township 23 north, range 48 east, 160 acres; 22. West half southwest quarter, section 5, township 23 north, range 48 east, 80 acres; 23. Southwest quarter northwest quarter, section 5, township 23 north, range 48 east, 40 acres; 24. East half southeast quarter, section 7, township 23 north, range 48 east, 80 acres; 25. West half west half, section 8, township 23 north, range 48 east, 160 acres; 26. East half east half, section 8, township 23 north, range 48 east, 160 acres; 27. Southwest quarter, section 9, township 23 north, range 48 east, 160 acres; 28. South half northwest quarter, section 9, township 23 north, range 48 east, 80 acres; 29. Northwest quarter northwest quarter, section 9, township 23 north, range 48 east, 40 acres; 30. West half, section 16, township 23 north, range 48 east, 320 acres; 31. East half east half, section 17, township 23 north, range 48 east, 160 acres; 32. West half west half, section 17, township 23 north, range 48 east, 160 acres; 33. East half, section 18, township 23 north, range 48 east, 320 acres; 34. Lots 3 and 4, east half, southwest quarter, section 19, township 23 north, range 48 east, 110.79 acres; 35. West half southeast quarter, section 19, township 23 north, range 48 east, 80 acres; 36. Northeast quarter, section 19, township 23 north, range 48 east, 160 acres; 37. West half northwest quarter, section 20, township 23 north, range 48 east, 80 acres; 38. East half southwest quarter, section 20, township 23 north, range 48 east, 80 acres; 39. Southeast quarter, section 20, township 23 north, range 48 east, 160 acres; 40. East half northeast quarter, section 20, township 23 north, range 48 east, 80 acres; 41. West half west half, section 21, township 23 north, range 48 east, 160 acres; 42. Northeast quarter, section 29, township 23 north, range 48 east, 160 acres; 43. West half southeast quarter, section 29, township 23 north, range 48 east, 80 acres; 44. West half, section 29, township 23 north, range 48 east, 320 acres; 45. Entire, section 30, township 23 north, range 48 east, 542.28 acres; 46. Entire, section 31, township 23 north, range 48 east, 543.44 acres; 47. Northwest quarter, section 32, township 23 north, range 48 east, 160 acres.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/293

 PUBLIC LAW 95-278—MAY 12, 1978

92 STAT. 239

SEC. 2. No conveyance shall be made under this Act unless applica- Conditions, tion therefor by the University of Nevada is received by the Secretary of the Interior within one year of the effective date of this Act. SEC. 3. The land conveyed by this Act shall be used for the establishment and operation of a rangeland research station and for the conduct of associated experimental range management and improvement programs. The patent or other document of conveyance issued pursuant to this Act shall incorporate the limitation set forth in this section and shall provide that title to the land shall i:evert to the United States if the land is used for any other purpose. Approved May 12, 1978.

LEGISLATIVE HISTORY: HOUSE REPORT No. 95-1006 (Comm. on Interior and Insular Affairs). SENATE REPORT No. 95-521 (Comm. on Energy and Natural Resources). CONGRESSIONAL RECORD: Vol. 123 (1977): Oct. 27, considered and passed Senate. Vol. 124 (1978): May 1, considered and passed House.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/294

 92 STAT. 240

PUBLIC LAW 95-279—MAY 15, 1978

Public Law 95-279 95th Congress An Act May 15, 1978 [H.R. 6782] Wheat, feed grains, and upland cotton, emergency assistance. 7 USC 1309.

7 USC 1444.

To provide emergency assistance to producers of wheat, feed grains, and upland cotton, and for other purposes. Be it enacted by the Senate and House of Representatives United States of America in Congress assembled,

of the

TITLE I—PRICE SUPPORT FOR PRODUCERS OF WHEAT, F E E D GRAINS, AND UPLAND COTTON SEC, 101. Section 1001 of the Food and Agriculture Act of 1977 is amended by inserting " (a) " after the section designation and adding a new subsection (b) as follows: " (b) Notwithstanding any other provision of law, whenever a setaside is in effect for one or more of the 1978 through 1981 crops of wheat, feed grains, and upland cotton, the Secretary may increase the established price for any such commodity by the amount the Secretary determines appropriate to compensate producers for participation in such set-aside. I n determining the amount of any such increase, the Secretary shall take into account changes in the cost of production resulting from participation in the set-aside involved. I f the established price is increased for any commodity for which a set-aside is in effect, the Secretary may increase the established price for any other commodity in such amount as the Secretary determines necessary for effective operation of the program. The Secretary shall adjust any increase in the established price to reflect, in whole or in part, any land diversion payments for the crop for which an increase is determined.". SEC. 102. Effective only with respect to the 1978 through 1981 crops of upland cotton, section 103(f) of the Agricultural Act of 1949 is amended by striking out the first sentence of paragraph (1) and inserting in lieu thereof the following: " The Secretary shall, upon presentation of warehouse receipts reflecting accrued storage charges of not more than sixty days, make available for the 1978 through 1981 crops of upland cotton to cooperators nonrecourse loans for a term of ten months from the first day of the month in which the loan is made at such level as will reflect for Strict Low Middling one and onesixteenth inch upland cotton (micronaire 3.5 through 4.9) at average location in the United States the smaller of (i) 85 percent of the average price (weighted by market and month) of such quality of cotton as quoted in the designated United States spot markets during three years of the five-year period ending July 31 in the year in which the loan level is announced, excluding the year in which the average price was the highest and the year in which the average price was the lowest in such period, or (ii) 90 percent of the average, for the fifteenweek period beginning July 1 of the year in which the loan level is announced, of the five lowest priced growths of the growths quoted for Strict Middling one and one-sixteenth inch cotton C.I.F. Northern E u r o p e (adjusted downward by the average difference during the period April 15 through October 15 of the year in which the loan is

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/295

 PUBLIC LAW 9 5 - 2 7 9 - - M A Y 15, 1978 announced between such average Northern E u r o p e price quotation of such quality of cotton and the market quotations in the designated United States spot markets for Strict Low Middling one and onesixteenth inch cotton (micronaire 3.5 through 4.9)): Provided, That in no event shall such loan level be less than 48 cents per pound. If for any crop the average Northern E u r o p e price determined under clause (ii) of the first sentence of this paragraph is less than the average United States spot market price determined under clause (i) of the first sentence of this paragraph, the Secretary may, notwithstanding the foregoing provisions of this paragraph, increase the loan level to such level as the Secretary may deem appropriate, not in excess of the average United States spot market price determined under clause (i) of the first sentence of this paragraph.". SEC. 103. Sections 101 and 102 of this title shall become effective October 1, 1978, and any producers who, prior to such date, receive loans and payments on the 1978 crop of the commodity as computed under the Agricultural Act of 1949, as amended by the Food and Agriculture Act of 1977, may elect after September 30, 1978, to receive loans and payments as computed under this title.

92 STAT. 241

Effective date. 7 USC 1309 note. 7 USC 1421 note. 7 USC 1281 note.

TITLE II—AGRICULTURAL COMMODITIES UTILIZATION PROGRAM SEC. 201. Title I of the Agricultural Act of 1949 is amended by addinsf at the end thereof a new section 112 as follows: u AGRICULTURAL COMMODITIES UTILIZATION PROGRAM

7 USC 1445g. " SEC. 112. Notwithstanding any other provision of this Act— " (a) The Secretary may permit, subject to such terms and conditions as the Secretary may prescribe, all or any part of the acreage set aside or diverted from the production of a commodity for any crop year under this title to be devoted to the production of any commodity (other than the commodities for which acreage is being set aside or diverted) for conversion into industrial hydrocarbons and blending with gasoline or other fossil fuels for use as motor or industrial fuel, if the Secretary determines that such production is desirable in order to provide an adequate supply of commodities for such purpose, is not likely to increase the cost of the price support programs, and will not adversely affect farm income. " (b)(1) IDuring any year in which there is no set-aside or diversion of acreage under this title, the Secretary may formulate and administer a program for the production, subject to such terms and conditions as the Secretary may prescribe, of commodities for conversion

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/296

 92 STAT. 242

Regulations.

Effective date.

PUBLIC LAW 95-279—MAY 15, 1978 into industrial hydrocarbons and blending with gasoline or other fossil fuels for use as motor or industrial fuel, if the Secretary determines that such production is desirable in order to provide an adequate supply of commodities for such purpose, is not likely to increase the cost of the price support programs, and will not adversely affect farm income. Under the program, producers of wheat, feed grains, upland cotton, and rice shall be paid incentive payments to devote a portion of their acreage to the production of commodities for conversion into industrial hydrocarbons and blending with gasoline or other fossil fuels for use as motor or industrial fuel. "(2) The payments under this subsection shall be at such rate or rates as the Secretary determines to be fair and reasonable, taking into consideration the participation necessary to ensure an adequate supply of the agricultural commodities for conversion into industrial hydrocarbons and blending with gasoline or other fossil fuels for use as motor or industrial fuels. "(3) The Secretary may issue such regulations as the Secretary deems necessary to carry out the provisions of this subsection. "(4) There are authorized to be appropriated such sums as may be necessary to carry out the provisions of this subsection. "(5) The provisions of this subsection shall become effective October 1, 1978.". TITLE III—INCREASE IN THE J^ORROWINCx AUTHORITY OF THE COMMODITY CREDIT CORPORATION

15 USC 714b note. Effective date. 15 USC 713a-4 note.

7 USC 608c.

SEC. 301. (a) Section 4(i) of the Commodity Credit Corporation Charter Act (15 U.S.C. 714b(i)) is amended by striking out "$14,500,000,000" and inserting in lieu thereof "$25,000,000,000". (b) Section 4 of the Act of March 8, 1938 (15 U.S.C. 713a-4), is amended by striking out "$14,500,000,000" and inserting in lieu thereof "$25,000,000,000". (c) The increase in the borrowing authority of the Commodity Credit Corporation made by this section shall be effective only to the extent provided in appropriation Acts. (d) The provisions of this section shall become effective October 1, 1978. TITLE IV—RAISIN MARKETING ORDERS SEC. 401. (aj Effective October 1, 1978, section 8c(6)(I) of the Agricultural Adjustment Act, as reenacted and amended by the Agricultural Marketing Agreement Act of 1937, is amended by— (1) inserting "raisins," after "apples,"; and (2) inserting ", raisins," after "with respect to almonds".

�


text:
Page:Of the Gout - Stukeley - 1734.djvu/56

Rh whole limb; and produce a most fiery pain. Hippocrates aphor. 47. § 6. observes the gout is a true inflammation. And when it seizes on the stomach it produces the same symptoms as poyson swallow'd. 2. I argue that 'tis a poyson from the juvantia & lædentia, heat enrages it, the warmth of the bed and warm flannels do no more good, than keep it where it is fix'd upon the part. The cool air or cold water sensibly abates the inflammatory heat and pain, but then the drive it out of the part, as uselessly as the former method, but more dangerously; because it recurs somewhere else. Neither the heat makes any evaporation of that humor, nor does the cold any ways extinguish it. These bare qualitys have no useful effect. Again, 3. The 2 only methods of cure, the moxa and our oyls, both confirm my position. 'Tis not to be doubted that the moxa has often cured the gout: but 'tis a tremendous remedy. It will not be easy to persuade patients to bear the slow fire of a wooly plant burning upon their flesh for a minute or two. Nor is the cure so infallible. But certain it is, that where burning whether actually or potentially, cures the gout; it cures it merely as a poyson: the fire of the poyson submitting to the greater fire, as a hot iron cures the bite


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/297

 PUBLIC LAW 95-279—MAY 15, 1978

92 STAT. 243

(b) Within a period of sixty days following the second anniversary Report to of the implementation of this section, the Secretary of Agriculture Congress, shall submit to the Committee on Agriculture of the House of Repre- ^ USC 608c note, sentatives and to the Committee on Agriculture, Nutrition, and Forestry of the Senate a report that shall describe in detail how this section has been implemented including, but not limited to, information as to the issuance or amendment of any affected order, the annual amount of assessments collected, in the aggregate and by size and class of handler, the manner in which such assessments were collected, the amount of direct expenditures credited against the pro rata expense assessment obligations of each handler, and the purpose to which such assessments and such direct expenditures of each such handler were devoted. Approved May 15, 1978.

LEGISLATIVE HISTORY: HOUSE REPORTS: No. 95-641 (Comm. on Agriculture), No. 95-1044 (Comm. of Conference), and No. 95-1103 (Comm. of Conference). SENATE REPORTS: No. 95-699 (Comm. on Agriculture, Nutrition, and Forestry) and No. 95-705 (Comm. on Appropriations). CONGRESSIONAL RECORD: Vol. 123 (1977): Oct. 31, considered and passed House. Vol. 124 (1978): Mar. 2 1, considered and passed Senate, amended, in lieu of S. 2481. Apr. 10, Senate agreed to conference report. Apr. 12, House rejected conference report. May 2, Senate agreed to second conference report. May 4, House agreed to second conference report. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS: Vol. 14, No. 20 (1978): May 15, Presidential statement.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/298

 92 STAT. 244

PUBLIC LAW 95-280—MAY 15, 1978

Public Law 95-280 95th Congress An Act May 15, 1978 [S. 482]

Zuni Indian Tribe, New Mex. Lands in trust.

Land titles.

Jurisdiction.

To direct the Secretary of the Interior to purchase and hold certain lands in trust for the Zuni Indian Tribe of New Mexico, and to confer jurisdiction on the Court of Claims with respect to land claims of such tribe.

Be it enacted by the Senute and House of Representatives of the United States of America in Congress assembled, That (a) the Secretary of the Interior (hereinafter in this Act referred to as the "Secretary") shall acquire, through purchase or exchange, the lands described in subsection (b). (b) The lands to be acquired under subsection (a) are lands in the State of New Mexico upon which the Zuni Salt Lake is located and which are more particularly described as follows: Lots 3 and 4, east half southwest quarter, west half southeast quarter, section 30, township 3 north, range 18 west, lots 1 and 2, east half northwest quarter, west half northeast quarter, section 31, township 3 north, range 18 west, southeast quarter southeast quarter, section 25, and east half northeast quarter, section 36, township 3 north, range 19 west, all of the New Mexico principal meridian. New Mexico, containing approximately 618.41 acres, more or less. (c) Title to the lands to be acquired under subsection (a) shall be taken and held in trust in the name of the United States for the benefit of the Zuni Indian Tribe of New Mexico (hereinafter in this Act referred to as the "tribe"), and such lands shall be exempt from State and local taxation. SEC. 2. (a) Notwithstanding sections 2401 and 2501 of title 28, United States Code, and section 12 of the Act of August 13, 1946 (60 Stat. 1052; 25 U.S.C. 70k), jurisdiction is hereby conferred upon the United States Court of Claims to hear, determine, and render judgment on any claims of the Zuni Indian Tribe of New Mexico against the United States with respect to any lands or interests therein in the State of New Mexico or the State of Arizona held by aboriginal title or otherwise which were acquired from the tribe without payment of adequate compensation by the United States: Provided, That jurisdiction is conferred only with respect to claims accruing on or before August 13, 1946, and all such claims must be filed within three years after approval of this Act. Such jurisdiction is conferred notwithstanding any failure of the tribe to exhaust any available administrative remedies. (b)(1) Any award made to any Indian tribe other than the Zuni Indian Tribe of New Mexico before, on, or after the date of the enactment of this Act, under any judgment of the Indian Claims Commission or any other authority, with respect to any lands that are the subject of a claim submitted by the tribe under subsection (a) shall not be considered as a defense, estoppel, or setoff to such claim, and shall not otherwise affect the entitlement to, or amount of, any relief with respect to such claim.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/299

 PUBLIC LAW 95^-280—MAY 15, 1978 (2) Any award made to the tribe pursuant to subsection (a) shall not be considered as a defense, estoppel, or setoff to the claims pending before the Indian Claims Commission on the date of the enactment of this Act in docket 196 (filed August 3, 1951) and docket 229 (filed August 8, 1951), and shall not otherwise affect the entitlement to, or amount of, any relief with respect to such claims. Approved May 15, 1978.

LEGISLATIVE HISTORY: HOUSE REPORT No. 95-953 accompanying H.R. 3787 (Comm. on Interior and Insular Affairs). SENATE REPORT No. 95-111 (Comm. on Indian Affairs). CONGRESSIONAL RECORD: Vol. 123 (1977): May 3, considered and passed Senate. Vol. 124(1978): Apr. 18, considered and passed House, amended, in lieu of H.R. 3787. May 2, Senate concurred in House amendment.

92 STAT. 245

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/300

 92 STAT. 246

PUBLIC LAW 95-281—MAY 15, 1978

Public Law 95- •281 95th Congress An Act May 15, 1978 [S. 661] Indian Tribes of Oklahoma, reinstatement. 25 USC 861. Repeals.

Rights and privileges.

Modoc Indian Tribe. 25 USC 861a. Einization assistance.

Tribal membership.

To reinstate the Modoc, Wyandotte, Peoria, and Ottawa Indian Tribes of Oklahoma as federally supervised and recognized Indian tribes. Be it enacted by the Seiiate and House of Representatives of the United States of America in Congress assembled, That (a) Federal recognition is hereby extended or confirmed with respect to the Wyandotte Indian Tribe of Oklahoma, the Ottawa Indian Tribe of Oklahoma, and the Peoria Indian Tribe of Oklahoma, the provisions of the Acts repealed by subsection (b) of this section notwithstanding. (b) The following Acts are hereby repealed: (1) the Act of August 1, 1956 (70 Stat. 893; 25 U.S.C. 791-807), relating to the W y and o t t e T r i b e; (2) the Act of August 2, 1956 (70 Stat. 9,37; 25 U.S.C. 821-826), relating to the Peoria T r i b e; and (3) the Act of August 3, 1956 (70 Stat. 963; 25 U.S.C. 841-853), relating to the Ottawa Tribe. (c) There are hereby reinstated all rights and privileges of each of the tribes described in subsection (a) of this section and their members under Federal treaty, statute, or otherwise which may have been diminished or lost pursuant to the Act relating to them which is repealed by subsection (b) of this section. Nothing contained in this Act shall diminish any rights or privileges enjoyed by each of such tribes or their members now or prior to enactment of such Act, under Federal treaty, statute, or otherwise, which are not inconsistent with the provisions of this Act. (d) Except as specifically provided in this Act, nothing contained in this Act shall alter any property rights or obligations, any contractual rights or obligations, including existing fishing rights, or any obligation for taxes already levied. SEC. 2. (a)(1) The Modoc Indian Tribe of Oklahoma is hereby recognized as a tribe of Indians residing in Oklahoma and the provisions of the Act of June 26, 1936, as amended (49 Stat. 1967; 25 U.S.C. 5 0 1 509), are hereby extended to such tribe and its members. The Secretary of the Interior shall promptly offer the said Modoc Tribe assistance to aid them in organizing under section 3 of said Act of June 26, 1936 (25 U.S.C. 503). (2) The provisions of the Act of August 13, 1954 (68 Stat. 718; 25 U.S.C. 564-564w), hereafter shall not apply to the Modoc Tribe of Oklahoma or its members except for any right to share in the proceeds of any claim against the United States as provided in sections 6(c) and 21 of said Act, as amended (25 U.S.C. 564e and 564t). (3) The Modoc Indian Tribe of Oklahoma shall consist of those Modoc Indians who are direct lineal descendants of those Modocs removed to Indian territory (now Oklahoma) in November 1873, and who did not return to K l a m a t h, Oregon, pursuant to the Act of March 9, 1909 (35 Stat. 751), as determined by the Secretary of the Interior, and the descendants of such Indians who otherwise meet the membership requirements adopted by the tribe.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/301

 PUBLIC LAW 95-281—MAY 15, 1978 (b) The Secretary of the Interior shall promptly offer the Ottawa Tribe of Oklahoma and the Peoria Tribe of Oklahoma assistance to aid them in reorganizing under section 3 of the Act of June 26, 1936 (49 Stat. 1967; 25 U.S.C. 503), which Act is re-extended to them and their members by this Act. (c) The validity of the organization of the Wyandotte Indian Tribe of Oklahoma under section 3 of the Act of June 26, 1936 (49 Stat. 1967; 25 U.S.C. 503), and the continued application of said Act to such tribe and its members is hereby confirmed. SEC. 3. (a) It is hereby declared that enactment of this Act fulfills the requirements of the first proviso in section 2 of the Act of January 2, 1975 (88 Stat. 1920, 1921), with respect to the Wyandotte Tribe of Oklahoma, the Ottawa Tribe of Oklahoma, and the Peoria Tribe of Oklahoma. (b) It is hereby declared that the organization of the Modoc Tribe of Oklahoma as provided in section 3(a) of this Act shall fulfill the requirements of the second proviso in section 2 of the Act of January 2, 1975 (88 Stat. 1920, 1921). (c) Promptly after organization of the Modoc Tribe of Oklahoma, the Secretary of the Interior shall publish a notice of such fact in the Federal Register including a statement that such organization completes fulfillment of the requirements of the provisos in section 2 of the Act of January 2, 1975 (88 Stat. 1920, 1921), and that the land described in section 1 of said Act is held in trust by the United States for the eight tribes named in said Act. SEC. 4. The Wyandotte, Ottawa, Peoria, and Modoc Tribes of Oklahoma and their members shall be entitled to participate in the programs and services provided by the United States to Indians because of their status as Indians, including, but not limited to, those under the Act of:S^ovember 2, 1921 (42 Stat. 208; 25 U.S.C. 13), and for purposes of the Act of August 16, 1957 (71 Stat. 370; 42 U.S.C. 2005-2005F). The members of such tribes shall be deemed to be Indians for which hospital and medical care was being provided by or at the expense of the Public Health Service on August 16, 1957. Approved May 15, 1978.

LEGISLATIVE HISTORY: HOUSE REPORT No. 95-1019 accompanying H.R. 2497 (Comm. on Interior and Insular Affairs). SENATE REPORT No. 95-574 (Comm. on Indian Affairs). CONGRESSIONAL RECORD: Vol. 123 (1977): Nov. 3, considered and passed Senate. Apr. 11, H.R. 2497 considered and passed House; passage vacated; S. 661 passed in lieu with amendment. Vol. 124 (1978): May 2, Senate concurred in House amendment.

92 STAT. 247 Ottawa Indian Tribe. Peoria Indian Tribe. Wyandotte Indian Tribe.

25 USC 861b,.

Publication in Federal Register.

25 USC 861c.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/302

 92 STAT. 248

PUBLIC LAW 95-282—MAY 19, 1978

Public Law 95-282 95th Congress Joint Resolution May 19, 1978 [H.J. Res. 859]

U.S. Railway Association, supplemental appropriation.

Making supplemental appropriations for the United States Railway Association for the fiscal year ending September 30, 1978, and for other purposes.

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the following is appropriated, out of any money in the Treasury not otherwise appropriated, £QJ, ^J^^ fiscal year ending: September 30, 1978, and for other purposes, ^^^jy. UNITED STATES RAILWAY ASSOCIATION ADMINISTRATIVE EXPENSES

For an additional amount for "Administrative Expenses", $13,000,000, to remain available until September 30, 1979. Approved May 19, 1978.

LEGISLATIVE HISTORY: HOUSE REPORT No. 95-1083 (Coram, on Appropriations). SENATE REPORT No. 95-800 (Coram, on Appropriations). CONGRESSIONAL RECORD, Vol. 124 (1978): Apr. 27, considered and passed House. May 11, considered and passed Senate.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/303

 PUBLIC LAW 95-283—MAY 21, 1978

92 STAT. 249

Public Law 95-283 95th Congress An Act To amend the Securities Investor Protection Act of 1970.

May 21, 1978 [H.R. 8331]

Be it enacted by the Senate and House of Representatives of the Securities United States of America in Congress assembled, SHORT TITLE

1. This Act may be cited as the "Securities Investor Protection Act Amendments of 1978". SECTION

Investor Protection Ad; Amendments of 1978. 15 USC 78aaa note.

M E M B E R S H I P OF SIPC

SEC. 2. (a) Section 3(a) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78ccc(a)) is amended to read as follows: "(a)

C R E A T I O N AND M E M B E R S H I P. —

"(1) CREATION.—There is hereby established a body corporate to be known as the 'Securities Investor Protection Corporation' (hereafter in this Act referred to as 'SIPC'). SIPC shall be a nonprofit corporation and shall have succession until dissolved by Act of the Congress. SIPC shall— "(A) not be an agency or establishment of the United States Government; and "(B) except as otherwise provided in this Act, be subject to, and have all the powers conferred upon a nonprofit corporation by, the District of Columbia Nonprofit Corporation Act (D.C. Code, section 29-1001 and fol.). "(2) MEMBERSHIP.— "(A) MEMBERS OF

SIPC.—SIPC shall be a membership corporation the members of which shall be all persons registered as brokers or dealers under section 15(b) of the 1934 15 USC 78o. Act, other than— " (i) persons whose principal business, in the determination of SIPC, taking into account business of affiliated entities, is conducted outside the United States and its territories and possessions; and "(ii) persons whose business as a broker or dealer consists exclusively of (I) the distribution of shares of registered open end investment companies or unit investment trusts, (II) the sale of variable annuities, ( III) the business of insurance, or (IV) the business of rendering investment advisory services to one or more registered investment companies or insurance company separate accounts. " (B) COMMISSION REVIEW.—SIPC shall file with the Commission a copy of any determination made pursuant to subparagraph (A)(i). Within thirty days after the date of such filing, or within such longer period as the Commission may designate of not more than ninety days after such date if it finds such longer period to be appropriate and publishes its reasons for so finding, the Commission shall, consistent

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/304

 92 STAT. 250

Repeal.

PUBLIC LAW 95-283—MAY 21, 1978 with the public interest and the purposes of this Act, affirm, reverse, or amend any such determination of SIPC. "(C) ADDITIONAL MEMBERS.—SIPC shall provide by rule that persons excluded from membership in SIPC under subparagraph (A)(i) may become members of SIPC under such conditions and upon such terms as SIPC shall require by rule, taking into account such matters as the availability of assets and the ability to conduct a liquidation if necessary. "(D) DISCLOSURE.—Any broker or dealer excluded from membership in SIPC under subparagraph (A)(i) shall, as required by the Commission by rule, make disclosures of its exclusion and other relevant information to the customers of such broker or dealer who are living in the United States or its territories and possessions.". (b) Section 3(f) of such Act (15 U.S.C. 78ccc(f)) is repealed. POWERS OF SIPC

Post, p. 260.

SEC. 3. Section 3(b) of such Act (15 U.S.C. 78ccc(b)) is amended— (1) in paragraph (1), by striking out "court, State, or Federal" and inserting "State, Federal, or other court" in lieu thereof; and (2) by striking out paragraph (3), redesignating paragraphs (4) through (8) as paragraphs (6) through (9), respectively, and inserting immediately after paragraph (2) the following new paragraphs: "(3) to adopt, amend, and repeal, by its Board of Directors, such bylaws as may be necessary or appropriate to carry out the purposes of this Act, including bylaws relating to— " (A^ the conduct of its business; and "(B) the indemnity of its directors, officers, and employees (including any such person acting as trustee or otherwise in connection with a liquidation proceeding) for liabilities and expenses actually and reasonably incurred by any such person in connection with the defense or settlement of an action or suit if such person acted in good faith and in a manner reasonably believed to be consistent with the purposes of this Act. "(4) to adopt, amend, and repeal, by its Board of Directors, such rules as may be necessary or appropriate to carry oiit the purposes of this Act, including rules relating to— " (A) the definition of terms used in this Act, other than those terms for which a definition is provided in section 16; "(B) the procedures for the liquidation of members and direct payment procedures, including the transfer of customer accounts, the distribution of customer property, and the advance and payment of SIPC funds; and "(C) the exercise of all other rights and powers granted to it by this Act;". BOARD OF D I R E C TO R S

SEC. 4. (a) Section 3(c)(2)(C) (ii) of such Act (15 U.S.C. 78ccc (c)(2)(C) (ii)) is amended by striking out "associated with any" and all that follows through "group" and inserting in lieu thereof "associated with a broker or dealer or associated with a member of a national securities exchange, within the meaning of section 3(a) (18)

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/305

 PUBLIC LAW 95-283—MAY 21, 1978

92 STAT. 2 5 1

or section 3(a) (21), respectively, of the 1934 Act, o r similarly associated with any s e l f - r e ^ l a to r y organization or other securities industry group,". (b) Section 3(c)(5) of such Act (15 U.S.C. 78ccc(c)(5)) is amended to read as follows: " (5) COMPENSATION.—All matters relating to compensation of directors shall be as provided in the bylaws of S I P C ".

15 USC 78c.

BYLAWS AND RULES

SEC. 5. Section 3(e) of such Act (15 U.S.C. 78ccc(e)) is amended to read as follows: " (e) BYLAWS AND RULES. — " (1) PROPOSED BYLAW CHANGES.—The B o a r d of Directors of

S I P C shall file with the Commission a copy of any proposed bylaw or any proposed amendment to or repeal of any l>ylaw of J S I P C (hereinafter in this paragraph collectively referred to as a •proposed bylaw change'), accompanied by a concise general •statement of the basis and purpose of such proposed bylaw change. Each such proposed bylaw change shall take effect thirty days after the date of the filing of a copy thereof with the Commission, or upon such later date as S I P C may designate or such earlier date as the Commission may determine, unless— " (A) the Commission, by notice to S I P C setting forth the reasons therefor, disapproves such proposed bylaw change as being contrary to the public interest or contrary to the purposes of this Act; or " (B) the Commission finds that such proposed bylaw change involves a matter of such significant public interest that public comment should be obtained, in which case it may, after notifying S I P C in writing of such finding, require that the procedures set forth in paragraph (2) be followed with respect to such proposed bylaw change, in the same manner as if such proposed bylaw change were a proposed rule change within the meaning of such paragraph. " (2) PROPOSED RULE CHANGES.— " (A) F I L I N G OF PROPOSED RULE CHANGES.—The

Board

of Directors of S I P C shall file with the Commission, in accordance with such rules as the Commission may prescribe, a copy of any propased rule or any proposed amendment to or repeal of any rule of S I P C (hereinafter in this subsection collectively referred to as a 'proposed rule change'), accompanied by a concise general statement of the basis and purpose of such proposed I'ule change. The Notice. Commission shall, upon the filing of any proposed rule change, publish notice thereof, together with the terms of substance of such proposed rule change or a description of the subjects and issues involved. The Commission shall give interested persons an opportunity to submit written data, views, and arguments with respect to such proposed rule change. No proposed rule change shall take effect unless approved by the Commission or otherwise permitted in accordance with the provisions of this paragraph. " (B) ACTION BY THE COMMISSION.—Within thirty-five days

after the date of publication of notice of the filing of a proposed rule change, or within such longer period as the

39-194 O—SO—pt. 1

20: QL3

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/306

 92 STAT. 252

Notice. Hearing.

PUBLIC LAW 95-283—MAY 21, 1978 Commission may designate of not more than ninety days after such date if it finds such longer period to be appropriate and publishes its reasons for so finding, or as to which SIPC consents, the Commission shall— "(i) by order approve such proposed rule change; or " (ii) institute proceedings to determine whether such proposed rule change should be disapproved. "(C) PROCEEDINGS.—Proceedings instituted with respect to a proposed rule change pursuant to subparagraph (B) (ii) shall include notice of the grounds for disapproval under consideration and opportunity for hearing, and shall be concluded within one hundred eighty days after the date of publication of notice of the filing of such proposed rule change. At the conclusion of such proceedings, the Commission shall, by order, approve or disapprove such proposed rule change. The Commission may extend the time for conclusion of such proceedings for not more than sixty days if it finds good cause for such extension and publishes its reasons for so finding, or for such longer period as to which SIPC consents. "(D) GROUNDS FOR APPROVAL OR DISAPPROVAL.—The Commission shall approve a proposed rule change if it finds that such proposed rule change is in the public interest and is consistent with the purposes of this Act, and any proposed rule change so approved shall be given force and effect as if promulgated by the Commission. The Commission shall disapprove a proposed rule change if it does not make the finding referred to in the preceding sentence. The Commission shall not approve any proposed rule change prior to thirty days after the date of publication of notice of the filing thereof, unless the Commission finds good cause for so doing and pulalishes its reasons for so finding. " (E) EXCEPTION.—Notwithstanding any other provision of this paragraph, a proposed rule change may take effect-— "(i) upon the date of filing with the Commission, if such proposed rule change is designated by SIPC as relating solely to matters which the Commission, consistent with the public interest and the purposes of this subsection, determines by rule do not require the procedures set forth in this paragraph; or "(ii) upon such date as the Commission shall for good cause determine. Any proposed rule change which takes effect under this clause shall be filed promptly thereafter and reviewed in accordance with the provisions of subparagraph (A). At any time within sixty days after the date of filing of any rule change which has taken effect pursuant to this subparagraph, the Commission may summarily abrogate such rule change and require that it be refiled and reviewed in accordance with the provisions of this paragraph, if the Commission finds that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of this Act. Any action of the Commission pursuant to the preceding sentence shall not affect the validity or force of

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/307

 PUBLIC LAW 95-283—MAY 21, 1978

92 STAT. 2 5 3

a rule change during the period i t was in effect and shall not be reviewable under section 25 of the 1934 Act or deemed 15 USC 78y. to be final agency action for purposes of section 704 of title 5, United States Code. " (3) ACTION REQUIRED BY COMMISSION.—The Commission may,

by such rules as it determines to be necessary or appropriate i n the public interest or to carry out the purposes of this Act, require S I P C to adopt, amend, or repeal any S I P C bylaw or rule, whenever adopted.". SIPC F U N D

SEC. 6. (a) Section 4(a) such Act (15 U.S.C. 7 8 d d d (a)) is amended— (1) in paragraph (2), by striking out " The " and inserting in lieu thereof "Except as otherwise provided in this section, the"; (2) by amending paragraph (2)(C) to read as follows: " (C) Such confirmed lines of credit as S I P C may from time to time maintain, other than those maintained pursuant to paragraph (4). "; and (3) by a d d i n g a t the end thereof the following new paragraph: " (4) OTHER L I N E S. — S I P C may maintain such other confirmed lines of credit as it considers necessary or appropriate, and such other confirmed lines of credit shall not be included in the balance of the fund, but amounts received from such lines of credit may be disbursed by S I P C under this Act as though such amounts were part of the fund.". (b) Section 4(c) of such Act (15 U.S.C. 7 8 d d d (c)) is amended— (1) by striking out " o r rule" each place it a p p e a r s; and (2) in paragraph (3), by striking out " ( other than section 3(f))". (c) Section 4(d)(1) of such Act (15 U.S.C. 7 8 d d d (d)(l)) is amended by adding at the end thereof the following new subparagraph: "(C)

MINIMUM ASSESSMENT.—The minimum

assessment

imposed upon each member of S I P C shall be $25 p e r annum through the year ending December 31, 1979, and thereafter shall be the amount from time to time set by S I P C bylaw, but in no event shall the minimum assessment be greater than $150 per annum.", (d) Section 4(e) of such Act (15 U.S.C. 7 8 d d d (e)) is amended— (1) by amending paragraph (2) to read as follows: " (2) OVERPAYMENTS.—To the extent that any payment by a member exceeds the maximum rate permitted by subsection (c) of this section, the excess shall be recoverable only against future payments by such member, except as otherwise provided by S I P C bylaw."; and (2) by amending paragraph (3) to read as follows: " (3) UNDERPAYMENTS.—If a member fails to p a y when due Penalty charge, all o r any part of a n assessment made upon such member, the unpaid portion thereof shall bear interest a t such rate as may be determined by S I P C bylaw and, in addition to such interest, S I P C may impose such penalty charge as may be determined by S I P C bylaw. Any such penalty charge imposed upon a S I P C member shall not exceed 25 per centum of any unpaid portion of

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/308

 PUBLIC LAW 95-283—MAY 21, 1978

9 2 STAT. 2 5 4 Waiver.

Loans. Transaction fee.

15 USC 78o.

the assessment. S I P C may waive such penalty charge in whole or in part in circumstances where it considers such waiver appropriate.". (e) Section 4(f) of such Act (15 U.S.C. 7 8 d d d (f)) is amended by striking out "examining authority as". (f) Section 4(g) of such Act (15 U.S.C. 7 8 d d d (g)) is amended by striking out the last two sentences and inserting in lieu thereof the following: " For the purposes of the next preceding sentence, (1) the fee shall be based upon the total dollar amount of each purchase; (2) the fee shall not apply to any purchase on a national securities exchange or in an over-the-counter market by or for the account of a broker or dealer registered under section 15(b) of the 1934 Act unless such purchase is for an investment account of such broker or dealer (and for this purpose any transfer from a t r a d i n g account to an investment account shall be deemed a purchase at fair market v a l u e); and (3) the Commission may, by rule, exempt any transaction in the over-the-counter markets or on any national securities exchange where necessary to provide for the assessment of fees on purchasers m transactions in such markets and exchanges on a comparable basis. Such fee shall be collected by the broker or dealer effecting the transaction for or with the purchaser, or by such other person as provided by the Commission by rule, and shall be paid to S I P C in the same manner as assessments impose^ pursuant to subsection (c) b u t without regard to the limits on such assessments, or in such other manner as the Commission may by rule provide.". (g) Section 4(i) of such Act (16 U.S.C. 7 8 d d d (i)) is amended to read as follows: " (i) CoNsoLroATED GROUP.—Except as otherwise provided by S I P C bylaw, gross revenues from the securities business of a member of S I P C shall be computed on a consolidated basis for such member and all its subsidiaries (other than the foreign subsidiaries of such member), and the operations of a member of S I P C shall include those of any business to which such member has succeeded.". PROTECTION OF INVESTORS

SEC. 7. (a) Section 5(a) of such Act (15 U.S.C. 78eee(a)) is amended by striking out paragraph s (2) and (3) and inserting in lieu thereof the following new paragraph s: "(2)

ACTION BY SELF-REGUI^ATORY ORGANIZATION.—If

a

self-

regulatory organization has given notice to S I P C pursuant to subsection (a)(1) with respect to a broker or dealer, and such broker or dealer undertakes to liquidate or reduce its business either pursuant to the direction of a self-regulatory organization •or voluntarily, such self-regulatory organization may render such assistance or oversight to such broker or dealer as it considers a p p r o p r i a t e to protect the interests of customers of such broker or dealer. The assistance or oversight by a self-regulatory organization shall not be deemed the assumption or adoption by such self-regulatory organization of any obligation or liability to customers, other creditors, shareholders, or partners of the broker or dealer, and shall not prevent or act as a bar to any action by SIPC. " (3) ACTION BY SIPC.—If S I P C determines that— " (A) any member of S I P C (including any person who

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/309

 PUBLIC LAW 95-283—MAY 21, 1978

92 STAT. 2 5 5

was a member within one hundred eighty days prior to such determination) has failed or is i n danger of failing to meet its obligations to customers; and " (B) one or more of the conditions specified in subsection (b)(1) exist with respect to such member, S I P C may, upon notice to such member, file a n application for a protective decree with any court of competent jurisdiction specified in section 21(e) or 27 of the 1934 Act, except that no such 15 USC 78u, application shall be filed with respect to a member the only cus- ^^^^• tomers of which a r e persons whose claims could not be satisfied by S I P C advances pursuant to section 9. 15 USC 78iii. " (4) E F F E C T OF OTHER PENDING ACTIONS.—An application with

respect to a member of S I P C filed with a court under paragraph (3)" (A) may, with the consent of the Commission, be combined with any action brought by the Commission, including an action by the Commission for a temporary receiver pending an appointment of a trustee under subsection (b)(3); and " (B) may be filed notwithstanding the pendency in the same o r any other court of any bankruptcy, mortgage foreclosure, or equity receivership proceeding or any proceeding to reorganize, conserve, or liquidate such member or its property, or any proceeding to enforce a lien against property of such member.", (b) Section 5(b) of such Act (15 U.S.C. 78eee(b)) is amended to read as follows: " (b) COURT ACTION. — " (1) ISSUANCE OF PROTECTIVE DECREE.—Upon

receipt

of

an

application by S I P C under subsection (a)(3), the court shall forthwith issue a protective decree if the debtor consents thereto, if the debtor fails to contest such application, or if the court finds that such debtor— " (A) is insolvent within the meaning of the Bankruptcy Act, or is unable to meet its obligations as they m a t u r e; Post, p. 2549. " (B) has committed an act of bankruptcy within the meaning of the B a n k r u p t c y Act; ' " (C) is the subject of a proceeding pending in any court or before any agency of the United States o r any State in which a receiver, trustee, or liquidator for such debtor has been appointed; " (D) is not in compliance with applicable requirements under the 1934 Act or rules of the Commission or any self- 15 USC 78a. regulatory organization with respect to financial responsibility or hypothecation of customers' securities; or " (E) is unable to make such computations as may be necessary to establish compliance with such financial responsibility or hypothecation rules. Unless the debtor consents to the issuance of a protective decree, the application shall be heard three business days after the date on which i t is filed, or a t such other time as the court shall determine, taking into consideration the urgency which the circumstances require. " (2) JURISDICTION AND POWERS OF COURT.— " (A) EXCLUSIVE JURISDICTION.—Upon

the

filing

of

an

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/310

 92 STAT. 2 5 6

PUBLIC LAW 95-283—MAY 21, 1978 application with a court for a protective decree with respect to a debtor, such court— " (i) shall have exclusive jurisdiction of such debtor and its property wherever located (including property located outside the territorial limits of such court and property held by any other person as security for a debt or subject to a l i e n); " ( i i) shall have exclusive jurisdiction of any suit against the trustee with respect to a liquidation proceeding; and " ( i i i) except as inconsistent with the provisions of this Act, shall have the jurisdiction, powers, and duties conferred upon a court of bankruptcy by the Bankruptcy Act, together with such other jurisdiction, powers, and duties as are prescribed by this Act. "(B)

Post, p. 2549.

STAY OF PENDING ACTIONS.—Pending the

issuance

of a protective decree under paragraph (1), the court with which an application has been filed— " (i) shall stay any pending bankruptcy, mortgage foreclosure, equity receivership, or other proceeding to reorganize, conserve, or liquidate the debtor or its property and any other suit against any receiver, conservator, or trustee of the debtor or its property, and shall continue such stay upon appointment of a trustee pursuant to paragraph (3); " (ii) may stay any proceeding to enforce a lien against property of the debtor or any other suit against the debtor, including a suit by stockholders of the debtor which interferes with prosecution by the trustee of claims against former directors, officers, or employees of the debtor, and may continue such stay upon, appointment of a trustee pursuant to paragraph (3); " ( i i i) may stay enforcement of, and upon appointment of a trustee pursuant to paragraph (3), may continue the stay for such period of time as may be appropriate, b u t shall not abrogate, the right of setoff provided in section 68 of the Bankruptcy Act, and the r i g h t to enforce a valid, nonpreferential lien or pledge against the property of the debtor; and " ( i v) may appoint a temporary receiver. "(3)

APPOINTMENT OF TRUSTEE AND ATTORNEY.—If the court

issues a protective decree under paragraph (1), such court shall forthwith appoint, as trustee for the liquidation of the business of the debtor and as attorney for the trustee, such persons as S I P C, i n its sole discretion, specifies. The persons appointed as trustee and as attorney for the trustee may be associated with the same firm. S I P C may, in its sole discretion, specify itself or one of it s employees as trustee in any case in which S I P C has determined that the liabilities of the debtor to unsecured general creditors and to subordinated lenders appear to aggregate less than $750,000 and that there a p p e a r to be fewer than five hundred customers of such debtor. N o person may be appointed to serve as trustee or attorney for the trustee if such person is not disinterested within the meaning of paragraph (6), except that for any specified purpose other than to represent a trustee in

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/311

 92 STAT. 2 5 7

PUBLIC LAW 9 5 - 2 8 3 — M A Y 21, 1978

conducting a liquidation proceeding, the trustee may, with the approval of S I P C and the court, employ an attorney who is not disinterested. A trustee appointed under this paragraph shall qualify by filing a bond in the manner prescribed by the applicable provisions of the B a n k r u p t c y Act, except that neither S I P C Post, p. 2549. nor any employee of S I P C shall be required to file a bond when appointed as trustee. " (4) REFERENCE TO REFEREE I N BANKRUPTCY.—If

the

court

issues a protective decree and appoints a trustee under this section, such court may, a t any stage of the proceeding, refer the proceeding to a referee in bankruptcy to hear and determine any or all matters, or to a referee in bankruptcy as special master to hear and report generally or upon specified matters. Only under special circumstances shall a reference be made to a special master Avho is not a referee in bankruptcy. " (5) COMPENSATION FOR SERVICES AND REIMBURSEMENT OF EXPENSES. " (A) ALLOWANCES IN GENERAL.—The court shall g r a n t

reasonable compensation for services rendered and reimbursement for proper costs and expenses incurred (hereinafter in this paragraph referred to as 'allowances') by a trustee, and by the attorney for such a trustee, in connection with a liquidation proceeding. No allowances (other than reimbursement for proper costs and expenses incurred) shall be g r a n t e d to S I P C or any employee of S I P C for serving as trustee. Allowances may be g r a n t e d on an interim basis during the course of the liquidation proceeding a t such times and in such amounts as the court considers appropriate. "(B)

ALLOWANCES TO REFEREE I N BANKRUPTCY OR SPECIAL

MASTER.—In the event a proceeding has been referred to a referee in bankruptcy or special master, the district judge may g r a n t reasonable allowances to such referee in bankruptcy or a special master, in the manner provided for in a case filed under chapter X of the Bankruptcy Act, as now in effect or as amended from time to time. "(C)

APPLICATION FOR ALLOWANCES.—Any person seeking

allowances shall file with the court an application which complies i n form and content with the provisions of the B a n k r u p t c y Act governing applications for allowances under such Act. A copy of such api^lication shall be served upon S I P C when filed. The court shall fix a time for a hearing Hearing. on such application, and notice of such hearing shall be Notice. given to the applicant, the trustee, the debtor, the creditors, S I P C, and such other persons as the court may designate, except that notice need not be given to customers whose claims have been or will be satisfied in full o r to creditors who cannot reasonably be expected to receive any distribution during the course of the liquidation proceeding. " (D) RECOMMENDATIONS OF SIPC AND AWARDING OF ALLOW-

ANCES.—Whenever an application for allowances is filed pursuant to subparagraph (C), S I P C shall file its recommendation with respect to such allowances with the court prior to the hearing on such application and shall, if it so requests, be allowed a reasonable time after such hearing within which to file a further recommendation. I n any case

�