15 USC § 77iii - Effective time of qualification
(a)
Effective time of registration or application for qualification of indenture
The indenture under which a security has been or is to be issued shall be deemed to have been qualified under this subchapter—
(2)
when an application for the qualification of such indenture becomes effective, pursuant to section
77ggg of this title.
(b)
Stop orders after effective time of qualification
After qualification has become effective as to the indenture under which a security has been or is to be issued, no stop order shall be issued pursuant to section
77h
(d) of this title, suspending the effectiveness of the registration statement relating to such security or of the application for qualification of such indenture, except on one or more of the grounds specified in section
77h of this title, or the failure of the issuer to file an application as provided for by section
77eee
(b)(2) of this title.
(c)
Effect of subsequent rule or regulation on qualification
The making, amendment, or rescission of a rule, regulation, or order under the provisions of this subchapter (except to the extent authorized by subsection (a) ofsection
77nnn of this title with respect to rules and regulations prescribed pursuant to such subsection) shall not affect the qualification, form, or interpretation of any indenture as to which qualification became effective prior to the making, amendment, or rescission of such rule, regulation, or order.
(d)
Liability of trustee under qualified indenture
No trustee under an indenture which has been qualified under this subchapter shall be subject to any liability because of any failure of such indenture to comply with any of the provisions of this subchapter, or any rule, regulation, or order thereunder.
(e)
Power of Commission to conduct investigation
Nothing in this subchapter shall be construed as empowering the Commission to conduct an investigation or other proceeding for the purpose of determining whether the provisions of an indenture which has been qualified under this subchapter are being complied with, or to enforce such provisions.
(a)
Effective time of registration or application for qualification of indenture
The indenture under which a security has been or is to be issued shall be deemed to have been qualified under this subchapter—
(2)
when an application for the qualification of such indenture becomes effective, pursuant to section
77ggg of this title.
(b)
Stop orders after effective time of qualification
After qualification has become effective as to the indenture under which a security has been or is to be issued, no stop order shall be issued pursuant to section
77h
(d) of this title, suspending the effectiveness of the registration statement relating to such security or of the application for qualification of such indenture, except on one or more of the grounds specified in section
77h of this title, or the failure of the issuer to file an application as provided for by section
77eee
(b)(2) of this title.
(c)
Effect of subsequent rule or regulation on qualification
The making, amendment, or rescission of a rule, regulation, or order under the provisions of this subchapter (except to the extent authorized by subsection (a) ofsection
77nnn of this title with respect to rules and regulations prescribed pursuant to such subsection) shall not affect the qualification, form, or interpretation of any indenture as to which qualification became effective prior to the making, amendment, or rescission of such rule, regulation, or order.
(d)
Liability of trustee under qualified indenture
No trustee under an indenture which has been qualified under this subchapter shall be subject to any liability because of any failure of such indenture to comply with any of the provisions of this subchapter, or any rule, regulation, or order thereunder.
(e)
Power of Commission to conduct investigation
Nothing in this subchapter shall be construed as empowering the Commission to conduct an investigation or other proceeding for the purpose of determining whether the provisions of an indenture which has been qualified under this subchapter are being complied with, or to enforce such provisions.
Source
(May 27, 1933, ch. 38, title III, § 309, as added Aug. 3, 1939, ch. 411, 53 Stat. 1157; amended Pub. L. 101–550, title IV, § 405,Nov. 15, 1990, 104 Stat. 2723.)
Amendments
1990—Subsec. (b). Pub. L. 101–550inserted before period at end “, or the failure of the issuer to file an application as provided for by section
77eee
(b)(2) of this title”.
Transfer of Functions
For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1,
2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section
78d of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, May 21, 2013
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