Common use of Securities and Exchange Commission Clause in Contracts

Securities and Exchange Commission. (a) Establishment; composition; limitations on commissioners; terms of office There is hereby established a Securities and Exchange Commission (hereinafter referred to as the ‘‘Commission’’) to be composed of five commissioners to be appointed by the President by and with the advice and consent of the Sen- ate. Not more than three of such commissioners shall be members of the same political party, and in making appointments members of dif- ferent political parties shall be appointed alter- nately as nearly as may be practicable. No com- missioner shall engage in any other business, vocation, or employment than that of serving as commissioner, nor shall any commissioner par- ticipate, directly or indirectly, in any stock- market operations or transactions of a char- acter subject to regulation by the Commission pursuant to this chapter. Each commissioner shall hold office for a term of five years and until his successor is appointed and has quali- fied, except that he shall not so continue to serve beyond the expiration of the next session of Congress subsequent to the expiration of said fixed term of office, and except (1) any commis- sioner appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term, and (2) the terms of office of the commissioners first taking office after June 6, 1934, shall expire as designated by the President at the time of nomination, one at the end of one year, one at the end of two years, one at the end of three years, one at the end of four years, and one at the end of five years, after June 6, 1934.

Securities and Exchange Commission. (a) Establishment; composition; limitations on commissioners; terms of office There is hereby established a Securities and Exchange Commission (hereinafter referred to as the ‘‘Commission’’) to be composed of five commissioners to be appointed by the President by and with the advice and consent of the Sen- ate. Not more than three of such commissioners shall be members of the same political party, and in making appointments members of dif- ferent political parties shall be appointed alter- nately as nearly as may be practicable. No com- missioner shall engage in any other business, vocation, or employment than that of serving as commissioner, nor shall any commissioner par- ticipate, directly or indirectly, in any stock- market operations or transactions of a char- acter subject to regulation by the Commission pursuant to this chapter. Each commissioner shall hold office for a term of five years and until his successor is appointed and has quali- fied, except that he shall not so continue to serve beyond the expiration of the next session of Congress subsequent to the expiration of said fixed term of office, and except (1) any commis- sioner appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term, and (2) the terms of office of the commissioners first taking office after June 6, 1934, shall expire as designated by the President at the time of nomination, one at the end of one year, one at the end of two years, one at the end of three years, one at the end of four years, and one at the end of five years, after June 6, 1934.