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Sec v. Drexel & Co., 348 U.S. 341 (1955)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Sec v. Drexel & Co., 348 U.S. 341 (1955)
Securities and Exchange Commission v. Drexel & Co. No. 153 Argued February 9, 1955 Decided February 28, 1955 348 U.S. 341
CERTIORARI TO THE UNITED STATES COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
The Securities and Exchange Commission held to have jurisdiction under §§ 10, 11 and 12 of the Public Utility Holding Company Act of 1935 to pass on a fee to be paid by Electric Bond & Share Co. to Drexel & Co. in connection with a reorganization plan filed by its subsidiary, Electric Power & Light Corp., under § 11(e) of the Act. Pp. 342-349.
(a) It was necessary by the terms of the Act that Bond & Share obtain the Commission’s approval of the steps required of it by the plan of reorganization. P. 343.
(b) Bond & Share’s exchange of its securities for new securities was a "sale" under the Act; its receipt of new securities was an "acquisition" under the Act; its cash payment in settlement of the intra-system claims was incident to the "sale" and "acquisition"; and all three transactions were parts of the reorganization plan for which Bond & Share applied for the Commission’s approval under §§ 10, 11, and 12. Pp. 343-344.
(c) The Commission has power under §§ 10, 11, and 12 to fix the fees payable by Bond & Share, and it was not precluded by the provisions of its order entered in the consolidated proceedings herein. Pp. 345-349.
(d) It is within the authority of the Commission, in the interest of orderly administration, to defer consideration of all the fees until it has time to view the entire matter in perspective and evaluate the worth of each contribution. P. 347.
210 F.2d 585 reversed.
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Chicago: U.S. Supreme Court, "Syllabus," Sec v. Drexel & Co., 348 U.S. 341 (1955) in 348 U.S. 341 348 U.S. 342. Original Sources, accessed November 25, 2024, http://originalsources.com/Document.aspx?DocID=KSQI3IHRYWJCMNJ.
MLA: U.S. Supreme Court. "Syllabus." Sec v. Drexel & Co., 348 U.S. 341 (1955), in 348 U.S. 341, page 348 U.S. 342. Original Sources. 25 Nov. 2024. http://originalsources.com/Document.aspx?DocID=KSQI3IHRYWJCMNJ.
Harvard: U.S. Supreme Court, 'Syllabus' in Sec v. Drexel & Co., 348 U.S. 341 (1955). cited in 1955, 348 U.S. 341, pp.348 U.S. 342. Original Sources, retrieved 25 November 2024, from http://originalsources.com/Document.aspx?DocID=KSQI3IHRYWJCMNJ.
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