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E. I. Du Pont De Nemours & Co. v. Collins, 432 U.S. 46 (1977)
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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.
E. I. Du Pont De Nemours & Co. v. Collins, 432 U.S. 46 (1977)
E. I. du Pont de Nemours & Co. v. Collins No. 75-1870 Argued March 2, 1977 Decided June 16, 1977 * 432 U.S. 46
CERTIORARI TO THE UNITED STATES COURT OF APPEALS
FOR THE EIGHTH CIRCUIT
Syllabus
In approving the merger of a closed-end investment company (Christiana), 98% of whose assets consisted of Du Pont & Co. common stock, into an affiliate company (Du Pont), the Securities and Exchange Commission (SEC) held to have reasonably exercised its discretion under § 17(b) of the Investment Company Act of 1940, as amended, in valuing Christiana essentially on the basis of the market value of Du Pont stock, rather than on the lower basis of Christiana’s outstanding stock. Since the record before the SEC clearly reveals substantial evidence to support the findings of the SEC, and since that agency’s conclusions of law were based on a construction of the statute consistent with the legislative intent, the Court of Appeals erred in rejecting the SEC’s conclusion and substituting its own judgment for that of the SEC. SEC v. Chenery Corp., 332 U.S. 194, 209. Pp. 52-57.
532 F.2d 584, reversed.
BURGER, C.J., delivered the opinion of the Court, in which STEWART, WHITE, MARSHALL, BLACKMUN, POWELL, and STEVENS, JJ., joined. BRENNAN, J., filed a dissenting opinion, post, p. 57. REHNQUIST, J., took no part in the consideration or decision of the cases.
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Chicago: U.S. Supreme Court, "Syllabus," E. I. Du Pont De Nemours & Co. v. Collins, 432 U.S. 46 (1977) in 432 U.S. 46 432 U.S. 47. Original Sources, accessed November 24, 2024, http://originalsources.com/Document.aspx?DocID=RGBDQT5A9539PIY.
MLA: U.S. Supreme Court. "Syllabus." E. I. Du Pont De Nemours & Co. v. Collins, 432 U.S. 46 (1977), in 432 U.S. 46, page 432 U.S. 47. Original Sources. 24 Nov. 2024. http://originalsources.com/Document.aspx?DocID=RGBDQT5A9539PIY.
Harvard: U.S. Supreme Court, 'Syllabus' in E. I. Du Pont De Nemours & Co. v. Collins, 432 U.S. 46 (1977). cited in 1977, 432 U.S. 46, pp.432 U.S. 47. Original Sources, retrieved 24 November 2024, from http://originalsources.com/Document.aspx?DocID=RGBDQT5A9539PIY.
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