74TH CONGRESS . SESS . I. CH. 687. AUGUST 26, 1935 .
831 (c) After one year from the date of the enactment of this title, Inte rloc king d irec. n o registered holding company or any subsidiary company thereof torates ; prohibition on . shall have, as an officer or director thereof, any executive officer, director, partner , appoin tee, or represen tative o f any b ank, tru st company, investme nt banke r, or ba nking as sociatio n or fi rm, or a ny executive officer, director, partner, appointee, or representative of an y corpor ation a majority of whos e stock, having the unre stricted right to vote for the election of directors, is owned by any bank, trust company, investment banker, or banking association or firm, except in such cases as rules and regulations prescribed by the Com- mission may permit as not adversely affecting the public interest or the interest of investors or consumers . IN VESti GAtiON S ; InJUNCTIONS, ENFORCEMEnT OF TITLE, AND PROSECU- TIO N OF O FFENS ES SEC. 18 . (a) The Commission, in its discretion, may investigate any facts, conditions, practices, or matters which it may deem necessary or appropriate to determine whether any person has violated or is about to violate any provision of this title or any rule or regulation th ereunder , or to aid in t he enfor cement o f the pr ovisions of this title, in the prescribing of rules and regulations thereunder, or in ob taining informat ion to s erve as a basis for reco mmending further legislation concerning the matters to which this title relates . The Commission may require or permit any person to file with it a state- ment in writing, under oath or otherwise as it shall determine, as to any or all facts and circumstances concerning a matter which may be the subject of investigation . The Commission, in its discretion, may publish, or make available to State commissions, information co ncerning any suc h subjec t . (b) The Commission upon its own motion or at the request of a State commission may investigate, or obtain any information regard- ing the business, financial condition, or practices of any registered holding company or subsidiary company thereof or facts, conditions, practices, or matters affecting the relations between any such com- p any and any ot her co mpa ny or companies in the same holding- company system . (c) For the purpose of any investigation or any other proceeding under this title, any member of the Commission, or any officer thereof designated by it, is empowered to administer oaths and affirmations, subpena witnesses, compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, co ntracts, agreeme nts, or other re cords wh ich the Commissi on deems relevant or material to the inquiry . Such attendance of witnesses and the production of any such records may be required from any place in any State or in any Territory or other place subject to the juris- diction of the United States at any designated place of hearing . (d) In case of contumacy by, or refusal to obey a subpena issued to, any person, the Commission may invoke the aid of any court of the United States within the jurisdiction of which such investiga- tion or proceeding is carried on, or where such person resides or carries on business, in requiring the attendance and testimony of witnesses and the production of books, papers, correspondence, memoranda, contracts, agreements, and other records . And such court may issue an order requiring such person to appear before the Commission or member or officer designated by the Commission, there to produce records, if so ordered, or to give testimony touching th e matter under i nvestiga tion or in quest ion ; and any fa ilu re t o obey such order of the court may be punished by such court as a Admini strative pro- visions . Inv estigations by Commission. Authority of Com- mission . Refusal of witness to obey s ubpena .
