Page:United States Statutes at Large Volume 75.djvu/796

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[75 Stat. 756]
[75 Stat. 756]
PUBLIC LAW 87-000—MMMM. DD, 1961

756

15 USC 696.

15 USC 681.

15 USC 687.

15 USC 688. 15 USC 691.

PUBLIC LAW 87-341-OCT. 3, 1961

[76 S T A T.

order, and such courts shall have jurisdiction of such actions and, upon a showing by the Administration that such licensee or other person has engaged or is about to engage in any such acts or practices, a permanent or temporary injunction, restraining order, or other order, shall be granted without bond. The proceedmgs in such a case shall be made a preferred cause and shall be expedited in every way. " (b) I n any such proceeding the court as a court of equity may, to such extent as it deems necessary, take exclusive jurisdiction of the licensee or licensees and the assets thereof, wherever located; and the court shall have jurisdiction in any such proceeding to appoint a trustee or receiver to hold or administer under the direction of the court the assets so possessed." SEC. 10. Section 502 of the Small Business Investment Act of 1958 is amended— (1) by striking out "$250,000" in paragraph (3) and inserting in lieu thereof "$350,000"; and (2) by striking out "ten" where it first appears in paragraph (5) and inserting in lieu thereof "twenty-five". SEC. 11. (a) Section 301(a) of the Small Business Investment Act Qf 3^953 ig amended to read as follows: " (a) A small business investment company shall be an incorporated body, organized and chartered under State law solely for the purpose of performing the functions and conducting the activities contemplated under this title, which has succession for a period of not less than thirty years unless sooner dissolved by its shareholders and possesses the powers reasonably necessary to perform such functions and conduct such activities. The area m which the companv is to conduct its operations, and the establishment of branch offices or agencies (if authorized by the articles of incorporation), shall be subject to the approval of the Administration." (D)(1) The second sentence of section 301(c) of such Act is amended by striking out " I n determining whether to approve the establishment of such a company and its proposed articles of incorporation" and inserting in lieu thereof " I n determining whether to approve such a company's articles of incorporation and permit it to operate under the provisions of this Act". (2) The last sentence of section 301(c) of such Act is amended to read as follows: "After consideration of all relevant factors, if it approves the company's articles of incorporation, the Administration may in its discretion approve the company to operate under the provisions of this Act and issue the company a license for such operation". (3) Section 301 of such Act is further amended by striking out subsections (d) and (e). (c) The second sentence of section.308(b) of such Act is amended by striking out "organized under this Act" and inserting in lieu thereof "operating under the provisions of this Act". (d) Section 308 of such Act is amended by striking out subsections (e) and (f) and redesignating subsection (g) as subsection (e), and by striking out "organized under this Act" in the subsection so redesignated and inserting in lieu thereof "operating under the provisions of this Act". (g) Section 309 of such Act (relating to approval of State chartered companies for operations under this Act) is repealed. (/) Title IV of such Act is repealed. (g)(1) The table of contents of such Act is amended by striking out "Sec. 309. Approving State chartered companies for operations under this Act." and inserting in lieu thereof