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REGISTRATION OF BROKERS AND DEALINS Rule X-15B-L Appăcation for Registration of Bruter or Dealer.

An application for resistano of a broker IT ORJA. PLISANI to section 15 (b), stal te fiec on Form Iroke with the instructions contained therecz. Rule X-15B-2 Supplements and Amendments to Applications

(a) Every broker or delar sbose rommon for registration is effective on March 1. 164 or is person that data stall file a supplement to such appbeatdot on Form DD Dot later than September 1, 1954; prorided, hauener, that if any information in such application is or becomes inaccurate for any reason prior to September 1, 1954, such supplement shall be fed ben such information is or becomes inaccurate.

(6) If the information contained in any application for registration of a broker or dealer, or in any supplement or amendment thereto, is or becomes inaccurate for any reason, such broker or dealer shall promptly file an amendment on Form BD correcting such information; provided, however, that if the application for registration was filed on any form other than Form BD and the supplement required by paragraph (a) of this rule has been filed, amendments need be filed only to keep current the information in the supplement.

(c) Every supplement and amendment filed pursuant to this rule shall constitute, within the meaning of Section 15 (b) of the Act, a "document supplemental” to the application which it supplements or amends.

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Rule X-15B-3. Adoption of Application Filed by Predecessor.

"Registration of a broker or dealer pursuant to an application filed on behalf of such broker or dealer by a predecessor shall terminate on the 45th day after the effective date thereof unless the successor shall adopt the application as its own by filing a statement adopting such application on or before such date. Any statement adopting such an application shall constitute a representation to the Commission that the information contained in such application, and in the supplements and amendments thereto, is true and correct." Rule X-15B-4. Registration of Successor to Registered Broker or

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REGISTRATION OF BROKERS AND DEALERS

Rule X-15B-1. Application for Registration of Broker or Dealer.

An application for registration of a broker or dealer, pursuant to section 15 (b), shall be filed on Form BD in accordance with the instructions contained therein. Rule X-15B-2. Supplements and Amendments to Applications.

(a) Every broker or dealer whose application for registration is effective on March 1, 1954, or is pending on that date, shall file a supplement to such application on Form BD not later than September 1, 1954; provided, however, that if any information in such application is or becomes inaccurate for any reason prior to September 1, 1954, such supplement shall be filed when such information is or becomes inaccurate.

(6) If the information contained in any application for registration of a broker or dealer, or in any supplement or amendment thereto, is or becomes inaccurate for any reason, such broker or dealer shall promptly file an amendment on Form BD correcting such information; provided, however, that if the application for registration was filed on any form other than Form BD and the supplement required by paragraph (a) of this rule has been filed, amendments need be filed only to keep current the information in the supplement.

(c) Every supplement and amendment filed pursuant to this rule shall constitute, within the meaning of Section 15 (b) of the Act, a (document supplemental” to the application which it supplements or amends.

Rule X-15B-3. Adoption of Application Filed by Predecessor.

“Registration of a broker or dealer pursuant to an application filed on behalf of such broker or dealer by a predecessor shall terminate on the 45th day after the effective date thereof unless the successor shall adopt the application as its own by filing a statement adopting such application on or before such date. Any statement adopting such an application shall constitute a representation to the Commission that the information contained in such application, and in the supplements and amendments thereto, is true and correct.” Rule X-15B-4. Registration of Successor to Registered Broker or

Dealer. (a) In the event that a broker or dealer succeeds to and continues the business of another registered broker or dealer, the registration of the predecessor shall be deemed to remain effective as the registration of the successor for a period of 60 days after such succession, provided that an application for registration on Form BD is filed by such successor within 30 days after such succession.

(6) A Form BD, filed by a broker or dealer partnership which is not registered when such form is filed and which succeeds to and continues the business of a predecessor partnership registered as a broker or dealer, shall be deemed to be an application for registration, even though designated as an amendment, if it is filed to reflect the changes in the partnership and to furnish required information concerning any new partners. Rule X-15B-5. Registration of Fiduciaries.

The registration of a broker or dealer shall be deemed to be the registration of any executor, administrator, guardian, conservator, assignee for the benefit of creditors, receiver, trustee in insolvency or bankruptcy, or other fiduciary, appointed or qualified by order, judgment, or decree of a court of competent jurisdiction to continue the business of such registered broker or dealer: provided, that such fiduciary files with the Commission, within 30 days after entering upon the performance of his duties, a statement setting forth as to such fiduciary substantially the information required by Form BD. Rule X-15B-6. Withdrawal From Registration.

If a notice to withdraw from registration is filed by a broker or dealer pursuant to section 15 (b), it shall become effective on the thirtieth day after the filing thereof with the Commission, unless prior to its effective date the Commission institutes a proceeding pursuant to section 15 (b) to revoke or suspend the registration of such broker or dealer or to impose terms and conditions upon such withdrawal. If the Commission institutes such a proceeding, or if a notice to withdraw from registration is filed with the Commission at any time subsequent to the date of the issuance of a Commission order instituting proceedings pursuant to section 15 (b) to revoke or suspend the registration of the broker or dealer filing such notice, and during the pendency of such a proceeding, the notice to withdraw shall not become effective except at such time and upon terms and conditions as the Commission deems necessary or appropriate in the public interest or for the protection of investors. Rule X-15B-7. Consent to Service of Process To Be Furnished by

Non-resident Brokers or Dealers and By Non-Resident Gen

eral Partners or Managing Agents of Brokers or Dealers. (a) Each non-resident broker or dealer registered or applying for registration pursuant to Section 15 (b) of the Securities Exchange Act of 1934, each non-resident general partner of a broker or dealer part

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nership which is registered or applying for registration, and each nonresident managing agent of any other unincorporated broker or dealer which is registered or applying for registration, shall furnish to the Commission, in a form prescribed by or acceptable to it, a written irrevocable consent and power of attorney which (1) designates the Securities and Exchange Commission as an agent upon whom may be served any process, pleadings, or other papers in any civil suit or action brought in any appropriate court in any place subject to the jurisdiction of the United States, where the cause of action (i) accrues on or after the effective date of this rule, (ü) arises out of any activity, in any place subject to the jurisdiction of the l'nited States, occurring in connection with the conduct of business of a broker or dealer, and (ii) is founded, directly or indirectly, upon the provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, or any rule or regulation under any of said Acts; and (2) stipulates and agrees that any such civil suit or action may be commenced by the service of process upon the Commission and the forwarding of a copy thereof as provided in paragraph (c) of this rule, and that the service as aforesaid of any such process, pleadings, or other papers upon the Commission shall be taken and held in all courts to be as valid and binding as if due personal service thereof had been made.

(6) The required consent and power of attorney shall be furnished to the Commission within the following period of time:

(1) Each non-resident broker or dealer registered at the time this rule becomes effective, and each non-resident general partner or managing agent of an unincorporated broker or dealer registered at the time this rule becomes effective, shall furnish such consent and power of attorney within 60 days after such

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(2) Each broker or dealer applying for registration after the effective date of this rule shall furnish, at the time of filing such application, all the consents and powers of attorney required to be furnished by such broker or dealer and by each general partner or managing agent thereof; provided, however, that where an application for registration of a broker or dealer is pending at the time this rule becomes effective such consents and powers of attorney shall be furnished within 30 days after this rule become effective.

(3) Each broker or dealer registered or applying for registration who or wh' romes a non-resident broker or dealer after the effect:

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