15 USC 80a-20 - Proxies; voting trusts; circular ownership

U.S Code last checked for updates: Jun 06, 2026

§ 80a–20.

Proxies; voting trusts; circular ownership

(a)

Prohibition on use of means of interstate commerce for solicitation of proxies

(b)

Prohibition on use of means of interstate commerce for sale of voting-trust certificates

(c)

Prohibition on purchase of securities knowingly resulting in cross-ownership or circular ownership

(1)

beneficially owns more than 3 per centum of the outstanding voting securities of one or more other companies of the group; and

(2)

has more than 3 per centum of its own outstanding voting securities beneficially owned by another company, or by each of two or more other companies, of the group.

(d)

Duty to eliminate existing cross-ownership or circular ownership

(Aug. 22, 1940, ch. 686, title I, § 20, 54 Stat. 822; Pub. L. 100–181, title VI, § 614, Dec. 4, 1987, 101 Stat. 1262.)

cite as: 15 USC 80a-20