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Securities Regulation Keyed to Cox
Securities and Exchange Commission v. Chinese Consolidated Benevolent Association, Inc.
Citation:
120 F.2d 738, 314 U.S. 618 (1941)Facts
The defendant, a New York benevolent corporation with 25,000 Chinese members, established a committee in October 1937 to aid the Chinese government during wartime difficulties. The committee had no official or contractual relationship with the Republic of China. Through mass meetings, newspaper advertisements distributed via mail, and personal appeals, the committee solicited Chinese community members in New York, New Jersey, and Connecticut to purchase Chinese government Liberty Bonds. The committee collected approximately $600,000 from prospective purchasers and transmitted these funds along with written purchase applications to the Bank of China’s New York agency. The New York bank forwarded the funds to its Hong Kong branch, which purchased the bonds and mailed them back through the New York branch to the purchasers. Neither the committee nor its members received any compensation for these activities. No registration statement was ever filed for these Chinese government bonds under the Securities Act of 1933.
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