Securities. A person who has actual control or significant influence over the issuer of securities, as by directing corporate policy. • The control person is subject to many of the same requirements applicable to the sale of securities by the issuer. — Also termed controlling person. [Cases: Securities Regulation 35.15, 60.40. C.J.S. Securities Regulation §§ […]
Agency rulemaking in which the agency publishes a proposed regulation and receives public comments on the regulation, after which the regulation can take effect without the necessity of a formal hearing on the record. • Informal rulemaking is the most common procedure followed by an agency in issuing its substantive rules. — Also termed notice-and-comment
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cheap trains 廉价火车 英国铁路发展早期，根据1844年的《铁路管理法》〔Railway Regulation Act〕，政府曾要求各铁路公司每天开通一列每英里仅收一便士车费的火车，被称为「议会火车」或「政府火车」。铁路公司可以免纳乘客税。铁路公司与政府之间常就免税的范围发生争议。1883年的《廉价火车法》〔Cheap Trains Act〕取消了对每公里不超过一便士的车资的赋税，并授权当时的贸易部要求铁路公司对这种车资的火车提供适当的设施，并对乘这种火车的工人提供合理的车厢服务。现在的车资是根据1962年《交通运输法》〔Transport Act〕规定的。
churning, n. 1. Securities. A stockbroker’s excessive trading of a customer’s account to earn more commissions rather than to further the customer’s interests; an abuse of a customer’s confidence for personal gain by frequent and numerous transactions, disproportionate to the size and nature of the customer’s account. • Under securities laws, the practice is illegal
commenter. One who comments; esp., one who sends comments to an agency about a proposed administrative rule or regulation. See NOTICE-AND-COMMENT PERIOD. [Cases: Administrative Law and Procedure 394. C.J.S. Public Administrative Law and Procedure §§ 104–105.]
investment contract. 1. A contract in which money is invested in a common enterprise with profits to come solely from the efforts of others; an agreement or transaction in which a party invests money in expectation of profits derived from the efforts of a promoter or other third party. 2. A transaction in which an
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legislative power. Constitutional law. The power to make laws and to alter them; a legislative body’s exclusive authority to make, amend, and repeal laws. • Under federal law, this power is vested in Congress, consisting of the House of Representatives and the Senate. A legislative body may delegate a portion of its lawmaking authority to
growth management. Land-use planning. The regulation of a community’s rate of growth through ordinances that restrict the issuance of residential building permits. See ZONING. [Cases: Zoning and Planning 1, 86, 245. C.J.S. Zoning and Land Planning §§ 2, 5–7, 17–18, 101, 192.]
freeze-out, n. Corporations. The process, usu. in a closely held corporation, by which the majority shareholders or the board of directors oppresses minority shareholders in an effort to compel them to liquidate their investment on terms favorable to the controlling shareholders. Cf. SQUEEZE-OUT T. [Cases: Corporations 182.3, 584; Securities Regulation 60.21. C.J.S. Corporations §§ 344,