§11364. Procedure

(a) The Commission may prescribe the manner in which assents, assurances of assent, or rejections of the security holders may be solicited whether the solicitation is made before or after the Commission approves and authorizes the proposed change.

(b) The Commission may approve a bank or trust company, incorporated under the law of the United States or a State, that is a member of the Federal Reserve System and has a capital and surplus of at least $2,000,000, to receive assents and revocations of assents from security holders. The Commission may require the security holders to send those assents and revocations to that bank or trust company. That bank or trust company shall certify the result of the submission to the Commission. The Commission may rely on that certification as conclusive evidence in determining the result of that submission.

( Pub. L. 95–473, Oct. 17, 1978, 92 Stat. 1443 .)

The words "may prescribe" are substituted for "shall have the power to make such general rules and regulations and such special requirements in any particular case" for clarity in view of section 10321(a) of the revised title giving the Commission the power to prescribe regulations to carry out the revised subtitle. The words between the semicolon and period in 49:20b(2) (5th sentence) are omitted as surplus. The words "The Commission may rely" are substituted for "the Commission may, in its discretion, rely" for clarity.