Section 15 -- Liability of Controlling Persons

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Securities Act of 1933

Section 15 -- Liability of Controlling Persons

Every person who, by or through stock ownership, agency, or otherwise, or who, pursuant to or in connection with an agreement or understanding with one or more other persons by or through stock ownership, agency, or otherwise, controls any person liable under section 11 or 12, shall also be liable jointly and severally with and to the same extent as such controlled person to any person to whom such controlled person is liable, unless the controlling person had no knowledge of or reasonable ground to believe in the existence of the facts by reason of which the liability of the controlled person is alleged to exist.

Legislative History

May 27, 1933, ch 38, Title I, § 15, 48 Stat. 84; June 6, 1934, ch 404, Title II, § 208, 48 Stat. 908.

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