675

The Secretary is hereby authorized to bring an action in the Court of First Instance of Puerto Rico alleging that a person has been guilty of gross misconduct or gross abuse of trust as officer or director of any registered investment company. Such action shall be filed within five years from the date of the commission of any of the acts charged. If the Secretary’s allegations of such gross misconduct or gross abuse of trust are established, the court shall enjoin such person from acting in such capacity either permanently or for such period of time as in its discretion the court shall deem appropriate. History —Oct. 19, 1954, No. 6, p. 220, § 15, eff. Jan. 1, 1955.