Liability of a Corporation for Registering an Unauthorized Transfer of Shares Standing in the Name of a Fiduciary

may exercise its right to appear in court through its own solicitor and need not be represented by an United States Attorney.'6" Pursuant to section 25, it is provided that orders issued by the Commission may be reviewed by the United States Circuit Court of Appeals. In the absence of a specific request, hearings on the question of retaining certain reports as confidential are not provided for. 6 ' Yet the issuer may appeal rulings, on such requests, to the Federal courts, inasmuch as they are judicial rulings affecting property rights. Although this may result in administrative inconvenience, it is necessary for the protection of the public. 62 On the other hand, a ruling by letter from the Director of the Commission, denying an application to amend an application form, was held not to be an "order" under section 25 (a), giving the court jurisdiction in review. 6 3 Similarly, where the Commission brings proceedings to enjoin certain practices and then orders an investigation of respondent's stock, a cross bill by defendant to enjoin the investigation was not allowed 16 4 on the ground that the Commission's order was interlocutory and not reviewable by the court. It was also suggested that the proper court in which to seek such review was the Circuit Court of Appeals.