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Simple English definitions for legal terms
SEC
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A quick definition of SEC:
SEC: The Securities and Exchange Commission is a government agency that helps protect investors and maintain fair and orderly markets. It makes sure that companies follow rules when they sell stocks and other investments to the public.
Section: A section is a part of a legal document or a piece of land. In the United States, a section of land is usually 640 acres, which is like having 640 big football fields all together. Half a section is 320 acres, and a quarter section is 160 acres. These are important measurements for people who own or buy land.
A more thorough explanation:
Definition: SEC stands for Securities and Exchange Commission. It is a government agency that regulates the securities industry, including stock exchanges, brokerage firms, and investment companies.
Definition: A section is a distinct part or division of a legal document or writing. It is often abbreviated as §, sec., or s.
Example: In a contract, there may be different sections that cover topics such as payment, delivery, and warranties. Each section is numbered and labeled for easy reference.
Definition: A section of land is a piece of land containing 640 acres, or one square mile. It is a traditional unit of measurement for public lands in the United States.
Example: A farmer may own several sections of land for growing crops or raising livestock. Each section is divided into smaller parcels for cultivation or grazing.
Definition: A half section is a piece of land containing 320 acres, laid off either by a north-south or by an east-west line. It is half of a section of land.
Example: A developer may purchase a half section of land to build a housing development or commercial complex. The land is surveyed and divided into lots for construction.
Definition: A quarter section is a piece of land containing 160 acres, laid off by a north-south or east-west line. It is one quarter of a section of land, and was formerly the amount usually granted to a homesteader.
Example: A family may own a quarter section of land for a small farm or ranch. The land is used for growing crops, raising animals, or other agricultural purposes.