科研团队:这是篇美国证券法的案例（1），能帮我翻译一下么

127HX3
Print Request: LEXSEE

Time of Request: February 28, 2006 01:26 AM EST

Number of Lines: 272
Job Number: 1821:86171206

Client ID/Project Name:

Research Information:

Lexsee 328 us 293

Send to: LEX, 127HX3
ZHEJIANG GONG SHANG UNIVERSITY
ZHE GONGSHANG ROAD
HANG ZHOU CITY, CHN

LEXSEE 328 US 293

SECURITIES & EXCHANGE COMMISSION v. W. J. HOWEY CO. ET AL.

No. 843

SUPREME COURT OF THE UNITED STATES

328 U.S. 293; 66 S. Ct. 1100; 90 L. Ed. 1244; 1946 U.S. LEXIS 3159; 163 A.L.R. 1043

May 2, 1946, Argued
May 27, 1946, Decided

PRIOR HISTORY:
CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE FIFTH CIRCUIT.
The Securities & Exchange Commission sued in the District Court to enjoin respondents from using the mails and instrumentalities of interstate commerce in the offer and sale of unregistered and non-exempt securities in violation of the Securities Act of 1933. The District Court denied the injunction. 60 F.Supp. 440. The Cir-cuit Court of Appeals affirmed. 151 F.2d 714. This Court granted certiorari. 327 U.S. 773. Reversed, p. 301.

DISPOSITION:
151 F.2d 714, reversed.

LAWYERS' EDITION HEADNOTES: [***HN1]

SECURITIES REGULATION, § 1
sales of interests in citrus groves. --

Headnote: [1]
The provisions of the Securities Act of 1933 for registra-tion with the Securities and Exchange Commission of securities offered for sale to the public apply to the of-fering for sale of units of a citrus grove development, which are conveyed by deed to the purchaser, who is also offered a contract for cultivating, marketing, and remit-ting the net proceeds, even though contracts for servicing may be, and sometimes are, made with others than the company controlled by the seller.

[***HN2]

SECURITIES REGULATION, § 1
investment contract -- what is. --

Headnote: [2]
An investment contract for purposes of the Securities Act of 1933 means a contract, transaction, or scheme whereby a person invests his money in a common enter-prise and is led to expect profits solely from the efforts of the promoter or a third party, it being immaterial whether the shares in the enterprise are evidenced by formal cer-tificates or by nominal interests in the physical assets employed in the enterprise.

[***HN3]

SECURITIES REGULATION, § 1
sale of interests in nonspeculative enterprise. --

Headnote: [3]
The requirements of the Securities Act of 1933 must be met even though the enterprise interests in which are offered to the public as investments is not speculative or promotional in character and the tangible interest which is sold has intrinsic value independent of the success of the enterprise as a whole, so long as the scheme involves an investment of money in the common enterprise with profits to come solely from the efforts of others.