Vanderbilt Law Review

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As readers of the Review are undoubtedly aware, the American Law Institute was organized in 1923 as a permanent organization of lawyers, judges, and law teachers "to promote," as its charter recites, "the clarification and simplification of the law and its better adaptation to social needs." ...

Work on the Code began' in 1969 with Professor Loss as the Reporter, aided by consultants and advisers whose experience and expertise is equaled only by their high distinction in this field. Five tentative drafts have been printed in the years from 1972 to 1976 and a sixth, which now is off the press, completes the basic coverage envisaged. The remaining task, which is of crucial import, is to take account of the revisions in the drafts developed in the course of their consideration, and to reach agreement on such other changes as criticism or reflection shows to be required. It is hoped, but of course cannot be assured, that this can be accomplished in the course of 1978. This symposium represents the first thorough and critical examination of the product of this labor, apart from the successive reviews of the submissions by the consultants and advisers, the American Bar Association Committee on Federal Regulation of Securities (which has met annually to discuss the tentative drafts), the Council of the Institute, and, finally, the annual May meetings. The two issues of the Review devoted to the subject will permit the kind of in-depth study that alone can make a useful contribution. The papers here presented are of the highest quality and, considering the authors of the studies still to come, one may be confident that quality will be sustained. It goes without saying that the support that here is indicated for the code endeavor is extremely welcome but, even more important, that recommendations for constructive change will be considered carefully in the final process of revision. We are, indeed, immensely grateful to the Review and to its authors that the publication has been timed to precede the completion of the Code.