‘‘(A) A limitation on the percentage of shares
of the Corporation that may be acquired by inside
persons, including any stock option plan or any
management or employee stock benefit plan, before
and during the public offering, subject to such ex-
ceptions as the Commission may determine to be ap-
propriate.
‘‘(B) A requirement prohibiting any inside per-
son from acquiring any share of the Corporation be-
fore or during the public offering at a price which
is less than the price at which shares are offered to
the public.
‘‘(C) A limitation on the amount of shares of
the Corporation, if any, which inside persons, includ-
ing any stock option plan or any management or
employee stock benefit plan, may acquire during
such period of time after the privatization of the
Corporation is complete as the Commission may de-
termine to be appropriate, subject to such exceptions
as the Commission may determine to be appropriate.
‘‘(D) A limitation or prohibition on the imple-
mentation by the Corporation, without stockholder
approval, of any stock option plan or any manage-
ment or employee stock benefit plan during such pe-
riod after the privatization of the Corporation is
complete as the Commission may determine to be
appropriate, subject to such exceptions as the Com-
mission may determine to be appropriate.
‘‘(E) A limitation or prohibition on the sale by
an inside person, including any stock option plan or
any management or employee stock benefit plan, of
any stock of the Corporation during such period
after the privatization of the Corporation is complete
as the Commission may determine to be appropriate,
subject to such exceptions as the Commission may
determine to be appropriate.
‘‘(4)(A) The provisions of this subsection, and regula-
tions prescribed under this subsection, shall be enforced
under the Securities Act of 1933 and the Securities Ex-
change Act of 1934 by the Commission.
‘‘(B) For purposes of applying the Securities Act of
1933 and the Securities Exchange Act of 1934 in accord-
ance with subparagraph (A), a violation of this subsection,
or any regulation prescribed under this subsection, shall
be treated as a violation of such Acts.’’.
(c) EXEMPTION FROM LIABILITY.—Chapter 25 of
title II (as amended by subsection (b)) is amended by add-
ing at the end the following new section:
‘‘SEC. 1505. EXEMPTION FROM LIABILITY.
‘‘(a) IN GENERAL.—No director, officer, employee, or
agent of the Corporation shall be liable, for money dam-
ages or otherwise, to any party if, with respect to the sub-
ject matter of the action, suit, or proceeding, such person
was fulfilling a duty, in connection with any action taken
in connection with the privatization, which such person in
good faith reasonably believed to be required by law or
vested in such person.
‘‘(b) EXCEPTION.—This section shall not apply to
claims arising out of the Securities Act of 1933, the Secu-
rities Exchange Act of 1934, or the Constitution or laws
of any State, territory, or possession of the United States
relating to transactions in securities, which claims are in
connection with a public offering implementing the privat-
ization.’’.
(d) RESOLUTION OF CERTAIN ISSUES.—Chapter 25
of title II (as amended by subsection (c)) is amended by
adding at the end the following new section:
‘‘SEC. 1506. RESOLUTION OF CERTAIN ISSUES.
‘‘(a) CORPORATION ACTIONS.—The Corporation shall
not be considered to be in breach, default, or violation of
any agreement to which it is a party, notwithstanding any
provision of such agreement, because of any provision of
this chapter or any action the Corporation is required to
take under this chapter.
‘‘(b) RIGHT TO SUE WITHDRAWN.—The United
States hereby withdraws any stated or implied consent for
the United States, or any agent or officer of the United
States, to be sued by any person for any legal, equitable,
or other relief with respect to any claim arising out of,
or resulting from, acts or omissions under this chapter.’’.
(e) APPLICATION OF PRIVATIZATION PROCEEDS.—
Chapter 25 of title II (as amended by subsection (d)) is
amended by adding at the end the following new section:
‘‘SEC. 1507. APPLICATION OF PRIVATIZATION PROCEEDS.
‘‘The proceeds from the privatization shall be in-
cluded in the budget baseline required by the Balanced
Budget and Emergency Deficit Control Act of 1985 and
shall be counted as an offset to direct spending for pur-
poses of section 252 of such Act, notwithstanding section
257(e) of such Act.’’.
(f) AMENDMENTS TO ATOMIC ENERGY ACT AS OF
THE PRIVATIZATION DATE.—Chapter 25 of title II (as
amended by subsection (e)) is amended by adding at the
end the following new section:
‘‘SEC. 1508. AMENDMENTS TO THE ATOMIC ENERGY ACT AS
OF THE PRIVATIZATION DATE.
‘‘(a) IN GENERAL.—As of the privatization date, the
following sections (as renumbered pursuant to this Act)
of the Atomic Energy Act of 1954 shall no longer be oper-
ative:
‘‘(1) Section 1202.
‘‘(2) Sections 1301 through 1304.
‘‘(3) Section 1305 (except subsection (e)(4)).
‘‘(4) Sections 1306 through 1316.
‘‘(5) Sections 1405 and 1406.
‘‘(6) Section 1601.
‘‘(7) Sections 1603 through 1607.
‘‘(b) STATUTORY MODIFICATIONS TO TAKE EF-
FECT.—As of the privatization date, the following statu-
tory modifications shall take effect:
‘‘(1) For purposes of title I, all references in
this Act to the ‘United States Enrichment Corpora-
tion’ shall be deemed to be references to the corpora-
tion established pursuant to section 1503.
‘‘(2) Section 1018(1) of the Energy Policy Act
of 1992 (42 U.S.C. 2296b–7(1)) is amended by
striking ‘the United States’ and all that follows
through the period and inserting ‘the corporation re-
ferred to in section 1201(4) of the Atomic Energy
Act of 1954.’.
‘‘(3) Section 9101(3) of title 31, United States
Code, is amended by striking subparagraph (N).’’.
SEC. 7. PERIODIC CERTIFICATION OF COMPLIANCE.
Section 1701(c)(2) of chapter 27 of title II (42
U.S.C. 2297f) is amended by striking ‘‘ANNUAL APPLICA-
TION FOR CERTIFICATE OF COMPLIANCE.—The Corpora-
tion shall apply annually to the Nuclear Regulatory Com-
mission for a certificate of compliance under paragraph
(1).’’ and inserting ‘‘PERIODIC APPLICATION FOR CER-
TIFICATE OF COMPLIANCE.—The Corporation shall apply
to the Nuclear Regulatory Commission for a certificate of
compliance under paragraph (1) periodically, as deter-
mined by the Nuclear Regulatory Commission, but not less
than every 5 years.’’.
SEC. 8. LICENSING OF OTHER TECHNOLOGIES.
Subsection (a) of section 1702 of title 27 of title II
(42 U.S.C. 2297f–1(a)) is amended by striking ‘‘other
than’’ and inserting ‘‘including’’.
Æ
HR 1216 IH——2