dreamproit/uscode huggingface dataset:
15 U.S.C. § 687c (COMMERCE AND TRADE)
§ 687c. Injunctions and other orders
(a) Grounds; jurisdiction of court
Whenever, in the judgment of the Administration, a licensee or any other person has engaged or is about to engage in any acts or practices which constitute or will constitute a violation of any provision of this chapter, or of any rule or regulation under this chapter, or of any order issued under this chapter, the Administration may make application to the proper district court of the United States or a United States court of any place subject to the jurisdiction of the United States for an order enjoining such acts or practices, or for an order enforcing compliance with such provision, rule, regulation, or order, and such courts shall have jurisdiction of such actions and, upon a showing by the Administration that such licensee or other person has engaged or is about to engage in any such acts or practices, a permanent or temporary injunction, restraining order, or other order, shall be granted without bond.
(b) Equity jurisdiction of licensee and assets thereof
In any such proceeding the court as a court of equity may, to such extent as it deems necessary, take exclusive jurisdiction of the licensee or licensees and the assets thereof, wherever located; and the court shall have jurisdiction in any such proceeding to appoint a trustee or receiver to hold or administer under the direction of the court the assets so possessed.
(c) Trusteeship or receivership over licensee
The Administration shall have authority to act as trustee or receiver of the licensee. Upon request by the Administration, the court may appoint the Administration to act in such capacity unless the court deems such appointment inequitable or otherwise inappropriate by reason of the special circumstances involved.
(Pub. L. 85–699, title III, § 311, as added Pub. L. 87–341, § 9, Oct. 3, 1961, 75 Stat. 755; amended Pub. L. 89–779, § 6, Nov. 6, 1966, 80 Stat. 1360; Pub. L. 98–620, title IV, § 402(15)(C), Nov. 8, 1984, 98 Stat. 3358.)
heading: References in Text
text: For definition of “this chapter”, referred to in subsec. (a), see References in Text note set out under section 661 of this title.
heading: Amendments
text: 1984—Subsec. (a). Pub. L. 98–620 struck out provision that the proceedings in such a case had to be made a preferred cause and had to be expedited in every way.
1966—Subsec. (c). Pub. L. 89–779 added subsec. (c).
heading: Effective Date of 1984 Amendment
text: Amendment by Pub. L. 98–620 not applicable to cases pending on Nov. 8, 1984, see section 403 of Pub. L. 98–620, set out as an Effective Date note under section 1657 of Title 28, Judiciary and Judicial Procedure.
15 U.S.C. § 687d (COMMERCE AND TRADE)
§ 687d. Conflicts of interest
For the purpose of controlling conflicts of interest which may be detrimental to small business concerns, to small business investment companies, to the shareholders, partners, or members of either, or to the purposes of this chapter, the Administration shall adopt regulations to govern transactions with any officer, director, shareholder, partner, or member of any small business investment company, or with any person or concern, in which any interest, direct or indirect, financial or otherwise, is held by any officer, director, shareholder, partner, or member of (1) any small business investment company, or (2) any person or concern with an interest, direct or indirect, financial or otherwise, in any small business investment company. Such regulations shall include appropriate requirements for public disclosure necessary to the purposes of this section.
(Pub. L. 85–699, title III, § 312, as added Pub. L. 88–273, § 6(a), Feb. 28, 1964, 78 Stat. 147; amended Pub. L. 94–305, title I, § 106(f), June 4, 1976, 90 Stat. 666; Pub. L. 104–208, div. D, title II, § 208(h)(1)(D), Sept. 30, 1996, 110 Stat. 3009–747; Pub. L. 107–100, § 3, Dec. 21, 2001, 115 Stat. 966.)
heading: References in Text
text: For definition of “this chapter”, referred to in text, see References in Text note set out under section 661 of this title.
heading: Amendments
text: 2001—Pub. L. 107–100 struck out “(including disclosure in the locality most directly affected by the transaction)” after “public disclosure”.
1996—Pub. L. 104–208, § 208(h)(1)(D), substituted “shareholders, partners, or members” for “shareholders or partners” and substituted “shareholder, partner, or member” for “shareholder, or partner” in two places.
1976—Pub. L. 94–305, § 106(f)(2), which directed the substitution of “shareholder, or partner” for “or shareholders” wherever appearing, was executed by making the substitution for “or shareholder” in two places to reflect the probable intent of Congress.
Pub. L. 94–305, § 106(f)(1), inserted “or partners” after “to the shareholders”.
15 U.S.C. § 687f (COMMERCE AND TRADE)
§ 687f. Unlawful acts and omissions by officers, directors, employees, or agents
(a) Violation by licensee deemed violation by persons participating
Wherever a licensee violates any provision of this chapter or regulation issued thereunder by reason of its failure to comply with the terms thereof or by reason of its engaging in any act or practice which constitutes or will constitute a violation thereof, such violation shall be deemed to be also a violation and an unlawful act on the part of any person who, directly or indirectly, authorizes, orders, participates in, or causes, brings about, counsels, aids, or abets in the commission of any acts, practices, or transactions which constitute or will constitute, in whole or in part, such violation.
(b) Breach of fiduciary duty
It shall be unlawful for any officer, director, employee, agent, or other participant in the management or conduct of the affairs of a licensee to engage in any act or practice, or to omit any act, in breach of his fiduciary duty as such officer, director, employee, agent, or participant, if, as a result thereof, the licensee has suffered or is in imminent danger of suffering financial loss or other damage.
(c) Disqualification of officers and employees for dishonesty, fraud, or breach of trust
Except with the written consent of the Administration, it shall be unlawful—
(1) for any person hereafter to take office as an officer, director, or employee of a licensee, or to become an agent or participant in the conduct of the affairs or management of a licensee, if—
(A) he has been convicted of a felony, or any other criminal offense involving dishonesty or breach of trust, or
(B) he has been found civilly liable in damages, or has been permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust; or
(2) for any person to continue to serve in any of the above-described capacities, if—
(A) he is hereafter convicted of a felony, or any other criminal offense involving dishonesty or breach of trust, or
(B) he is hereafter found civilly liable in damages, or is permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust.
(Pub. L. 85–699, title III, § 314, as added Pub. L. 89–779, § 7, Nov. 6, 1966, 80 Stat. 1363.)
heading: References in Text
text: For definition of “this chapter”, referred to in subsec. (a), see References in Text note set out under section 661 of this title.
15 U.S.C. § 687g (COMMERCE AND TRADE)
§ 687g. Penalties and forfeitures
(a) Report violations
Except as provided in subsection (b) of this section, a licensee which violates any regulation or written directive issued by the Administrator, requiring the filing of any regular or special report pursuant to section 687b(b) of this title, shall forfeit and pay to the United States a civil penalty of not more than $100 for each and every day of the continuance of the licensee’s failure to file such report, unless it is shown that such failure is due to reasonable cause and not due to willful neglect. The civil penalties provided for in this section shall accrue to the United States and may be recovered in a civil action brought by the Administration.
(b) Exemption from reporting requirements
The Administration may by rules and regulations, or upon application of an interested party, at any time previous to such failure, by order, after notice and opportunity for hearing, exempt in whole or in part, any small business investment company from the provisions of subsection (a) of this section, upon such terms and conditions and for such period of time as it deems necessary and appropriate, if the Administration finds that such action is not inconsistent with the public interest or the protection of the Administration. The Administration may for the purposes of this section make any alternative requirements appropriate to the situation.
(Pub. L. 85–699, title III, § 315, as added Pub. L. 89–779, § 7, Nov. 6, 1966, 80 Stat. 1364.)
15 U.S.C. § 687h (COMMERCE AND TRADE)
§ 687h. Jurisdiction and service of process
Any suit or action brought under section 687, 687a, 687c, 687e, or 687g of this title by the Administration at law or in equity to enforce any liability or duty created by, or to enjoin any violation of, this chapter, or any rule, regulation, or order promulgated thereunder, shall be brought in the district wherein the licensee maintains its principal office, and process in such cases may be served in any district in which the defendant maintains its principal office or transacts business, or wherever the defendant may be found.
(Pub. L. 85–699, title III, § 316, as added Pub. L. 89–779, § 7, Nov. 6, 1966, 80 Stat. 1364.)
heading: References in Text
text: For definition of “this chapter”, referred to in text, see References in Text note set out under section 661 of this title.
15 U.S.C. § 687i, 687j (COMMERCE AND TRADE)
§§ 687i, 687j. Repealed. Pub. L. 104–208, div. D, title II, § 208(h)(1)(E), Sept. 30, 1996, 110 Stat. 3009–747
text: Section 687i, Pub. L. 85–699, title III, § 317, as added Pub. L. 92–595, § 2(g), Oct. 27, 1972, 86 Stat. 1316; amended Pub. L. 95–507, title I, § 103, Oct. 24, 1978, 92 Stat. 1758, established effective rate of interest of debentures purchased by Administration from small business investment company under authority of section 683(c) of this title.
text: Section 687j, Pub. L. 85–699, title III, § 318, as added Pub. L. 92–595, § 2(g), Oct. 27, 1972, 86 Stat. 1316, authorized Administration to extend benefits of sections 683(c) and 687i of this title to any small business investment company operating under authority of section 681(d) of this title, and which was owned, in whole or in part, by one or more small business investment companies, in accordance with regulations promulgated by Administration.
15 U.S.C. § 687k (COMMERCE AND TRADE)
§ 687k. Guaranteed obligations not eligible for purchase by Federal Financing Bank
Nothing in any provision of law shall be construed to authorize the Federal Financing Bank to acquire after September 30, 1985—
(1) any obligation the payment of principal or interest on which has at any time been guaranteed in whole or in part under this subchapter,
(2) any obligation which is an interest in any obligation described in paragraph (1), or
(3) any obligation which is secured by, or substantially all of the value of which is attributable to, any obligation described in paragraph (1) or (2).
(Pub. L. 85–699, title III, § 318, formerly § 320, as added Pub. L. 99–272, title XVIII, § 18004(a), Apr. 7, 1986, 100 Stat. 364; renumbered § 318, Pub. L. 104–208, div. D, title II, § 208(h)(1)(E), Sept. 30, 1996, 110 Stat. 3009–747.)
heading: Prior Provisions
text: A prior section 318 of Pub. L. 85–699 was classified to section 687j of this title, prior to repeal by Pub. L. 104–208.
15 U.S.C. § 687m (COMMERCE AND TRADE)
§ 687m. Periodic issuance of guarantees and trust certificates
The Administration shall issue guarantees under section 683 of this title and trust certificates under section 687l of this title at periodic intervals of not less than every 12 months and shall do so at such shorter intervals as its 1 deems appropriate, taking into consideration the amount and number of such guarantees or trust certificates.
(Pub. L. 85–699, title III, § 320, formerly § 322, as added Pub. L. 100–590, title I, § 106(a), Nov. 3, 1988, 102 Stat. 2993; renumbered § 320 and amended Pub. L. 104–208, div. D, title II, § 208(h)(1)(E), (G), Sept. 30, 1996, 110 Stat. 3009–747; Pub. L. 105–135, title II, § 215(e), Dec. 2, 1997, 111 Stat. 2603; Pub. L. 106–9, § 2(d)(2), Apr. 5, 1999, 113 Stat. 18.)
heading: Prior Provisions
text: A prior section 320 of Pub. L. 85–699 was renumbered section 318 and is classified to section 687k of this title.
heading: Amendments
text: 1999—Pub. L. 106–9 substituted “12 months” for “6 months”.
1997—Pub. L. 105–135 substituted “6 months” for “three months”.
1996—Pub. L. 104–208 made technical amendment to reference in original act which appears in text as reference to section 687l of this title.
heading: Effective Date of 1997 Amendment
text: Amendment by Pub. L. 105–135 effective Oct. 1, 1997, see section 3 of Pub. L. 105–135, set out as a note under section 631 of this title.
15 U.S.C. § 688 (COMMERCE AND TRADE)
§ 688. Repealed. Pub. L. 87–341, § 11(e), Oct. 3, 1961, 75 Stat. 756
text: Section, Pub. L. 85–699, title III, § 309, Aug. 21, 1958, 72 Stat. 696, related to approval of State chartered investment companies. See subsec. (a) of section 681 of this title.
15 U.S.C. § 689a (COMMERCE AND TRADE)
§ 689a. Purposes
The purposes of the New Markets Venture Capital Program established under this part are—
(1) to promote economic development and the creation of wealth and job opportunities in low-income geographic areas and among individuals living in such areas by encouraging developmental venture capital investments in smaller enterprises primarily located in such areas; and
(2) to establish a developmental venture capital program, with the mission of addressing the unmet equity investment needs of small enterprises located in low-income geographic areas, to be administered by the Administrator—
(A) to enter into participation agreements with New Markets Venture Capital companies;
(B) to guarantee debentures of New Markets Venture Capital companies to enable each such company to make developmental venture capital investments in smaller enterprises in low-income geographic areas; and
(C) to make grants to New Markets Venture Capital companies, and to other entities, for the purpose of providing operational assistance to smaller enterprises financed, or expected to be financed, by such companies.
(Pub. L. 85–699, title III, § 352, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–655.)
15 U.S.C. § 689b (COMMERCE AND TRADE)
§ 689b. Establishment
In accordance with this part, the Administrator shall establish a New Markets Venture Capital Program, under which the Administrator may—
(1) enter into participation agreements with companies granted final approval under section 689c(e) of this title for the purposes set forth in section 689a of this title;
(2) guarantee the debentures issued by New Markets Venture Capital companies as provided in section 689d of this title; and
(3) make grants to New Markets Venture Capital companies, and to other entities, under section 689g of this title.
(Pub. L. 85–699, title III, § 353, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–655.)
15 U.S.C. § 689d (COMMERCE AND TRADE)
§ 689d. Debentures
(a) In general
The Administrator may guarantee the timely payment of principal and interest, as scheduled, on debentures issued by any New Markets Venture Capital company.
(b) Terms and conditions
The Administrator may make guarantees under this section on such terms and conditions as it deems appropriate, except that the term of any debenture guaranteed under this section shall not exceed 15 years.
(c) Full faith and credit of the United States
The full faith and credit of the United States is pledged to pay all amounts that may be required to be paid under any guarantee under this part.
(d) Maximum guarantee
(1) In general
Under this section, the Administrator may guarantee the debentures issued by a New Markets Venture Capital company only to be 1 extent that the total face amount of outstanding guaranteed debentures of such company does not exceed 150 percent of the private capital of the company, as determined by the Administrator.
(2) Treatment of certain Federal funds
For the purposes of paragraph (1), private capital shall include capital that is considered to be Federal funds, if such capital is contributed by an investor other than an agency or department of the Federal Government.
(e) Investment limitations
(1) Definition
In this subsection, the term “covered New Markets Venture Capital company” means a New Markets Venture Capital company—
(A) granted final approval by the Administrator under section 689c(e) of this title on or after March 1, 2002; and
(B) that has obtained a financing from the Administrator.
(2) Limitation
Except to the extent approved by the Administrator, a covered New Markets Venture Capital company may not acquire or issue commitments for securities under this subchapter for any single enterprise in an aggregate amount equal to more than 10 percent of the sum of—
(A) the regulatory capital of the covered New Markets Venture Capital company; and
(B) the total amount of leverage projected in the participation agreement of the covered New Markets Venture Capital.
(Pub. L. 85–699, title III, § 355, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–658; amended Pub. L. 111–240, title I, § 1115, Sept. 27, 2010, 124 Stat. 2508.)
heading: Amendments
text: 2010—Subsec. (e). Pub. L. 111–240 added subsec. (e).
15 U.S.C. § 689f (COMMERCE AND TRADE)
§ 689f. Fees
Except as provided in section 689e(d) of this title, the Administrator may charge such fees as it deems appropriate with respect to any guarantee or grant issued under this part.
(Pub. L. 85–699, title III, § 357, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–660.)
15 U.S.C. § 689h (COMMERCE AND TRADE)
§ 689h. Bank participation
(a) In general
Except as provided in subsection (b) of this section, any national bank, any member bank of the Federal Reserve System, and (to the extent permitted under applicable State law) any insured bank that is not a member of such system, may invest in any New Markets Venture Capital company, or in any entity established to invest solely in New Markets Venture Capital companies.
(b) Limitation
No bank described in subsection (a) of this section may make investments described in such subsection that are greater than 5 percent of the capital and surplus of the bank.
(Pub. L. 85–699, title III, § 359, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–661.)
15 U.S.C. § 689i (COMMERCE AND TRADE)
§ 689i. Federal Financing Bank
Section 687k of this title shall not apply to any debenture issued by a New Markets Venture Capital company under this part.
(Pub. L. 85–699, title III, § 360, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–661.)
15 U.S.C. § 689j (COMMERCE AND TRADE)
§ 689j. Reporting requirement
Each New Markets Venture Capital company that participates in the program established under this part shall provide to the Administrator such information as the Administrator may require, including—
(1) information related to the measurement criteria that the company proposed in its program application; and
(2) in each case in which the company under this part makes an investment in, or a loan or grant to, a business that is not located in a low-income geographic area, a report on the number and percentage of employees of the business who reside in such areas.
(Pub. L. 85–699, title III, § 361, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–661.)
15 U.S.C. § 689k (COMMERCE AND TRADE)
§ 689k. Examinations
(a) In general
Each New Markets Venture Capital company that participates in the program established under this part shall be subject to examinations made at the direction of the Investment Division of the Small Business Administration in accordance with this section.
(b) Assistance of private sector entities
Examinations under this section may be conducted with the assistance of a private sector entity that has both the qualifications and the expertise necessary to conduct such examinations.
(c) Costs
(1) 1 Assessment
(A) In general
The Administrator may assess the cost of examinations under this section, including compensation of the examiners, against the company examined.
(B) Payment
Any company against which the Administrator assesses costs under this paragraph shall pay such costs.
(d) Deposit of funds
Funds collected under this section shall be deposited in the account for salaries and expenses of the Small Business Administration.
(Pub. L. 85–699, title III, § 362, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–662.)
15 U.S.C. § 689l (COMMERCE AND TRADE)
§ 689l. Injunctions and other orders
(a) In general
Whenever, in the judgment of the Administrator, a New Markets Venture Capital company or any other person has engaged or is about to engage in any acts or practices which constitute or will constitute a violation of any provision of this chapter, or of any rule or regulation under this chapter, or of any order issued under this chapter, the Administrator may make application to the proper district court of the United States or a United States court of any place subject to the jurisdiction of the United States for an order enjoining such acts or practices, or for an order enforcing compliance with such provision, rule, regulation, or order, and such courts shall have jurisdiction of such actions and, upon a showing by the Administrator that such New Markets Venture Capital company or other person has engaged or is about to engage in any such acts or practices, a permanent or temporary injunction, restraining order, or other order, shall be granted without bond.
(b) Jurisdiction
In any proceeding under subsection (a) of this section, the court as a court of equity may, to such extent as it deems necessary, take exclusive jurisdiction of the New Market Venture Capital company and the assets thereof, wherever located, and the court shall have jurisdiction in any such proceeding to appoint a trustee or receiver to hold or administer under the direction of the court the assets so possessed.
(c) Administrator as trustee or receiver
(1) Authority
The Administrator may act as trustee or receiver of a New Markets Venture Capital company.
(2) Appointment
Upon request of the Administrator, the court may appoint the Administrator to act as a trustee or receiver of a New Markets Venture Capital company unless the court deems such appointment inequitable or otherwise inappropriate by reason of the special circumstances involved.
(Pub. L. 85–699, title III, § 363, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–662.)
heading: References in Text
text: For definition of “this chapter”, referred to in subsec. (a), see References in Text note set out under section 661 of this title.