dreamproit/uscode huggingface dataset:
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: Editorial Notes
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: Statutory Notes and Related Subsidiaries
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. § 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: Editorial Notes
heading: Amendments
text: 2010—Subsec. (e). Pub. L. 111–240 added subsec. (e).
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), 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: Editorial Notes
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. § 689m (COMMERCE AND TRADE)
§ 689m. Additional penalties for noncompliance
(a) In general
With respect to any New Markets Venture Capital company that violates or fails to comply with any of the provisions of this chapter, of any regulation issued under this chapter, or of any participation agreement entered into under this chapter, the Administrator may in accordance with this section—
(1) void the participation agreement between the Administrator and the company; and
(2) cause the company to forfeit all of the rights and privileges derived by the company from this chapter.
(b) Adjudication of noncompliance
(1) In general
Before the Administrator may cause a New Markets Venture Capital company to forfeit rights or privileges under subsection (a), a court of the United States of competent jurisdiction must find that the company committed a violation, or failed to comply, in a cause of action brought for that purpose in the district, territory, or other place subject to the jurisdiction of the United States, in which the principal office of the company is located.
(2) Parties authorized to file causes of action
Each cause of action brought by the United States under this subsection shall be brought by the Administrator or by the Attorney General.
(Pub. L. 85–699, title III, § 364, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–663.)
heading: Editorial Notes
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. § 689n (COMMERCE AND TRADE)
§ 689n. Unlawful acts and omissions; breach of fiduciary duty
(a) Parties deemed to commit a violation
Whenever any New Markets Venture Capital company violates any provision of this chapter, of a regulation issued under this chapter, or of a participation agreement entered into under this chapter, by reason of its failure to comply with its terms or by reason of its engaging in any act or practice that constitutes or will constitute a violation thereof, such violation shall also be deemed to be a violation and an unlawful act committed by any person who, directly or indirectly, authorizes, orders, participates in, causes, brings about, counsels, aids, or abets in the commission of any acts, practices, or transactions that constitute or will constitute, in whole or in part, such violation.
(b) Fiduciary duties
It shall be unlawful for any officer, director, employee, agent, or other participant in the management or conduct of the affairs of a New Markets Venture Capital company to engage in any act or practice, or to omit any act or practice, in breach of the person’s fiduciary duty as such officer, director, employee, agent, or participant if, as a result thereof, the company suffers or is in imminent danger of suffering financial loss or other damage.
(c) Unlawful acts
Except with the written consent of the Administrator, it shall be unlawful—
(1) for any person to take office as an officer, director, or employee of any New Markets Venture Capital company, or to become an agent or participant in the conduct of the affairs or management of such a company, if the person—
(A) has been convicted of a felony, or any other criminal offense involving dishonesty or breach of trust; or
(B) 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; and
(2) for any person 1 continue to serve in any of the capacities described in paragraph (1), if—
(A) the person is convicted of a felony, or any other criminal offense involving dishonesty or breach of trust; or
(B) the person is 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, § 365, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–663.)
heading: Editorial Notes
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. § 690 (COMMERCE AND TRADE)
§ 690. Definitions
In this part:
(1) Operational assistance
The term “operational assistance” means management, marketing, and other technical assistance that assists a small business concern with business development.
(2) Participation agreement
The term “participation agreement” means an agreement, between the Administrator and a company granted final approval under section 690c(e) of this title, that—
(A) details the operating plan and investment criteria of the company; and
(B) requires the company to make investments in smaller enterprises primarily engaged in researching, manufacturing, developing, producing, or bringing to market goods, products, or services that generate or support the production of renewable energy.
(3) Renewable energy
The term “renewable energy” means energy derived from resources that are regenerative or that cannot be depleted, including solar, wind, ethanol, and biodiesel fuels.
(4) Renewable Fuel Capital Investment company
The term “Renewable Fuel Capital Investment company” means a company—
(A) that—
(i) has been granted final approval by the Administrator under section 690c(e) of this title; and
(ii) has entered into a participation agreement with the Administrator; or
(B) that has received conditional approval under section 690c(c) of this title.
(5) State
The term “State” means each of the several States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and any other commonwealth, territory, or possession of the United States.
(6) Venture capital
The term “venture capital” means capital in the form of equity capital investments, as that term is defined in section 683(g)(4) of this title.
(Pub. L. 85–699, title III, § 381, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1774.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Part effective on the date that is 1 day after Dec. 19, 2007, see section 1601 of Pub. L. 110–140, set out as a note under section 1824 of Title 2, The Congress.
15 U.S.C. § 693 (COMMERCE AND TRADE)
§ 693. Powers of Administration respecting loans; liquidation of obligations through creation of new leases, execution of subleases, and assignments of leases
Without limiting the authority conferred upon the Administrator and the Administration by section 671 of this title, the Administrator and the Administration shall have, in the performance of and with respect to the functions, powers, and duties conferred by this part, all the authority and be subject to the same conditions prescribed in section 634(b) of this title with respect to loans, including the authority to execute subleases, assignments of lease and new leases with any person, firm, organization, or other entity, in order to aid in the liquidation of obligations of the Administration hereunder.
(Pub. L. 85–699, title IV, § 402, as added Pub. L. 89–117, title III, § 316(a), Aug. 10, 1965, 79 Stat. 483; amended Pub. L. 91–609, title IX, § 911(a)(2), Dec. 31, 1970, 84 Stat. 1812.)
heading: Editorial Notes
heading: Amendments
text: 1970—Pub. L. 91–609 substituted “part” for “title”.
15 U.S.C. § 694 (COMMERCE AND TRADE)
§ 694. Repealed. Pub. L. 100–590, title I, § 111(b), Nov. 3, 1988, 102 Stat. 2995
text: Section, Pub. L. 85–699, title IV, § 403, as added Pub. L. 89–117, title III, § 316(a), Aug. 10, 1965, 79 Stat. 484; amended Pub. L. 91–609, title IX, § 911(a)(3), Dec. 31, 1970, 84 Stat. 1812; Pub. L. 93–386, § 6(a)(2), Aug. 23, 1974, 88 Stat. 747; Pub. L. 94–305, title I, § 103, June 4, 1976, 90 Stat. 665; Pub. L. 95–89, title I, § 103, Aug. 4, 1977, 91 Stat. 556, provided for revolving fund for commercial or industrial lease guarantees.
heading: Statutory Notes and Related Subsidiaries
heading: Transfer of Remaining Lease Guarantee Fund Moneys
text: Pub. L. 100–590, title I, § 111(b), Nov. 3, 1988, 102 Stat. 2995, provided in part that: “Any moneys remaining in the Lease Guarantee Fund on the date of enactment of this Act [Nov. 3, 1988] shall be transferred to the Small Business Administration’s business loan and investment fund.”
15 U.S.C. § 694–2 (COMMERCE AND TRADE)
§ 694–2. Revolving fund for qualified contract guarantees; investment of idle funds
There is created within the Treasury a separate fund for guarantees which shall be available to the Administrator without fiscal year limitations as a revolving fund for the purpose of section 694–1 of this title. All amounts received by the Administrator, including any moneys, property, or assets derived by him from his operations in connection with section 694–1 of this title shall be deposited in the fund. All expenses and payments, excluding administrative expenses, pursuant to operations of the Administrator under section 694–1 of this title shall be paid from the fund. Moneys in the fund not needed for the payment of current operating expenses or for the payment of claims arising under this part may be invested in bonds or other obligations of, or bonds or other obligations guaranteed as to principal and interest by, the United States; except that moneys provided as capital for the fund shall not be so invested.
(Pub. L. 85–699, title IV, § 405, as added Pub. L. 94–305, title I, § 102, June 4, 1976, 90 Stat. 665; amended Pub. L. 95–89, title I, § 104, Aug. 4, 1977, 91 Stat. 556; Pub. L. 96–302, title I, § 112, July 2, 1980, 94 Stat. 837.)
heading: Editorial Notes
heading: Amendments
text: 1980—Pub. L. 96–302 inserted investment of idle funds provision.
1977—Pub. L. 95–89 prohibited payment of administrative expenses from the fund and deleted provisions which authorized: a $15,000,000 appropriation of capital for the fund; payment during the fiscal year into the Treasury as miscellaneous receipts, from the fund, of interest on the cumulative amount of appropriations available as capital to the fund less the average undisbursed cash balance in the fund during the year; and investment of noncapital moneys, when not needed for payment of current operating expenses or claims arising under section 694–2 of this title, in Federal bonds or obligations or bonds or obligations guaranteed by the United States as to principal and interest.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 1980 Amendment
text: Amendment by Pub. L. 96–302 effective Oct. 1, 1980, see section 507 of Pub. L. 96–302, set out as a note under section 631 of this title.
heading: Effective Date of 1977 Amendment
text: Amendment by Pub. L. 95–89 effective Oct. 1, 1977, see section 106 of Pub. L. 95–89, set out as a note under section 633 of this title.
15 U.S.C. § 694c (COMMERCE AND TRADE)
§ 694c. Revolving fund for surety bond guarantees
(a) There is created within the Treasury a separate fund for guarantees which shall be available to the Administrator without fiscal year limitation as a revolving fund for the purposes of this part. All amounts received by the Administrator, including any moneys, property, or assets derived by him from his operations in connection with this part, shall be deposited in the fund. All expenses and payments, excluding administrative expenses, pursuant to operations of the Administrator under this part shall be paid from the fund.
(b) Such sums as may be appropriated to the Fund to carry out the programs authorized by this part shall be without fiscal year limitation.
(Pub. L. 85–699, title IV, § 412, as added Pub. L. 93–386, § 6(a)(4), Aug. 23, 1974, 88 Stat. 747; amended Pub. L. 94–305, title I, § 113, June 4, 1976, 90 Stat. 667; Pub. L. 95–14, § 4, Mar. 24, 1977, 91 Stat. 25; Pub. L. 95–89, title I, § 105, Aug. 4, 1977, 91 Stat. 556; Pub. L. 96–302, title I, § 111, July 2, 1980, 94 Stat. 837; Pub. L. 100–590, title II, § 208, Nov. 3, 1988, 102 Stat. 3009.)
heading: Editorial Notes
heading: Amendments
text: 1988—Pub. L. 100–590 designated existing provisions as subsec. (a) and added subsec. (b).
1980—Pub. L. 96–302 repealed investment of idle funds provision, which is covered in section 694–2 of this title.
1977—Pub. L. 95–89 prohibited payment of administrative expenses from the fund and deleted provisions which authorized: a $110,000,000 appropriation of capital for the fund; and payment during the fiscal year into the Treasury as miscellaneous receipts, from the fund, of interest on the cumulative amount of appropriations available as capital to the fund less the average undisbursed cash balance in the fund during the year.
Pub. L. 95–14 substituted “$110,000,000” for “$56,500,000”.
1976—Pub. L. 94–305 substituted “$56,500,000” for “$35,000,000”.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 1988 Amendment
text: Amendment by Pub. L. 100–590 effective on expiration of 180 days after Nov. 3, 1988, see section 209 of Pub. L. 100–590, set out as an Effective and Termination Dates of 1988 Amendment note under section 694b of this title.
heading: Effective Date of 1980 Amendment
text: Amendment by Pub. L. 96–302 effective Oct. 1, 1980, see section 507 of Pub. L. 96–302, set out as a note under section 631 of this title.
heading: Effective Date of 1977 Amendment
text: Amendment by Pub. L. 95–89 effective Oct. 1, 1977, see section 106 of Pub. L. 95–89, set out as a note under section 633 of this title.
15 U.S.C. § 701 (COMMERCE AND TRADE)
§ 701. Omitted
heading: Editorial Notes
heading: Codification
text: Section was section 1 of the National Industrial Recovery Act of June 16, 1933, ch. 90, 48 Stat. 195, as amended and modified by act June 14, 1935, ch. 246, 49 Stat. 375, which declared a national emergency and laid down policy objectives for the industrial recovery. After the act was held unconstitutional in A. L. A. Schechter Poultry Corporation v. U.S. (N.Y. 1935, 55 S.Ct. 837, 295 U.S. 495, 79 L.Ed. 1570, 97 A.L.R. 947), the National Recovery Administration was terminated and its functions and agencies transferred by Executive Orders Nos. 7252 and 7323, set out under sections 703 to 712 of this title.
15 U.S.C. § 713a–5 (COMMERCE AND TRADE)
§ 713a–5. Exemption of Commodity Credit Corporation and its obligations from taxation
Bonds, notes, debentures, and other similar obligations issued by the Commodity Credit Corporation under the provisions of sections 713a–1 to 713a–5 of this title shall be deemed and held to be instrumentalities of the Government of the United States, and as such they and the income derived therefrom shall be exempt from Federal, State, municipal, and local taxation (except surtaxes, estate, inheritance, and gift taxes). The Commodity Credit Corporation, including its franchise, its capital, reserves, and surplus, and its income shall be exempt from all taxation imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority; except that any real property of the Commodity Credit Corporation shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
(Mar. 8, 1938, ch. 44, § 5, 52 Stat. 108.)
heading: Editorial Notes
heading: References in Text
text: Sections 713a–1 to 713a–5, referred to in text, was in the original “this Act”. Section 1 and 2 of that act, set out as sections 713a–1 and 713a–2 of this title, have been repealed and section 3 of that act, set out as section 713a–3 of this title, has been omitted.
heading: Executive Documents
heading: Exceptions From Transfer of Functions
text: For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.