Source: http://www.law.cornell.edu/cfr/text/12/250.402
Timestamp: 2014-03-11 15:16:23
Document Index: 499670777

Matched Legal Cases: ['art 250', '§ 250', '§ 218', '§ 218', '§ 78', '§ 248', '§ 371', '§ 371']

12 CFR 250.402 - Service as officer, director, or employee of licensee corporation under the Small Business Investment Act of 1958. | LII / Legal Information Institute
CFR › Title 12 › Chapter II › Subchapter A › Part 250 › Section 250.402 12 CFR 250.402 - Service as officer, director, or employee of licensee corporation under the Small Business Investment Act of 1958.
§ 250.402
Service as officer, director, or employee of licensee corporation under the Small Business Investment Act of 1958.
The Board of Governors has been requested to express an opinion whether § 218.1 would prohibit an officer, director, or employee of a member bank from serving at the same time as an officer, director, or employee of a Licensee corporation under the Small Business Investment Act of 1958 (15 U.S.C. 661
et seq.). It is understood that a Licensee would be authorized to engage only in the activities set forth in the statute, namely, to provide capital and long-term loan funds to small business concerns.
In the opinion of the Board, a corporation engaged exclusively in the enumerated activities would not be “primarily engaged in the issue, flotation, underwriting, public sale, or distribution, at wholesale or retail, or through syndicate participation, of stocks, bonds, or other similar securities.” Accordingly, the prohibition of § 218.1 would not apply to serving as an officer, director, or employee of either a small business investment company organized under the Small Business Investment Act of 1958, or an investment company chartered under the laws of a State solely for the purpose of operating under the Small Business Investment Act of 1958.
[25 FR 4427, May 19, 1960. Redesignated at 61 FR 57289, Nov. 6, 1996]
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 12 - BANKS AND BANKING§ 78 - Repealed.§ 248 - Enumerated powers§ 371c - Banking affiliates12 U.S. Code § 371c–1 - Restrictions on transactions with affiliates