Source: https://www.law.cornell.edu/uscode/text/20/1155
Timestamp: 2016-07-29 14:05:50
Document Index: 355574067

Matched Legal Cases: ['§ 1155', '§\u202f101', '§\u202f603', '§\u202f153', '§\u202f161', '§\u202f1', '§\u202f161', '§\u202f1', '§\u202f406', '§\u202f143', '§\u202f434', '§\u202f340', '§\u202f103', '§\u202f101', '§\u202f603', '§\u202f340', '§\u202f143', '§\u202f143', '§\u202f161', '§\u202f161', '§\u202f161', '§\u202f161', '§\u202f161', '§\u202f1', '§\u202f161', '§\u202f161', '§\u202f1', '§\u202f406', '§\u202f161', '§\u202f1', '§\u202f161', '§\u202f161', '§\u202f1', '§\u202f406', '§\u202f161', '§\u202f103', '§\u202f1', '§\u202f406']

20 U.S. Code § 1155 - Connie Lee privatization | US Law | LII / Legal Information Institute
Connie Lee privatization
The Corporation shall be subject to the provisions of this section, and, to the extent not inconsistent with this section, to the District of Columbia Business Corporation Act (or the comparable law of another State, if applicable). The Corporation shall have the powers conferred upon a corporation by the District of Columbia Business Corporation Act (or such other applicable State law) as from time to time in effect in order to conduct the Corporation’s affairs as a private, for-profit corporation and to carry out the Corporation’s purposes and activities incidental thereto. The Corporation shall have the power to enter into contracts, to execute instruments, to incur liabilities, to provide products and services, and to do all things as are necessary or incidental to the proper management of the Corporation’s affairs and the efficient operation of a private, for-profit business.
The Student Loan Marketing Association shall not increase its share of the ownership of the Corporation in excess of 42 percent of the shares of stock of the Corporation outstanding on September 30, 1996. The Student Loan Marketing Association shall not control the operation of the Corporation, except that the Student Loan Marketing Association may participate in the election of directors as a shareholder, and may continue to exercise the Student Loan Marketing Association’s right to appoint directors under section 1132f–3 of this title as long as that section is in effect.
Until such time as the Secretary of the Treasury sells the stock of the Corporation owned by the Secretary of Education pursuant to subsection (c) of this section, the Student Loan Marketing Association shall not provide financial support or guarantees to the Corporation.
After the Secretary of the Treasury sells the stock of the Corporation owned by the Secretary of Education pursuant to subsection (c) of this section, the Student Loan Marketing Association may provide financial support or guarantees to the Corporation, if such support or guarantees are subject to terms and conditions that are no more advantageous to the Corporation than the terms and conditions the Student Loan Marketing Association provides to other entities, including, where applicable, other monoline financial guaranty corporations in which the Student Loan Marketing Association has no ownership interest.
(5) “Corporation” defined
The term “Corporation” as used in this section means the College Construction Loan Insurance Association as in existence on the day before September 30, 1996, and any successor corporation.
(A) In generalDuring the six-year period following September 30, 1996, the Corporation shall include, in each of the Corporation’s contracts for the insurance, guarantee, or reinsurance of obligations, and in each document offering debt or equity securities of the Corporation, a prominent statement providing notice that—
During the five-year period following the sale of stock pursuant to subsection (c)(1) of this section, in addition to the notice requirements in subparagraph (A), the Corporation shall include, in each of the contracts and documents referred to in such subparagraph, a prominent statement providing notice that the United States is not an investor in the Corporation.
The Corporation’s charter shall be amended as necessary and without delay to conform to the requirements of this section.
The name of the Corporation, or of any direct or indirect subsidiary thereof, may not contain the term “College Construction Loan Insurance Association”, or any substantially similar variation thereof.
The Corporation shall amend the Corporation’s articles of incorporation without delay to reflect that one of the purposes of the Corporation shall be to guarantee, insure, and reinsure bonds, leases, and other evidences of debt of educational institutions, including Historically Black Colleges and Universities and other academic institutions which are ranked in the lower investment grade category using a nationally recognized credit rating system.
Notwithstanding subsection (d) of this section, the requirements of sections 1132f–3 and 1132f–9 of this title, as such sections were in effect on the day before September 30, 1996, shall continue to be effective until the day immediately following the date of closing of the purchase of the Secretary of Education’s stock (or the date of closing of the final purchase, in the case of multiple transactions) pursuant to subsection (c)(1) of this Act.[1]
Amounts collected from the sale of stock pursuant to this subsection that are not used to reimburse the Secretary of the Treasury pursuant to paragraph (2) shall be deposited into the account established under subsection (e) of this section.
(1) In generalNotwithstanding any other provision of law, the District of Columbia Financial Responsibility and Management Assistance Authority shall establish an account to receive—
amounts collected from the sale and proceeds resulting from the exercise of stock warrants pursuant to section 1087–3(c)(9) of this title;
amounts and proceeds remitted as compensation for the right to assign the “Sallie Mae” name as a trademark or service mark pursuant to section 1087–3(e)(3) of this title; and
(A) Distribution of amountsOf the amounts in the credit enhancement revolving fund established under paragraph (2)(B)—
(i) In generalThe recipient of a grant under this paragraph shall use the funds provided under the grant to carry out activities to assist public charter schools in the District of Columbia in—
(Pub. L. 104–208, div. A, title I, § 101(e) [title VI, § 603], Sept. 30, 1996, 110 Stat. 3009–233, 3009–290; Pub. L. 106–113, div. A, title I, § 153, Nov. 29, 1999, 113 Stat. 1526; Pub. L. 106–522, § 161, Nov. 22, 2000, 114 Stat. 2483; Pub. L. 106–553, § 1(a)(1) [§ 161], Dec. 21, 2000, 114 Stat. 2762, 2762A–45; Pub. L. 106–554, § 1(a)(4) [div. A, § 406(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–189; Pub. L. 107–96, Dec. 21, 2001, 115 Stat. 936; Pub. L. 108–7, div. C, title III, § 143(c), Feb. 20, 2003, 117 Stat. 131; Pub. L. 108–199, div. C, title IV, § 434, Jan. 23, 2004, 118 Stat. 141; Pub. L. 108–335, title III, § 340(a), Oct. 18, 2004, 118 Stat. 1348; Pub. L. 108–447, div. J, title I, § 103(a)(2), Dec. 8, 2004, 118 Stat. 3341.)
[1]  So in original. Probably should be “section.”
The District of Columbia School Reform Act of 1995, referred to in subsec. (e)(2)(A), is Pub. L. 104–134, title I, § 101(b) [title II], Apr. 26, 1996, 110 Stat. 1321–77, 1321–107, as amended, which amended former sections 6322, 6364, and 6365 of this title and enacted provisions set out as a note under former section 6322 of this title. For complete classification of this Act to the Code, see Tables.
Section is comprised of section 101(e) [title VI, § 603] of div. A of Pub. L. 104–208. Subsec. (d) of section 603 of title VI of section 101(e) of Pub. L. 104–208, repealed sections 1132f to 1132f–9 of this title.
2004—Subsec. (e)(3)(C)(iv). Pub. L. 108–199 inserted “for a fiscal year” after “this subparagraph” and “for the fiscal year” before period at end.
Subsec. (e)(3)(E)(i)(IV). Pub. L. 108–335, § 340, as amended by Pub. L. 108–447, which directed the amendment of subsec. (e)(3)(E) by adding subcl. (IV) at the end, was executed by adding subcl. (IV) at the end of cl. (i), to reflect the probable intent of Congress.
2003—Subsec. (e)(3)(B)(ii), (C)(iii). Pub. L. 108–7, § 143(c)(1), substituted “Subject to subparagraph (F), the Mayor” for “The Mayor”.
Subsec. (e)(3)(F). Pub. L. 108–7, § 143(c)(2), added subpar. (F).
2001—Subsec. (e)(2)(B). Pub. L. 107–96, par. (2), which directed amendment of section 161 of Pub. L. 106–522, by inserting “revolving” after “enhancement” in second sentence of par. (2)(B), was executed by revising the amendment by Pub. L. 106–522, § 161(1), which had amended the second sentence of subsec. (e)(2)(B) of this section, to reflect the probable intent of Congress. See 2000 Amendment note below.
Subsec. (e)(3). Pub. L. 107–96, pars. (1), (3), amended Pub. L. 106–522, § 161(2). See 2000 Amendment note below.
Pub. L. 107–96, par. (2), which directed amendment of section 161 of Pub. L. 106–522, by inserting “revolving” after “enhancement” in heading of par. (3) and in par. (3)(A), was executed by revising the amendment by Pub. L. 106–522, § 161(2), which had added subsec. (e)(3) to this section, to reflect the probable intent of Congress. See 2000 Amendment note below.
Subsec. (e)(3)(C)(iv). Pub. L. 107–96, proviso, which directed amendment of the cap on administrative costs as amended by Pub. L. 106–522, § 161, by substituting “5 percent” for “10 percent”, could not be executed because the words “10 percent” did not appear in this section after the amendment of Pub. L. 106–522, § 161(2), by Pub. L. 107–96, par. (3). See 2000 Amendment note below.
2000—Subsec. (e)(2)(B). Pub. L. 106–553, § 1(a)(1) [§ 161(1)], which directed amendment identical to amendment by Pub. L. 106–522, § 161(1), below, was repealed by Pub. L. 106–554, § 1(a)(4) [div. A, § 406(a)]. See Effective Date and Construction of 2000 Amendment note below.
Pub. L. 106–522, § 161(1), as amended by Pub. L. 107–96, par. (2), amended second sentence generally. Prior to amendment, second sentence read as follows: “Of such amounts and proceeds, $5,000,000 shall be set aside for use as a credit enhancement fund for public charter schools in the District of Columbia, with the administration of the fund (including the making of loans) to be carried out by the Mayor through a committee consisting of three individuals appointed by the Mayor of the District of Columbia and two individuals appointed by the Public Charter School Board established under section 2214 of the District of Columbia School Reform Act of 1995.”
Subsec. (e)(3). Pub. L. 106–553, § 1(a)(1) [§ 161(2)], which directed amendment identical to amendment by Pub. L. 106–522, § 161(2), below, was repealed by Pub. L. 106–554, § 1(a)(4) [div. A, § 406(a)]. See Effective Date and Construction of 2000 Amendment note below.
Pub. L. 106–522, § 161(2), as amended by Pub. L. 107–96, pars. (1) to (3), added par. (3).
1999—Subsec. (e)(2)(B). Pub. L. 106–113 inserted “and public charter” after “public” and inserted at end “Of such amounts and proceeds, $5,000,000 shall be set aside for use as a credit enhancement fund for public charter schools in the District of Columbia, with the administration of the fund (including the making of loans) to be carried out by the Mayor through a committee consisting of three individuals appointed by the Mayor of the District of Columbia and two individuals appointed by the Public Charter School Board established under section 2214 of the District of Columbia School Reform Act of 1995.”
Pub. L. 108–447, div. J, title I, § 103(b), Dec. 8, 2004, 118 Stat. 3343, provided that: “The amendments made by this section [amending this section] shall take effect as if included in the enactment of the District of Columbia Appropriations Act, 2005 [Pub. L. 108–335].”
Pub. L. 107–96, Dec. 21, 2001, 115 Stat. 936, provided that the amendments made by that act to section 161 of Pub. L. 106–522 are effective as if included in Pub. L. 106–522.
Pub. L. 106–554, § 1(a)(4) [div. A, § 406], Dec. 21, 2000, 114 Stat. 2763, 2763A–189, provided that:
The provisions of H.R. 5547 (as enacted into law by H.R. 4942 of the 106th Congress) [H.R. 5547 as enacted by section 1(a)(1) of Pub. L. 106–553, amending this section and enacting provisions set out as a note under section 6301 of Title 31, Money and Finance] are repealed and shall be deemed for all purposes (including section 1(b) of H.R. 4942 [Pub. L. 106–553, 1 U.S.C. 112 note]) to have never been enacted.
The repeal made by this section shall take effect as if included in H.R. 4942 of the 106th Congress [Pub. L. 106–553] on the date of its enactment [Dec. 21, 2000].”