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15 U.S.C. § 688 — Repealed. Pub. L. 87–341, § 11(e), Oct. 3, 1961, 75 Stat. 756
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section681&num=0&edition=prelim).
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Source location: Title 15, Chapter 14B, § 688; chapter-14b-small-business-investment-program.md
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### Statutory Notes
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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section681&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Incorporation and charter under State law, period of succession; area of operations** A small business investment company shall be an incorporated body, a limited liability company, or a limited partnership organized and chartered or otherwise existing under State law solely for the purpose of performing the functions and conducting the activities contemplated under this subchapter, which, if incorporated, has succession for a period of not less than thirty years unless sooner dissolved by its shareholders, and if a limited partnership, has succession for a period of not less than ten years, and possesses the powers reasonably necessary to perform such functions and conduct such activities. The area in which the company is to conduct its operations, and the establishment of branch offices or agencies (if authorized by the articles), shall be subject to the approval of the Administration.
**(b) Articles of incorporation; approval** The articles of any small business investment company shall specify in general terms the objects for which the company is formed, the name assumed by such company, the area or areas in which its operations are to be carried on, the place where its principal office is to be located, and the amount and classes of its shares of capital stock. Such articles may contain any other provisions not inconsistent with this chapter that the company may see fit to adopt for the regulation of its business and the conduct of its affairs. Such articles and any amendments thereto adopted from time to time shall be subject to the approval of the Administration.
**(c) Issuance of license**
(1) **Submission of application** — Each applicant for a license to operate as a small business investment company under this chapter shall submit to the Administrato
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
(1) the term “Administration” means the Small Business Administration;
(2) the term “Administrator” means the Administrator of the Small Business Administration;
(3) the terms “small business investment company”, “company”, and “licensee” mean a company approved by the Administration to operate under the provisions of this chapter and issued a license as provided in [section 681 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section681&num=0&edition=prelim);
(4) the term “State” includes the several States, the territories and possessions of the United States, the Commonwealth of Puerto Rico, and the District of Columbia;
(5) the term “small-business concern” shall have the same meaning as in the Small Business Act [[15 U.S.C. 631](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section631&num=0&edition=prelim) et seq.], except that, for purposes of this chapter—
(A) an investment by a venture capital firm, investment company (including a small business investment company) employee welfare benefit plan or pension plan, or trust, foundation, or endowment that is exempt from Federal income taxation—
(i) shall not cause a business concern to be deemed not independently owned and operated regardless of the allocation of control during the investment period under any investment agreement between the business concern and the entity making the investment;
(ii) shall be disregarded in determining whether a business concern satisfies size standards established pursuant to section 3(a)(2) of the Small Business Act [[15 U.S.C. 632(a)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section632/a/2&num=0&edition=prelim)]; and
(iii) shall be disregarded in
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Federal law — U.S. Code and appendices · legal_authorities
Page 1114
TITLE 15—COMMERCE AND TRADE
§ 687m
1 So in original. Probably should be ‘‘it’’.
1 So in original. Probably should be capitalized.
substituting provisions relating to small business in-
vestment company for provisions relating to develop-
ment company and requiring prioritized payment rate
to be included in central registration requirements, and
in par. (2) inserting provisions relating to participating
securities, contracts to carry out pooling, and mainte-
nance of commercial bank accounts.
1989—Subsec. (a). Pub. L. 101–162 inserted ‘‘, including
companies operating under the authority of section
681(d) of this title,’’ after ‘‘investment companies’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1996 AMENDMENT
Amendment by section 205 of Pub. L. 104–208 effective
Oct. 1, 1996, see section 3 of Pub. L. 104–208, set out as
a note under section 633 of this title.
Amendment by section 208 of Pub. L. 104–208 effective
Sept. 30, 1996, see section 208(j) of Pub. L. 104–208, set
out as a note under section 634 of this title.
REGULATIONS
Pub. L. 99–272, title XVIII, § 18005(b), Apr. 7, 1986, 100
Stat. 365, provided that:
‘‘(1) Notwithstanding any law, rule, or regulation,
within 60 days after the date of the enactment of this
Act [Apr. 7, 1986], the Small Business Administration
shall develop and promulgate final rules and regula-
tions to implement the central registration provisions
provided for in section 321(f)(1) of the Small Business
Investment Act [15 U.S.C. 687l(f)(1)], and shall contract
with an agent for an initial period of not to exceed two
years to carry out the functions provided for in sec-
tions 321(f)(2) and 321(f)(3) of such Act.
‘‘(2) Notwithstanding any law, rule, or regulation,
within 60 days after the da
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