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15 U.S.C. § 686 — Aggregate limitations on amount of assistance to any single enterprise
Federal law — U.S. Code and appendices · legal_authorities
**(a) Percentage limitation on private capital** If any small business investment company has obtained financing from the Administrator and such financing remains outstanding, the aggregate amount of securities acquired and for which commitments may be issued by such company under the provisions of this subchapter for any single enterprise shall not, without the approval of the Administrator, exceed 10 percent of the sum of—
(1) the private capital of such company; and
(2) the total amount of leverage projected by the company in the company’s business plan that was approved by the Administrator at the time of the grant of the company’s license.
**(b) Repealed. Pub. L. 92–595, § 2(f), Oct. 27, 1972, 86 Stat. 1316**
**(c) Application of provisions to commitments incurred prior to effective date of section** With respect to obligations or securities acquired prior to the effective date of the Small Business Investment Act Amendments of 1967, and with respect to legally binding commitments issued prior to such date, the provisions of this section as in effect immediately prior to such effective date shall continue to apply.
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Source location: Title 15, Chapter 14B, § 686; chapter-14b-small-business-investment-program.md
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**(a) Percentage limitation on private capital** If any small business investment company has obtained financing from the Administrator and such financing remains outstanding, the aggregate amount of securities acquired and for which commitments may be issued by such company under the provisions of this subchapter for any single enterprise shall not, without the approval of the Administrator, exceed 10 percent of the sum of—
(1) the private capital of such company; and
(2) the total amount of leverage projected by the company in the company’s business plan that was approved by the Administrator at the time of the grant of the company’s license.
**(b) Repealed. Pub. L. 92–595, § 2(f), Oct. 27, 1972, 86 Stat. 1316**
**(c) Application of provisions to commitments incurred prior to effective date of section** With respect to obligations or securities acquired prior to the effective date of the Small Business Investment Act Amendments of 1967, and with respect to legally binding commitments issued prior to such date, the provisions of this section as in effect immediately prior to such effective date shall continue to apply.
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 681
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Federal law — U.S. Code and appendices · legal_authorities
It is declared to be the policy of the Congress and the purpose of this chapter to improve and stimulate the national economy in general and the small-business segment thereof in particular by establishing a program to stimulate and supplement the flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply: Provided, however, That this policy shall be carried out in such manner as to insure the maximum participation of private financing sources.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 661
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Federal law — U.S. Code and appendices · legal_authorities
Page 1100
TITLE 15—COMMERCE AND TRADE
§ 686
years, if the company finds that such extension
or renewal will aid in the orderly liquidation of
such loan.
(Pub. L. 85–699, title III, § 305, Aug. 21, 1958, 72
Stat. 693; Pub. L. 87–341, § 6, Oct. 3, 1961, 75 Stat.
753; Pub. L. 94–305, title I, § 105, June 4, 1976, 90
Stat. 666; Pub. L. 102–366, title IV, § 411, Sept. 4,
1992, 106 Stat. 1018.)
Editorial Notes
REFERENCES IN TEXT
For definition of ‘‘this chapter’’, referred to in sub-
sec. (c), see References in Text note set out under sec-
tion 661 of this title.
AMENDMENTS
1992—Subsec. (c). Pub. L. 102–366 inserted before pe-
riod at end ‘‘: Provided, That the Administration also
shall permit those companies which have issued deben-
tures pursuant to this chapter to charge a maximum
rate of interest based upon the coupon rate of interest
on the outstanding debentures, determined on an an-
nual basis, plus such other expenses of the company as
may be approved by the Administration’’.
1976—Subsec. (b). Pub. L. 94–305 struck out provision
that in agreements to participate in loans on a deferred
basis, the participation by the company shall not be in
excess of 90 percentum of the balance of the loan out-
standing at the time of disbursement.
1961—Subsec. (b). Pub. L. 87–341 substituted ‘‘other
lenders, incorporated or unincorporated’’ for ‘‘other
lending institutions’’.
Statutory Notes and Related Subsidiaries
EFFECT OF SMALL BUSINESS EQUITY ENHANCEMENT ACT
OF 1992 ON SECURITIES LAWS
Nothing in amendment by Pub. L. 102–366 to be con-
strued to affect applicability of securities laws or to
otherwise supersede or limit jurisdiction of Securities
and Exchange Commission, see section 418 of Pub. L.
102–366, set out as a note under section 661 of this titl
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 686
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