15 U.S.C. § 9098 — Taxpayer protection
submitted 6 years ago by Pub. L. 116-260 to r/title-15-COMMERCE-AND-TRADE · 201 words · no verdicts yet
The section allows the Treasury Secretary to receive financial instruments from aviation-assistance recipients as compensation for federal assistance.
(a) If a CARES Act section 4113 recipient also receives assistance under this part, the Secretary* may receive warrants, options, preferred stock, debt securities, notes, or other instruments issued by that recipient. As far as practicable, they must have the same form, amount, terms, and conditions agreed for the earlier assistance. (b) If a recipient did not receive section 4113 assistance, the Secretary may receive those kinds of instruments in a form and amount, and under terms and conditions, that as far as practicable match those agreed with similarly situated section 4113 recipients. The purpose is to provide appropriate compensation to the Federal Government for this assistance.
With respect to a recipient of financial assistance under section 4113 of the CARES Act (15 U.S.C. 9073) that receives financial assistance under this part, the Secretary* may receive warrants, options, preferred stock, debt securities, notes, or other financial instruments issued by such recipient that are, to the maximum extent practicable, in the same form and amount, and under the same terms and conditions, as agreed to by the Secretary and such recipient to provide appropriate compensation to the Federal Government for the provision of the financial assistance under this part.
With respect to a recipient of financial assistance under this part that did not receive financial assistance under section 4113 of the CARES Act (15 U.S.C. 9073), the Secretary may receive warrants, options, preferred stock, debt securities, notes, or other financial instruments issued by such recipient in a form and amount that are, to the maximum extent practicable, under the same terms and conditions as agreed to by the Secretary and similarly situated recipients of financial assistance under such section to provide appropriate compensation to the Federal Government for the provision of the financial assistance under this part.
Source credit: (Pub. L. 116–260, div. N, title IV, § 408, Dec. 27, 2020, 134 Stat. 2059.)
- 2020Enacted · Pub. L. 116-260 · 134 Stat. 2059
A history note hasn’t been published yet. The record shows enactment by Pub. L. 116-260 on 2020-12-27.
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