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15 U.S.C. § 686Aggregate limitations on amount of assistance to any single enterprise

submitted 68 years ago by Pub. L. 85-699 to r/title-15-COMMERCE-AND-TRADE · 182 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section governs aggregate limitations on amount of assistance to any single enterprise. It sets the rules stated in the section.

(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 (b) Repealed.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.
the actual law source: uscode.house.gov ↗public domain
(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(b) Repealed.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.

Source credit: (Pub. L. 85–699, title III, § 306, Aug. 21, 1958, 72 Stat. 694; Pub. L. 87–341, § 7(a), Oct. 3, 1961, 75 Stat. 753; Pub. L. 88–273, § 4, Feb. 28, 1964, 78 Stat. 146; Pub. L. 90–104, title II, § 207, Oct. 11, 1967, 81 Stat. 271; Pub. L. 92–595, § 2(f), Oct. 27, 1972, 86 Stat. 1316; Pub. L. 102–366, title IV, § 408(a), Sept. 4, 1992, 106 Stat. 1016; Pub. L. 111–5, div. A, title V, § 505(b), Feb. 17, 2009, 123 Stat. 156.)

history & why it existsrecord from the source credit
  • 1958Enacted · Pub. L. 85-699 · 72 Stat. 694
  • 1961Amended · Pub. L. 87-341 · 75 Stat. 753
  • 1964Amended · Pub. L. 88-273 · 78 Stat. 146
  • 1967Amended · Pub. L. 90-104 · 81 Stat. 271
  • 1972Amended · Pub. L. 92-595 · 86 Stat. 1316
  • 1992Amended · Pub. L. 102-366 · 106 Stat. 1016
  • 2009Amended · Pub. L. 111-5 · 123 Stat. 156

A history note hasn’t been published yet. The record shows enactment by Pub. L. 85-699 on 1958-08-21.

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