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15 U.S.C. § 689h — Bank participation

submitted 26 years ago by Pub. L. 85-699 to r/title-15-COMMERCE-AND-TRADE · 92 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section sets rules about Bank participation. It states the conditions, exceptions, and procedures in the provisions below.

(a) In general Except as provided in subsection (b), any national bank, any member bank of the Federal Reserve System, and (to the extent permitted under applicable State law) any insured bank that is not a member of such system, may invest in any New Markets Venture Capital company, or in any entity established to invest solely in New Markets Venture Capital companies. (b) Limitation No bank described in subsection (a) may make investments described in such subsection that are greater than 5 percent of the capital and surplus of the bank.
the actual law source: uscode.house.gov ↗public domain
(a) In general

Except as provided in subsection (b), any national bank, any member bank of the Federal Reserve System, and (to the extent permitted under applicable State law) any insured bank that is not a member of such system, may invest in any New Markets Venture Capital company, or in any entity established to invest solely in New Markets Venture Capital companies.

(b) Limitation

No bank described in subsection (a) may make investments described in such subsection that are greater than 5 percent of the capital and surplus of the bank.

Source credit: (Pub. L. 85–699, title III, § 359, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–661.)

history & why it existsrecord from the source credit
  • 2000Enacted · Pub. L. 85-699 · 114 Stat. 2763, 2763

A history note hasn’t been published yet. The record shows enactment by Pub. L. 85-699 on 2000-12-21.

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