42 U.S.C. § 2297h–9 — Ownership limitations
submitted 30 years ago by Pub. L. 104-134 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 200 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
No director*, officer, or employee of the Corporation* may acquire any securities, or any rights to acquire any securities of the private corporation* on terms more favorable than those offered to the general public—
in a public offering* designed to transfer ownership of the Corporation to private investors,
pursuant to any agreement, arrangement, or understanding entered into before the privatization date*, or
before the election of the directors of the private corporation.
Immediately following the consummation of the transaction or series of transactions pursuant to which 100 percent of the ownership of the Corporation is transferred to private investors, and for a period of three years thereafter, no person may acquire, directly or indirectly, beneficial ownership of securities representing more than 10 percent of the total votes of all outstanding voting securities of the Corporation. The foregoing limitation shall not apply to—
any employee stock ownership plan of the Corporation,
members of the underwriting syndicate purchasing shares in stabilization transactions in connection with the privatization*, or
in the case of shares beneficially held in the ordinary course of business for others, any commercial bank, broker-dealer, or clearing agency.
Source credit: (Pub. L. 104–134, title III, § 3111, Apr. 26, 1996, 110 Stat. 1321–343.)
- 1996Enacted · Pub. L. 104-134 · 110 Stat. 1321
A history note hasn’t been published yet. The record shows enactment by Pub. L. 104-134 on 1996-04-26.
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