7 U.S.C. § 926 — Certain rural development investments by qualified telephone borrowers not treated as dividends or distributions
submitted 90 years ago by Pub. L. 101-624 to r/title-7-AGRICULTURE · 160 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The Secretary* shall not—
treat any amount invested by any qualified telephone borrower for any purpose described in section 2204b(c)(2) of this title (including any investment in, or extension of credit, guarantee, or advance made to, an affiliated company of the borrower, that is used by such company for such a purpose) as a dividend or distribution of capital to the extent that, immediately after such investment, the aggregate of such investments does not exceed ⅓ of the net worth of the borrower; or
require a qualified telephone borrower to obtain the approval of the Secretary in order to make an investment described in paragraph (1).
As used in subsection (a), the term “qualified telephone borrower” means a person—
to whom a telephone loan has been made or guaranteed under this chapter; and
whose net worth is at least 20 percent of the total assets of such person.
Source credit: (May 20, 1936, ch. 432, title II, § 205, as added Pub. L. 101–624, title XXIII, § 2356, Nov. 28, 1990, 104 Stat. 4039; amended Pub. L. 103–354, title II, § 235(a)(13), Oct. 13, 1994, 108 Stat. 3221; Pub. L. 115–334, title VI, § 6602(b)(3), Dec. 20, 2018, 132 Stat. 4776.)
- 1936Enacted · Pub. L. 101-624 · 104 Stat. 4039
- 1994Amended · Pub. L. 103-354 · 108 Stat. 3221
- 2018Amended · Pub. L. 115-334 · 132 Stat. 4776
A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-624 on 1936-05-20.
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