13 CFR 120.822 - CDC membership.

§ 120.822 CDC membership.
(a) CDC Membership. A CDC must have at least 25 members (or stockholders for for-profit CDCs approved prior to January 1, 1987). The CDC membership must meet annually. No person or entity can own or control more than 10 percent of the CDC's voting membership (or stock). No employee or staff of the CDC can qualify as a member of the CDC for the purpose of meeting the membership requirements. The CDC membership must include representatives from all the groups listed in paragraph (b) of this section.
(b) Membership groups. Members must be responsible for actively supporting economic development in the Area of Operations and must be from one of the following groups:
(1) Government organizations responsible for economic development in the Area of Operations;
(2) Financial institutions that provide commercial long term fixed asset financing in the Area of Operations;
(3) Community organizations dedicated to economic development in the Area of Operations such as chambers of commerce, foundations, trade associations, colleges, universities, or small business development centers (as defined in section 21(a)(1) of the Act, 15 U.S.C. 648(a)(1)); and
(4) Businesses in the Area of Operations.
(c) A CDC that is incorporated in one State and is operating as a Multi-State CDC in another State must meet the membership requirements for each State.
[68 FR 57980, Oct. 7, 2003]
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United States Code
Statutes at Large

Title 13 published on 2015-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 13 CFR Part 120 after this date.

  • 2015-10-02; vol. 80 # 191 - Friday, October 2, 2015
    1. 80 FR 59667 - Affiliation for Business Loan Programs and Surety Bond Guarantee Program
      GPO FDSys XML | Text
      Proposed rule.
      SBA must receive comments to the proposed rule on or before December 1, 2015.
      13 CFR Parts 115, 120, and 121